223—48.5 (303,404A) Rehabilitation cost limits and amount of credit.
	 48.5(1) For commercial or mixed-use property, the amount of rehabilitation costs must equal at least 50 percent of the assessed value of the property, excluding the land, prior to rehabilitation.
	 48.5(2) For residential property or for barns, the amount of rehabilitation costs must equal at least $25,000 or 25 percent of the assessed value of the property, excluding the land, prior to rehabilitation, whichever is less.
	 48.5(3) For residential or mixed-use property, the amount of rehabilitation costs shall not exceed $100,000 per residential unit excluding any qualified rehabilitation costs for the commercial space and excluding any qualified rehabilitation costs for the weather surfaces of the building envelope including exterior windows and doors.
	 48.5(4) The historic tax credit for a project shall equal 25 percent of the qualified rehabilitation costs.
	 48.5(5) Applicants may develop subsequent projects for qualified rehabilitation costs not previously included in a tax credit application for a building which had tax credits previously reserved or awarded. Each subsequent application shall meet eligibility requirements as stated in subrules 48.5(1) to 48.5(4) and shall be reviewed individually and independently. The cumulative total for applications for buildings funded through the small projects funding queue shall not exceed $500,000. Any application for a building previously funded through the small projects funding queue that causes the cumulative total for that building to exceed $500,000 may be considered for funding in accordance with rule 223—48.8(303,404A).