Senate File 414 - Introduced SENATE FILE 414 BY ZAUN A BILL FOR An Act relating to developer fees for federal low-income 1 housing tax credits. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2575SS (2) 84 tm/rj

S.F. 414 Section 1. NEW SECTION . 16.221 Developer fee —— federal 1 low-income housing tax credits. 2 In qualified allocation plans adopted by the authority for 3 low-income housing tax credits pursuant to section 42 of the 4 Internal Revenue Code, the authority shall not allow developer 5 fees of more than ten percent. 6 EXPLANATION 7 This bill prohibits the Iowa finance authority from allowing 8 a developer fee of more than 10 percent in qualified allocation 9 plans adopted for federal low-income housing tax credits. 10 -1- LSB 2575SS (2) 84 tm/rj 1/ 1