261—48.9(15) Housing project minimum requirements. To receive disaster recovery housing tax incentives pursuant to the program, a proposed disaster recovery housing project shall meet all of the following requirements:
	48.9(1) The project includes at least one of the following:
	a. 	Four or more single-family dwelling units, except for a project located in a small city, then two or more single-family dwelling units.
	b. 	One or more multiple dwelling unit buildings each containing three or more individual dwelling units.
	c. 	Two or more dwelling units located in the upper story of an existing multi-use building.
	48.9(2) The project consists of any of the following:
	a. 	Rehabilitation, repair, or redevelopment at a brownfield site or grayfield site that results in new dwelling units.
	b. 	The rehabilitation, repair, or redevelopment of dilapidated dwelling units.
	c. 	The rehabilitation, repair, or redevelopment of dwelling units located in the upper story of an existing multi-use building.
	d. 	The new construction, rehabilitation, repair, or redevelopment of dwelling units in a distressed workforce housing community. The authority will determine whether a community is considered a distressed workforce housing community pursuant to subrule 48.4(2).
	e. 	For a project located in a small city that meets the minimum housing project requirements under this subrule, development at a greenfield site. A project located in a small city is not required to complete the distressed workforce housing community application pursuant to subrule 48.4(2).
	f. 	For a disaster recovery housing project, development at a greenfield site.
	48.9(3) Except as provided in subrules 48.9(4) and 48.9(5) below, the average dwelling unit cost does not exceed $200,000 per dwelling unit. For purposes of this rule, the average dwelling unit cost equals the costs directly related to the housing project divided by the total number of dwelling units in the housing project.
	48.9(4) The average dwelling unit cost does not exceed $250,000 per dwelling unit if the project involves the rehabilitation, repair, redevelopment, or preservation of eligible property, as that term is defined in Iowa Code section 404A.1(8)“a.”
	48.9(5) The average dwelling unit cost does not exceed $215,000 per dwelling unit if the project is located in a small city.
	48.9(6) The dwelling units, when completed and made available for occupancy, meet the U.S. Department of Housing and Urban Development’s housing quality standards and all applicable local safety standards.
	48.9(7) The project is not located in a 100-year floodplain.
[ARC 4724C, IAB 10/23/19, effective 10/3/19]