Iowa Code 15.353 – Housing project requirements
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To receive workforce housing tax incentives pursuant to the program, a proposed housing project shall meet all of the following requirements:
1. The project includes at least one of the following:
a. Four or more single-family dwelling units, except for a project located in a small city, then two or more single-family dwelling units.
b. One or more multiple dwelling unit buildings each containing three or more individual dwelling units.
c. Two or more dwelling units located in the upper story of an existing multi-use building.
Terms Used In Iowa Code 15.353
- Board: means the members of the authority appointed by the governor and in whom the powers of the authority are vested pursuant to section 15. See Iowa Code 15.102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- United States: includes all the states. See Iowa Code 4.1
2. The project consists of any of the following:
a. Rehabilitation, repair, or redevelopment at a brownfield or grayfield site that results in new dwelling units.
b. The rehabilitation, repair, or redevelopment of dilapidated dwelling units.
c. The rehabilitation, repair, or redevelopment of dwelling units located in the upper story of an existing multi-use building.
d. Construction of new dwelling units at a greenfield site.
e. For a housing project located in any county that has been declared a major disaster by the president of the United States on or after March 12, 2019, and that is also a county in which individuals are eligible for federal individual assistance, development at a greenfield site.
3. a. Except as provided in paragraph “b”, the average dwelling unit cost does not exceed the maximum amount established by the board for each fiscal year for the applicable project type and project location. The board shall establish the maximum average dwelling unit cost for a project that includes single-family dwelling units that is located in a small city and for a project that includes single-family dwelling units that is located in an urban area. The board shall establish the maximum average dwelling unit cost for a project that includes multiple dwelling unit buildings and is located in a small city and for a project that includes multiple dwelling unit buildings and is located in an urban area. In establishing each maximum average dwelling unit cost, the board shall primarily consider the most recent annual United States census bureau building permits survey and historical program data.
b. If the project involves the rehabilitation, repair, redevelopment, or preservation of property described in section 404A.1, subsection 7, paragraph “a”, the average dwelling unit cost shall not exceed one hundred twenty-five percent of the maximum average dwelling unit cost established by the board for the applicable project type and project location as provided in paragraph “a”.
4. The dwelling units, when completed and made available for occupancy, meet the United States department of housing and urban development’s housing quality standards and all applicable local safety standards.