Iowa Administrative Code
Agency 261 - Economic Development Authority
Part III - Community Development Division
Chapter 26 - Variance Procedures for Tax Increment Financing (TIF) Housing Projects
Rule 261-26.2 - Definitions
"Department" means the Iowa department of economic development.
"Eligible applicant" means any county or incorporated city within the state of Iowa.
"Housingproject" means a project in an urban renewal area established solely upon findings under Iowa Code section 4032(3). that is primarily intended to support housing activities. These may include, but are not limited to, the following: public streets and utilities, site preparation, housing rehabilitation, real property acquisition, new housing construction, and conversion of existing structures into housing units.
"Low- and moderate-income families (LMI) " means those families earning no more than 80 percent of the median family income of the county as determined by the latest United States Department of Housing and Urban Development, Section 8 income guidelines. This includes single-person households.
"Tax increment financing district" means an area in an urban renewal area that the municipality has established by ordinance in an urban renewal area established solely upon findings under Iowa Code section 4032(3). and has designated by ordinance that taxes levied on taxable property in that area each year by or for the benefit of the state, city, county, school district or other taxing district shall be divided as provided for in Iowa Code section 40319..
"TIF-generatedfinancial support" means the portion of the cost of a housing project which is financed from TIF revenues.
