9% Tax Credits

APPLICATION PROCEDURES
The Iowa Finance Authority (IFA) has an open round for 2010 Housing Tax Credit applications. IFA is accepting applications anytime between January 15, 2010 and March 15, 2010.

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, which includes a score of 200 points from the Scoring Criteria, the Applicant will receive an allocation of 9% Tax Credits. For specific information, refer to the 2010 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%.