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 authority. Information about the
program and a link to the online application and instructions may be obtained
by contacting the authority or by visiting the authority's Web site:
Iowa Economic Development Authority
Community Development Division
200 East Grand Avenue, Des Moines, Iowa 50309
(515)725-3000
http://iowaeconomicdevelopment.com/
(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 to the authority, which is used to evaluate the
property's integrity and significance. The authority will consult with SHPO
when reviewing the Part 1 application.
b. Unless the Part 1 application is denied by
the authority, the applicant participates in a preapplication meeting with SHPO
and the authority 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 to the authority, which is used to
evaluate the proposed rehabilitation work. The authority will consult with SHPO
when reviewing the Part 2 application.
d. If the Part 2 application is approved, the
applicant submits a registration application to the authority, 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 authority may register the project.
e. If the project is registered, the
applicant may enter into an agreement with the authority 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 to the authority, 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. The authority will consult with SHPO when
reviewing the Part 3 application.
A more detailed description of each step is provided in rules
261-49.10(404A) through 261-49.15 (404A).
