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Senate File 488 - ReprintedA Bill ForAn Act 1relating to the workforce housing tax incentives program
2by requiring allocations to certain housing projects and
3by increasing the allowable average dwelling unit cost and
4the percentage of investment for tax incentives for certain
5housing projects.
6BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15.119, subsection 2, paragraph g, Code
22017, is amended to read as follows:
3g. The workforce housing tax incentives program administered
4pursuant to sections 15.351 through 15.356. In allocating tax
5credits pursuant to this subsection, the authority shall not
6allocate more than twenty million dollars for purposes of this
7paragraph. Of the moneys allocated under this paragraph, five
8million dollars shall be reserved for allocation to qualified
9housing projects in small cities, as defined in section 15.352,
10that are registered on or after July 1, 2017.
11 Sec. 2. Section 15.352, Code 2017, is amended by adding the
12following new subsections:
13 NEW SUBSECTION. 3A. “Greenfield site” means a site that
14does not meet the definition of a brownfield site or grayfield
15site. A project proposed at a site located on previously
16undeveloped land or agricultural land shall be presumed to be
17a greenfield site.
18 NEW SUBSECTION. 9. “Small city” means any city or township
19located in this state, except those located within the eleven
20most populous counties in the state, as determined by the most
21recent federal decennial census. For the purposes of this
22part, a small city that is located in more than one county
23shall be considered to be located in the county having the
24greatest taxable base within the small city.
25 Sec. 3. Section 15.353, subsection 1, paragraph a, Code
262017, is amended to read as follows:
27a. Four or more single-family dwelling units, except for a
28project located in a small city, then two or more single-family
29dwelling units.
30 Sec. 4. Section 15.353, subsection 2, Code 2017, is amended
31by adding the following new paragraph:
32 NEW PARAGRAPH. 0d. For a housing project located in a
33small city that meets program requirements under subsection 1,
34paragraph “a”, development at a greenfield site.
35 Sec. 5. Section 15.353, subsection 2, paragraph d,
-1-1subparagraph (2), subparagraph division (c), Code 2017, is
2amended to read as follows:
3(c) The demand for projects applying under this paragraph
4“d” compared to the demand for projects applying under
5paragraphs “a” through “c” “0d”.
6 Sec. 6. Section 15.353, subsection 3, paragraph b, Code
72017, is amended to read as follows:
8b. (1) The average dwelling unit cost does not exceed
9two hundred fifty thousand dollars per dwelling unit if the
10project involves the rehabilitation, repair, redevelopment,
11or preservation of property described in section 404A.1,
12subsection 8, paragraph “a”.
13(2) The average dwelling unit cost for the project does not
14exceed two hundred fifteen thousand dollars per dwelling unit
15if the project is located in a small city.
16 Sec. 7. Section 15.354, subsection 4, paragraph c, Code
172017, is amended to read as follows:
18c. (1) The authority shall issue tax incentives under the
19program on a first-come, first-served basis until the maximum
20amount of tax incentives allocated pursuant to section 15.119,
21subsection 2, is reached. The authority shall maintain a list
22of registered housing projects under the program so that if
23the maximum aggregate amount of tax incentives is reached in
24a given fiscal year, registered housing projects that were
25completed but for which tax incentives were not issued shall
26be placed on a wait list in the order the registered housing
27projects were registered and shall be given priority for
28receiving tax incentives in succeeding fiscal years.
29(2) The authority shall administer allocations reserved for
30qualified housing projects in small cities separately from the
31general allocation in subparagraph (1). The authority shall
32issue tax incentives for small cities under the program on a
33first-come, first-served basis until the maximum amount of the
34allocation reserved for small cities under section 15.119,
35subsection 2, paragraph “g”, is reached. The authority shall
-2-1maintain a list of registered housing projects in small cities
2under the program so that if the maximum aggregate amount
3of tax incentives reserved for small cities is reached in a
4given fiscal year, such registered housing projects that were
5completed but for which tax incentives were not issued shall
6be placed on a wait list in the order the registered housing
7projects were registered and shall be given priority for
8receiving tax incentives in succeeding fiscal years. If the
9maximum aggregate amount of tax incentives reserved for small
10cities is not reached in a given fiscal year, the authority may
11issue tax incentives reserved under this subparagraph (2) to
12other housing projects registered under subsection 2.
13 Sec. 8. Section 15.355, subsection 3, paragraph a, Code
142017, is amended to read as follows:
15a. A housing business may claim a tax credit in an amount
16not to exceed the following:
17(1) For a housing project not located in a small city,ten
18percent of the qualifying new investment of a housing project.
