Iowa Administrative Code › Agency 223 - Historical Division › Chapter 48 - Historic Preservation and Cultural and Entertainment District Tax Credits › Rule 223-48.6 - Application and Review Process

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 All applications for historic tax credits shall be on the current state fiscal
			 year's forms and in accordance with the current state fiscal year's
			 instructions provided by the SHPO. All applications must be complete and
			 include all required supporting documentation before being considered for
			 review and before beginning the review periods outlined in subrule 48.6(3).
			 Application forms are available from the Tax Incentives Program Manager, State
			 Historic Preservation Office, Department of Cultural Affairs, 600 E. Locust
			 Street, Des Moines, Iowa 50319-0290. Applications may also be downloaded from
			 the department of cultural affairs-state historical society of Iowa Web site.
a. Part one of the application identifies the
			 eligibility of the property for the historic tax credit. Part one of the
			 application is accepted year-round. Part one of the application must include
			 all requested information. SHPO staff shall notify the applicant if part one of
			 the application is incomplete. Incomplete applications will not be
			 processed.
b. Part two of the
			 application provides a detailed description of the rehabilitation project. Part
			 two of the application is accepted when tax credits are available for the fund
			 specified by the applicant pursuant to subrule 48.7(6) or, if no tax credits
			 are available, in accordance with rule
			 223-48.8
			 (303,404A). Part two of the application must include all requested information.
			 SHPO staff shall notify the applicant if part two of the application is
			 incomplete. Incomplete applications will not be processed.
c. Part three of the application provides the
			 information and documentation required to request certification of project
			 completion and includes an economic impact questionnaire. Part three of the
			 application must include all requested information including certification in
			 accordance with subrule 48.4(2). SHPO staff shall notify the applicant if part
			 three of the application is incomplete. Incomplete applications will not be
			 processed. Incomplete applications may be subject to abandonment as outlined in
			 rule 223-48.12(303,404A).
(1) For projects
			 for which part two of the application was approved and tax credits reserved
			 before July 1, 2009, part three of the application shall be submitted within 6
			 months of the date on which the building is placed in service.
(2) For projects for which part two of the
			 application was approved and tax credits reserved on or after July 1, 2009, and
			 before July 1, 2014, part three of the application shall be submitted within 24
			 months of the date on which the rehabilitation period ends.
d. Amendments to applications. An
			 applicant shall amend an approved part one of the application or an approved
			 part two of the application if the property changes ownership or if the
			 applicant's name or address changes. An applicant shall amend an approved part
			 two of the application to notify SHPO of, and to request review of,
			 modifications to the original description of the rehabilitation project.
			 Amendments to part two of the application shall not include modification of the
			 rehabilitation costs estimated in the originally approved part two of the
			 application. Amendments to part two of the application shall not result in the
			 reservation of additional tax credits for a project. Amendments to part two
			 will not be accepted after SHPO has approved part three of the application
			 pursuant to subrule 48.6(8). An applicant may amend an approved part three of
			 the application. Any amendment to part three shall meet all requirements
			 applicable to part three. The total application processing fee charged for part
			 three under rule
			 223-48.16
			 (303,404A) is based on the final qualified rehabilitation costs as reported on
			 the part three amendment.