Current through Register Vol. 47, No. 6, September 18, 2024
(1) All applications and other filings
related to the program shall be on such forms and in accordance with such
instructions as may be established by the department from time to time. The
current forms and instructions will be posted to the department's Web
site.
(2) An application shall not
be considered submitted for review until the application is completed and all
required supporting documentation and information are provided.
(3) The application and agreement process
consists of six steps:
a. The applicant
submits a Part 1 application, which is used to evaluate the property's
integrity and significance.
b.
Unless the Part 1 application is denied, the applicant participates in a
preapplication meeting with the department to discuss what to expect for the
remainder of the application process.
c. If the Part 1 application is approved and
the preapplication meeting is completed, the applicant submits a Part 2
application, which is used to evaluate the proposed rehabilitation
work.
d. If the Part 2 application
is approved, the applicant submits a registration application, which is used to
score the applicant's rehabilitation plan and financial readiness. If the
project is awarded a sufficient registration score, satisfies other
requirements of the application and program, and sufficient tax credits are
available, the department may register the project.
e. If the project is registered, the
applicant may enter into an agreement with the department that establishes the
maximum amount of the tax credit award and the terms and conditions that must
be met to receive the tax credits. An applicant must enter into and comply with
an agreement in order to participate in the program and claim any tax
credits.
f. Once the project is
completed and the property is placed in service, the applicant submits a Part 3
application, which is used to evaluate whether the completed work meets the
federal standards and the other requirements of the agreement, laws, and
regulations of the program.
A more detailed description of each step is provided in rules
223-48.28(404A) through 223-8.33 (404A).
This rule is intended to implement Iowa Code chapter 404A as
amended by 2014 Iowa Acts, House File 2453.
