The Iowa Finance Authority (IFA) has released its Qualified Allocation Plan (QAP) and supporting LIHTC program documents for the 2012 tax credit program. A summary of key changes is provided below:
- Adds set-asides for CHDO and rural development; eliminates reserved set-aside.
- Modifies fee structure for application, compliance monitoring, and late submissions.
- Reduces allowed vacancy rates and operating reserves.
- Eliminates the minimum score to meet threshold.
- Eliminates certain location-based scoring categories.
- Modifies certain point categories for amenities.
- Adds emphasis for Development Team Experience.
- Clarifies 30% basis boost is only eligible for non-MSA locations or rural development preservation set-aside.
