SF 186 (LSB 1832XS (3) 86)

SENATE FILE 186

BY  ZAUN

A BILL FOR

An Act relating to developer fees for federal low-income housing credits.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  16.35A  Developer fees —— federal low-income housing credits.

   In qualified allocation plans adopted by the authority for low-income housing credits pursuant to Internal Revenue Code §42, the authority shall not allow developer fees of more than ten percent.
EXPLANATION
The inclusion of this explanation does not constitute agreement with

the explanation’s substance by the members of the general assembly.
   This bill prohibits the Iowa finance authority from allowing a developer fee of more than 10 percent in qualified allocation plans adopted for federal low-income housing credits.