Iowa Administrative Code › Agency 261 - Economic Development Authority › Part III - Community Development Division › Chapter 48 - Workforce Housing Tax Incentives Program › Rule 261-48.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter, unless the context otherwise
				  requires:
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Average dwelling unit cost"
means the costs
				  directly related to the housing project divided by the total number of dwelling
				  units in the housing project.
"Board"
means the members of the economic
				  development authority appointed by the governor and in whom the powers of the
				  authority are vested pursuant to Iowa Code section
				  15.105.
"Brownfield site"
means an abandoned, idled,
				  or underutilized property where expansion or redevelopment is complicated by
				  real or perceived environmental contamination. A brownfield site includes
				  property contiguous with the site on which the property is located. A
				  brownfield site does not include property which has been placed, or is proposed
				  for placement, on the national priorities list established pursuant to the
				  federal Comprehensive Environmental Response, Compensation, and Liability Act,
				  42
				  U.S.C. §
										9601 et seq. In order to
				  administer similar programs in a similar manner, the authority will attempt to
				  apply this definition in substantially the same way as similar definitions are
				  applied by the brownfield advisory council established in Iowa Code section
				  15.294
				  and may consult members of the council or other staff as necessary.
"Community"
means a city or county.
"Costs directly related"
means expenditures
				  that are incurred for construction of a housing project to the extent that they
				  are attributable directly to the improvement of the property or its structures.
				  "Costs directly related" includes expenditures for site preparation work,
				  surveying, construction materials, construction labor, architectural services,
				  and engineering services. "Costs directly related" does not include
				  expenditures for property acquisition, building permits, building inspection
				  fees, furnishings, appliances, accounting services, legal services, loan
				  origination and other financing costs including interest on construction loans,
				  syndication fees and related costs, developer fees, or the costs associated
				  with selling or renting the dwelling units whether incurred before or after
				  completion of the housing project.
"Disaster recovery housing project"
means a
				  qualified housing project located in a county that has been declared a major
				  disaster by the President of the United States on or after March 12, 2019, and
				  that is also a county in which individuals are eligible for federal individual
				  assistance.
"Grayfield site"
means a property meeting
				  all of the following requirements:
(1) The property has been developed and has infrastructure in
				  place but the property's current use is outdated or prevents a better or more
				  efficient use of the property. Such property includes vacant, blighted,
				  obsolete, or otherwise underutilized property.
(2) The property's improvements and infrastructure are at
				  least 25 years old and one or more of the following conditions exists:
1. Thirty percent or more of a building located on the
				  property that is available for occupancy has been vacant or unoccupied for a
				  period of 12 months or more.
2. The assessed value of the improvements on the property has
				  decreased by 25 percent or more.
3. The property is currently being used as a parking
				  lot.
4. The improvements on the property no longer exist.
In administering the program, the authority will attempt to
				  apply this definition in substantially the same manner as similar definitions
				  are applied by the brownfield advisory council established in Iowa Code section
				  15.294.
"Greenfield site"
means a site that does not
				  meet the definition of a brownfield site or grayfield site. A project proposed
				  at a site located on previously undeveloped or agricultural land shall be
				  presumed to be a greenfield site.
"Housing business"
means a business that is
				  a housing developer, housing contractor, or nonprofit organization that
				  completes a housing project in the state.
"Housing project"
means a project located in
				  this state meeting the requirements of rule
				  261-48.4 (15).
"Laborshed area"
means the same as defined
				  in 261-Chapter 173.
"Laborshed wage"
means the same as defined
				  in 261-Chapter 173.
"Multi-use building"
means a building whose
				  street-level ground story is used for a purpose that is other than residential,
				  and whose upper story or stories are currently used primarily for a residential
				  purpose, or will be used primarily for a residential purpose after completion
				  of the housing project associated with the building.
"New dwelling units"
means dwelling units
				  that are made available for occupancy in a community as a result of a housing
				  project and that were not available for occupancy as residential housing in the
				  community for a period of at least six months prior to the date on which
				  application is made to the authority under the program. If a dwelling unit has
				  served as residential housing and been occupied during the six months preceding
				  the date on which application is made to the authority under the program, then
				  the dwelling unit shall be presumed not to be a new dwelling unit.
"Program"
means the workforce housing tax
				  incentives program administered under this chapter.
"Project completion"
means the same as
				  defined in Iowa Code section
				  15.355(2).
"Qualifying new investment"
means costs that
				  are directly related to the acquisition, repair, rehabilitation, or
				  redevelopment of a housing project in this state. For purposes of this rule,
				  "costs directly related to acquisition" includes the costs associated with the
				  purchase of real property or other structures.
(1) The amount of costs that may be used to compute
				  "qualifying new investment" shall not exceed the costs used for the first
				  $150,000 of value for each dwelling unit that is part of a housing
				  project.
(2) "Qualifying new investment" does not include the
				  following:
1. The portion of the total cost of a housing project that is
				  financed by federal, state, or local government tax credits, grants, forgivable
				  loans, or other forms of financial assistance that do not require repayment,
				  excluding the tax incentives provided under this program.
2. If a housing project includes the rehabilitation, repair,
				  or redevelopment of an existing multi-use building, the portion of the total
				  acquisition costs of the multi-use building, including a proportionate share of
				  the total acquisition costs of the land upon which the multi-use building is
				  situated, that are attributable to the street-level ground story that is used
				  for a purpose that is other than residential.
3. Any costs, including acquisition costs, incurred before
				  the housing project is approved by the authority.
"Refund notice"
means a notice provided by
				  the authority of the amount that an eligible housing business may claim as a
				  refund of the sales and use tax under Iowa Code section
				  15.355(2).
"Rehabilitation, repair, or redevelopment"
means construction or development activities associated with a housing project
				  that are undertaken for the purpose of reusing or repurposing existing
				  buildings or structures as new dwelling units. Rehabilitation, repair, or
				  redevelopment does not include new construction of dwelling units at a
				  greenfield site. Rehabilitation, repair, or redevelopment includes new
				  structures at a qualified grayfield site.
"Small city"
means a city that meets the
				  applicable criteria in rule
				  261-48.3 (15).
"Tax credit certificate"
means a certificate
				  issued by the authority stating the amount of workforce housing investment tax
				  credits under Iowa Code section
				  15.355(3)
				   that an eligible housing business may
				  claim.
"Urban area"
means any city or township,
				  except for a small city, that is wholly located within one or more of the 11
				  most populous counties in the state, as determined by either the most recent
				  population estimate produced by the United States Bureau of the Census or the
				  most recent decennial census released by the United States Bureau of the
				  Census.