19(2) For a housing project located in a small city, twenty
20percent of the qualifying new investment of a housing project.
aw/sc/jh
2by requiring allocations to certain housing projects and
3by increasing the allowable average dwelling unit cost and
4the percentage of investment for tax incentives for certain
5housing projects.
6BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15.119, subsection 2, paragraph g, Code
22017, is amended to read as follows:
3g. The workforce housing tax incentives program administered
4pursuant to sections 15.351 through 15.356. In allocating tax
5credits pursuant to this subsection, the authority shall not
6allocate more than twenty million dollars for purposes of this
7paragraph. Of the moneys allocated under this paragraph, five
8million dollars shall be reserved for allocation to qualified
9housing projects in small cities, as defined in section 15.352,
10that are registered on or after July 1, 2017.
11 Sec. 2. Section 15.352, Code 2017, is amended by adding the
12following new subsections:
13 NEW SUBSECTION. 3A. “Greenfield site” means a site that
14does not meet the definition of a brownfield site or grayfield
15site. A project proposed at a site located on previously
16undeveloped land or agricultural land shall be presumed to be
17a greenfield site.
18 NEW SUBSECTION. 9. “Small city” means any city or township
19located in this state, except those located within the eleven
20most populous counties in the state, as determined by the most
21recent federal decennial census. For the purposes of this
22part, a small city that is located in more than one county
23shall be considered to be located in the county having the
24greatest taxable base within the small city.
25 Sec. 3. Section 15.353, subsection 1, paragraph a, Code
262017, is amended to read as follows:
27a. Four or more single-family dwelling units, except for a
28project located in a small city, then two or more single-family
29dwelling units.
30 Sec. 4. Section 15.353, subsection 2, Code 2017, is amended
31by adding the following new paragraph:
32 NEW PARAGRAPH. 0d. For a housing project located in a
33small city that meets program requirements under subsection 1,
34paragraph “a”, development at a greenfield site.
35 Sec. 5. Section 15.353, subsection 2, paragraph d,
-1-1subparagraph (2), subparagraph division (c), Code 2017, is
2amended to read as follows:
3(c) The demand for projects applying under this paragraph
4“d” compared to the demand for projects applying under
5paragraphs “a” through “c” “0d”.
6 Sec. 6. Section 15.353, subsection 3, paragraph b, Code
72017, is amended to read as follows:
8b. (1) The average dwelling unit cost does not exceed
9two hundred fifty thousand dollars per dwelling unit if the
10project involves the rehabilitation, repair, redevelopment,
11or preservation of property described in section 404A.1,
12subsection 8, paragraph “a”.
13(2) The average dwelling unit cost for the project does not
14exceed two hundred fifteen thousand dollars per dwelling unit
15if the project is located in a small city.
16 Sec. 7. Section 15.354, subsection 4, paragraph c, Code
172017, is amended to read as follows:
18c. (1) The authority shall issue tax incentives under the
19program on a first-come, first-served basis until the maximum
20amount of tax incentives allocated pursuant to section 15.119,
21subsection 2, is reached. The authority shall maintain a list
22of registered housing projects under the program so that if
23the maximum aggregate amount of tax incentives is reached in
24a given fiscal year, registered housing projects that were
25completed but for which tax incentives were not issued shall
26be placed on a wait list in the order the registered housing
27projects were registered and shall be given priority for
28receiving tax incentives in succeeding fiscal years.
29(2) The authority shall administer allocations reserved for
30qualified housing projects in small cities separately from the
31general allocation in subparagraph (1). The authority shall
32issue tax incentives for small cities under the program on a
33first-come, first-served basis until the maximum amount of the
34allocation reserved for small cities under section 15.119,
35subsection 2, paragraph “g”, is reached. The authority shall
-2-1maintain a list of registered housing projects in small cities
2under the program so that if the maximum aggregate amount
3of tax incentives reserved for small cities is reached in a
4given fiscal year, such registered housing projects that were
5completed but for which tax incentives were not issued shall
6be placed on a wait list in the order the registered housing
7projects were registered and shall be given priority for
8receiving tax incentives in succeeding fiscal years. If the
9maximum aggregate amount of tax incentives reserved for small
10cities is not reached in a given fiscal year, the authority may
11issue tax incentives reserved under this subparagraph (2) to
12other housing projects registered under subsection 2.
13 Sec. 8. Section 15.355, subsection 3, paragraph a, Code
142017, is amended to read as follows:
15a. A housing business may claim a tax credit in an amount
16not to exceed the following:
17(1) For a housing project not located in a small city,ten
18percent of the qualifying new investment of a housing project.
19(2) For a housing project located in a small city, twenty
20percent of the qualifying new investment of a housing project.
aw/sc/jh