Iowa Administrative Code › Agency 223 - Historical Division › Chapter 48 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 223-48.12 - Abandonment and Recapture of Tax Credit Reservation

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Project abandonment due to
			 inability to meet commencement deadline.
If the applicant has not
			 provided the SHPO documentation of project commencement in accordance with rule
			 223-48.10
			 (303,404A), the SHPO shall, by registered U.S. mail or courier sent to the
			 last-known address of the applicant, request that the appropriate documentation
			 be filed within 30 days of the date of the letter. If the SHPO has not received
			 the documentation by the 30-day deadline, then the SHPO shall notify the
			 applicant by registered U.S. mail or courier that the project has been
			 abandoned and the tax credit reservation has been recaptured. If either letter
			 is returned as undeliverable, the letter shall be filed and the tax credit
			 reservation processed in accordance with subrule 48.12(5). Application
			 processing fees for part two of the application as allowed by rule
			 223-48.16
			 (303,404A) will not be returned.
(2)
Project abandonment due to
			 inability to meet project completion deadline.
If the applicant has
			 not provided the SHPO documentation of project completion in accordance with
			 rule
			 223-48.11
			 (303,404A), the SHPO shall, by registered U.S. mail or courier sent to the
			 last-known address of the applicant, request that part three of the application
			 be filed within 30 days of the date of the letter. If the SHPO has not received
			 part three of the application by the 30-day deadline, then the SHPO shall
			 notify the applicant by registered U.S. mail or courier that the project has
			 been abandoned and the tax credit reservation has been recaptured. If either
			 letter is returned as undeliverable, the letter shall be filed and the tax
			 credit reservation processed in accordance with subrule 48.12(5). Application
			 processing fees for part two of the application as allowed by rule
			 223-48.16
			 (303,404A) will not be returned.
(3)
Project abandonment at the
			 request of an applicant.
An applicant may choose to abandon tax
			 credits reserved in accordance with subrule 48.6(7) at any time after the date
			 on which the tax credit was reserved. A tax credit reservation may be
			 voluntarily abandoned for any reason, including abandonment of a reservation
			 from the small projects fund for consideration in another fund in accordance
			 with subrule 48.5(6) or paragraph 48.6(8)
"c. "
Submittal of a
			 new application will require the submittal of a new processing fee. Processing
			 fees for the original part two application(s) as allowed by rule
			 223-48.16
			 (303,404A) will not be returned. To abandon a tax credit reservation, the
			 applicant shall send a letter to the SHPO requesting that the tax credit
			 project be abandoned. The SHPO shall notify the applicant by registered U.S.
			 mail or courier that the project has been abandoned and the tax credit
			 reservation has been recaptured. SHPO shall process the tax credit reservation
			 in accordance with subrule 48.12(5).
(4)
Tax credit recapture if part
			 three of the application is not approved.
If as part of the SHPO
			 review of part three of the application pursuant to subrule 48.6(5)
			 rehabilitation work is found to be inconsistent with the historic character of
			 the property or the district in which it is located and the applicant is
			 unwilling or unable to correct the work accordingly, the SHPO shall notify the
			 applicant by registered U.S. mail or courier that the tax credit reservation
			 has been recaptured and shall process the tax credit reservation in accordance
			 with subrule 48.12(5).
(5)
Tax credit return to appropriate fund.
The SHPO shall return
			 any recaptured tax credit reservations to the tax credit fund from which they
			 were reserved. Beginning on and after July 1, 2014, the recaptured reserved tax
			 credit amount shall only be available for award to the extent provided by Iowa
			 Code chapter 404A as in effect beginning July 1, 2014, and Division II of this
			 chapter.