16.52 - STATE HOUSING CREDIT CEILING ALLOCATION.
16.52 STATE HOUSING CREDIT CEILING ALLOCATION.
1. The authority is designated the housing credit agency for the
allowance of low-income housing credit under the state housing credit
ceiling.
2. The authority shall adopt rules and allocation procedures
which will ensure the maximum use of available tax credits in order
to encourage development of low-income housing in the state. The
authority shall consider the following factors in the adoption and
application of the allocation rules:
a. Timeliness of the application.
b. Location of the proposed housing project.
c. Relative need in the proposed area for low-income housing.
d. Availability of low-income housing in the proposed area.
e. Economic feasibility of the proposed project.
f. Ability of the applicant to proceed to completion of the
project in the calendar year for which the credit is sought.
3. a. The authority shall adopt rules specifying the
application procedure and the allowance of low-income housing credits
under the state housing credit ceiling.
b. The authority shall not allow more than ninety percent of
the low-income housing credits under the state housing credit ceiling
to projects other than qualified low-income housing projects as
defined in Internal Revenue Code § 42(h)(5)(B). Section History: Recent Form
87 Acts, ch 125, § 3
CS87, § 220.52
C93, § 16.52
2008 Acts, ch 1032, §131