H.F. 212 Section 1. Section 15.353, subsection 3, Code 2015, is 1 amended by striking the subsection and inserting in lieu 2 thereof the following: 3 3. The average dwelling unit cost does not exceed two 4 hundred fifty thousand dollars per dwelling unit. 5 Sec. 2. APPLICABILITY. This Act applies to housing projects 6 registered under the workforce housing tax incentives program 7 on or after July 1, 2015. 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanation’s substance by the members of the general assembly. 11 This bill modifies the requirements for a housing project 12 to qualify for the workforce housing tax incentives program 13 (program). 14 The program is administered by the economic development 15 authority (EDA) and provides sales and use tax, income tax, 16 and franchise tax incentives for housing projects that create 17 certain dwelling units within the state. The program’s tax 18 incentives cannot exceed $20 million per fiscal year and are 19 part of EDA’s annual aggregate tax credit limit in Code section 20 15.119. 21 In order to qualify as a housing project under the program, 22 a housing project’s average dwelling unit cost must not exceed 23 $250,000 per dwelling unit if it involves property that also 24 qualifies for the historic preservation and cultural and 25 entertainment district tax credits, and $200,000 per dwelling 26 unit for all other housing projects. 27 The bill increases to $250,000 the maximum average dwelling 28 unit cost for all housing projects to qualify under the 29 program. 30 The bill applies to housing projects registered under the 31 program on or after July 1, 2015. 32 -1- LSB 1139YH (2) 86 mm/sc 1/ 1