Iowa Code 16.35 – State housing credit ceiling allocation
Current as of: 2023 | Check for updates
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1. The authority is designated the housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling.
Terms Used In Iowa Code 16.35
- Applicant: means a person authorized to regularly lend moneys to be secured by a mortgage on real property in this state, a licensed real estate broker, a licensed attorney, a participating abstractor, or a licensed closing agent. See Iowa Code 16.92
- Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Housing: means single family and multifamily dwellings, and facilities incidental or appurtenant to the dwellings, and includes group homes of fifteen beds or less licensed as health care facilities or child foster care facilities and modular or mobile homes which are permanently affixed to a foundation and are assessed as realty. See Iowa Code 16.1
- Project: means any of the following:a. See Iowa Code 16.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. The authority shall adopt rules and allocation procedures which will ensure the maximum use of available tax credits in order to encourage development of low-income housing in the state. The authority shall consider the following factors in the adoption and application of the allocation rules:a. Timeliness of the application.b. Location of the proposed housing project.c. Relative need in the proposed area for low-income housing.d. Availability of low-income housing in the proposed area.e. Economic feasibility of the proposed project.f. Ability of the applicant to proceed to completion of the project in the calendar year for which the credit is sought.3. The authority shall adopt rules specifying the application procedure and the allowance of low-income housing credits under the state housing credit ceiling.