Four percent qualified allocation plan, 12.1(1), 12.2(1)
IOWA FINANCE AUTHORITY
Notice of Intended Action
Proposing rule making related to the updated 2023 4% qualified allocation plan
and providing an opportunity for public comment
The Iowa Finance Authority hereby proposes to amend Chapter 12, "Low-Income Housing Tax Credits," Iowa Administrative Code.
Legal Authority for Rule Making
This rule making is proposed under the authority provided in Iowa Code section 16.5.
State or Federal Law Implemented
This rule making implements, in whole or in part, Iowa Code section 16.35.
Purpose and Summary
The updated 2023 4% Qualified Allocation Plan (4% QAP) sets forth the purposes of the plan, administrative information required for participation, threshold criteria, selection criteria, post-reservation requirements, the appeal process, and compliance monitoring. The plan also establishes the fees for filing an application for low-income housing tax credits and for compliance monitoring. Copies of the 4% QAP are available upon request from the Authority and are available electronically on the Authority's website at www.iowafinance.com. It is the Authority's intent to incorporate the updated 2023 4% QAP by reference consistent with Iowa Code chapter 17A and 265—subrules 17.4(2) and 17.12(2).
This rule making has no fiscal impact to the State of Iowa.
After analysis and review of this rule making, the impact on jobs is expected to be consistent with the impact of previous years' QAPs. The Low-Income Housing Tax Credit Program has had a substantial positive impact on employment in Iowa, creating many jobs annually in the construction, finance, and property management fields, among others.
Any person who believes that the application of the discretionary provisions of this rule making would result in hardship or injustice to that person may petition the Authority for a waiver of the discretionary provisions, if any, pursuant to 265—Chapter 18.
Any interested person may submit written comments concerning this proposed rule making. Written or oral comments in response to this rule making must be received by the Authority no later than 4:30 p.m.on November 22, 2022. Comments should be directed to:
Iowa Finance Authority
1963 Bell Avenue, Suite 200
Des Moines, Iowa 50315
No public hearing is scheduled at this time. As provided in Iowa Code section 17A.4(1)"b," an oral presentation regarding this rule making may be demanded by 25 interested persons, a governmental subdivision, the Administrative Rules Review Committee, an agency, or an association having 25 or more members.
Review by Administrative Rules Review Committee
The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rule making by executive branch agencies, may, on its own motion or on written request by any individual or group, review this rule making at its regular monthly meeting or at a special meeting. The Committee's meetings are open to the public, and interested persons may be heard as provided in Iowa Code section 17A.8(6).
The following rule-making actions are proposed:
Item 1. Amend subrule 12.1(1) as follows:
12.1(1) Four percent qualified allocation plan. The qualified allocation plan titled Iowa Finance Authority Low-Income Housing Tax Credit Program 2020-21 2023 4% Qualified Allocation Plan ("4% QAP") dated November 6, 2019 October 5, 2022, shall be the qualified allocation plan for the allocation of 4 percent low-income housing tax credits consistent with IRC Section 42 and the applicable Treasury regulations and Iowa Code section 16.35. The 4% QAP is incorporated by reference pursuant to Iowa Code section 17A.6 and 265—subrules 17.4(2) and 17.12(2). The 4% QAP does not include any amendments or editions created subsequent to November 6, 2019 October 5, 2022.
Item 2. Amend subrule 12.2(1) as follows:
12.2(1) 4% QAP. The 4% QAP can be reviewed and copied in its entirety on the authority's website at www.iowafinanceauthority.gov www.iowafinance.com. Copies of the 4% QAP, application, and all related attachments and exhibits shall be deposited with the administrative rules coordinator and at the state law library and shall be available on the authority's website. The 4% QAP incorporates by reference IRC Section 42 and the regulations in effect as of November 6, 2019 October 5, 2022. Additionally, the 4% QAP incorporates by reference Iowa Code section 16.35. These documents are available from the state law library, and information about these statutes, regulations and rules is on the authority's website.
This notice is now closed for comments. Collection of comments closed on 11/22/2022.
The official published PDF of this document is available from the Iowa General Assembly’s Administrative Rules page.
View the Iowa Administrative Bulletin for 11/2/2022.
The following administrative rule references were added to this document. You may click a reference to view related notices.Rule 265-12.1(1) Rule 265-12.2(1) Rule 265-17.12(2) Rule 265-17.4(2)
The following Iowa code references were added to this document. You may click a reference to view related notices.Iowa Code 16.35 Iowa Code 17A.6
The following keywords and tags were added to this document. You may click a keyword to view related notices.4% QAP Four percent qualified allocation plan