9% Tax Credits

APPLICATION PROCEDURES
The Iowa Finance Authority (IFA) has a competitive round for 2012 Housing Tax Credit applications. The 2012 application is due by 4:30 p.m. February 3, 2012, but not before February 1, 2012. In order to submit an application, the Applicant must have participated in mandatory tax credit application training held on three dates in December 2011.

For year-specific forms and information, click on the applicable "Allocation Year" below:

SCORING AND RESERVATION PROCEDURES
An administrative review is conducted on each Application. If an Application submits the Market Analysis and Application Fee and meets the Threshold Criteria, the Applicant will be competitively scored using Scoring Criteria.  If the Application scores highly enough to be competitive, a reservation of tax credits will be recommended to the IFA Board of Directors.  For specific information, refer to the 2012 Qualified Allocation Plan. The IFA Board of Directors then approves reservations for successful Applicants. A non-refundable reservation fee is assessed at 1% of the total 10-year tax credit amount.

DETERMINATION OF CREDIT AMOUNT
The amount of credit is limited to no more than the amount necessary for the financial feasibility of the project. The credit is determined by taking a percentage of the "qualified" cost of development. The maximum percentage for new construction and rehabilitation is 9%. The maximum percentage for acquisition and federally subsidized projects is approximately 4%.