SF 95 (LSB 1891XS (1) 85)

SENATE FILE 95

BY  ZAUN

A BILL FOR

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

    Section 1.  NEW SECTION.  16.221  Developer fee —— federal low-income housing tax credits.
   In qualified allocation plans adopted by the authority for low-income housing tax credits pursuant to section 42 of the Internal Revenue Code, the authority shall not allow developer fees of more than ten percent.
EXPLANATION
   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 tax credits.