Iowa Finance Authority
Programs

Compliance

Whether you own, manage or provide both services for a property, the Iowa Finance Authority can help.

Housing Tax Credit Compliance: The Iowa Finance Authority, as the monitoring agent for the Internal Revenue Service, is tasked with monitoring for compliance with Section 42(m)(i)(B)(iii) of the Internal Revenue Code, and also the requirements as set forth in the owner executed 8609(s), the project specific Land Use Restrictive Agreements (LURA) and the State of Iowa's Qualified Allocation Plan (QAP) under which the project was allocated tax credits.

HOME Compliance: The Iowa Finance Authority, as the State of Iowa Political Jurisdiction (PJ) is responsible monitoring the owner’s adherence to the HOME Final Rule (24 CFR Part 92) and the terms and conditions outlined in the project specific HOME contract. Properties that have been developed with HOME funds are required to adhere to specific rules designed to ensure affordability for low and very-low income households throughout a required affordability period.

Project-Based Section 8: The Iowa Finance Authority provides administrative services to HUD to monitor performance of owners and management agents participating in project-based Housing Assistance Payments (HAP) Contracts under Section 8 of the United States Housing Act of 1937.

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