Iowa Administrative Code
Agency 261 - Economic Development Authority
Part III - Community Development Division
Chapter 49 - Historic Preservation and Cultural and Entertainment District Tax Credits
Rule 261-49.8 - Small Projects
Current through Register Vol. 47, No. 6, September 18, 2024
Projects with anticipated final qualified rehabilitation expenditures of more than $750,000 will be evaluated as large projects. Projects with $750,000 or less in anticipated final rehabilitation expenditures will be evaluated as small projects. If an applicant anticipates that the final qualified rehabilitation expenditures will exceed $750,000, the applicant may only submit its application as a large project. The authority will not permit a small project applicant to submit additional or amended applications that would cause the final qualified expenditures to exceed $750,000.
(1) Small project fund. The authority shall allocate at least 5 percent of its annual fiscal year tax credit award limit to small projects.
(2) Aggregate award limit. For applicants that receive credits from the small project allocation, the cumulative total award for multiple applications for a single property shall not exceed $750,000 in qualified rehabilitation expenditures plus any allowable cost overruns as described in paragraph 49.14(1)"c, " regardless of the final qualified rehabilitation expenditures. The authority will not accept an application by the same owner for a property for which credits were previously received through the small project fund if the application causes the cumulative total to exceed $750,000, plus any allowable cost overruns as described in paragraph 49.14(1)"c. "
(3) Application and agreement process. The Part 1, Part 2, and Part 3 application process and the agreement requirements are the same for small projects as for large projects. The registration process for small projects differs from that for large projects. See subrule 49.13(8) for more information on the registration process for small projects.
