The Iowa Finance Authority has released three documents that were not originally available at the time of the initial proposal for the draft 2017 QAP. Comments on the QAP are due by August 23rd. (For more information generally on the proposed QAP, see a prior story copied at the bottom of this page.)

  1. Scoring – Density (Appendix L to Section 6.2.2)

Projects proposed in census tracts with low density of affordable housing (Total Affordable Units/Total Housing Units) would be eligible to receive points under Section 6.2.2. Appendix L lists the eligible counties. Please note that the scoring is based on census tracts rather than counties – and so some counties appear in both the 0 points category and the 3 points category as they contain more than one census tract.

  1. Housing for the Homeless Set-Aside Requirements (Appendix M)

This draft document addressees details surrounding the new proposed set-aside for permanent supportive housing for homeless populations. The following is a brief overview:

  • Applicants may not apply for the same project in another set-aside or in the general pool – after the set-aside is fulfilled, unsuccessful projects may not compete in other pools.
  • These projects are not calculated in the per developer cap of $1,230,000.
  • Must be: in an MSA, new construction/adaptive reuse, reserve 10% of units for homeless, be family project (no age restrictions)partnered with approved service provider
  1. Unit Cost Caps (4%) (Appendix D)
  • Utility company rebates for energy efficiency measures are included in calculation
  • Federal Historic Rehab Tax Credit projects may reduce project costs by residential portion of HTC
  • Projects may be allowed to exceed caps on a case-by-case basis
Studio $146,250
1 BR $163,800
2 BR $198,900
3 BR $245,700
4 BR $263,250

 

 

July 13, 2016 –

Iowa Finance Authority has published its Draft 2017 QAP. A redline version, as well as an overview of changes are also available. The following include some of the changes:

  • Addition of a Housing for the Homeless Set-Aside (one project limited to $820,000)
  • Reduction of the Rural Set-Aside from 15% to 10%
  • Projects of 25 units or less may exceed the debt service ratio to achieve a minimum $250 per unit per year (any federal requirements supersede this)
  • Developer fees shall not be increased after submission of the threshold application

Public comments are due by August 23rd at 4:30pm by email to housingtaxcredits@iowa.gov.
A Public Hearing will be held August 23rd from 9-11 a.m. at 2015 Grand Ave., Des Moines
For questions contact the housing tax credit team at 515-725-4941.