(1) Once a tax
credit reservation is made for a project, construction must be completed and
the eligible property must be placed in service as follows:
a. For projects for which part two of the
application was approved and tax credits reserved before July 1, 2009: The
project shall be completed and the building shall be placed in service on or
before June 30, 2011.
b. For
projects for which part two of the application was approved and tax credits
were reserved on or after July 1,2009, and before July 1,2014: The project
shall be completed and the eligible property shall be placed in service within
60 months of the date on which part two of the application was approved or 72
months of the date on which part two of the application was approved if more
than 50 percent of the qualified rehabilitation costs are incurred within 60
months of the date on which part two of the application was approved and the
applicant requests the 12-month extension in writing from the SHPO.
(1) If the applicant requests the 12-month
extension from the SHPO to complete the project and place the building in
service, the applicant must complete a qualified rehabilitation costs schedule
and cover letter documenting the expenditure of more than 50 percent of the
qualified rehabilitation costs estimated in part two of the application. This
report and cover letter are due within 30 days of the end of the 60-month
period. Information about the qualified rehabilitation costs schedule is
available from the Tax Incentives Program Manager, State Historic Preservation
Office, Department of Cultural Affairs, 600 E. Locust Street, Des Moines, Iowa
50319-0290. The qualified rehabilitation costs schedule may be downloaded from
the department of cultural affairs-state historical society of Iowa Web
site.
(2) If the applicant does not
request the additional 12 months from the SHPO, the applicant will be held to
the requirement that the building be placed in service within 60 months of the
date on which part two of the application was approved.
