Relating to the duties of the Iowa finance authority

The authority is required to provide written notification to the person of the reason for the prohibition, and may immediately disqualify such a person from receiving financial assistance or being selected as a vendor. The authority is the designated housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling. The bill requires the authority to adopt a qualified allocation plan that satisfies the requirements of section of the Internal Revenue Code (IRC). The bill allows the authority to revise the qualified allocation plan provided the revision satisfies the requirements of section of the IRC. When adopting the qualified allocation plan under the bill, the authority is required to specify the selection criteria, the application procedure, and the allocation of low-income housing credits under the state housing credit ceiling. Under the bill, the selection criteria shall include all of the following: the selection criteria described in section of the IRC, the statutory preferences described in section of the IRC, the economic feasibility of the proposed project, and the ability of the applicant to complete the project in a timely manner. The bill strikes a provision allowing the authority to adopt rules specifying the application procedure and the allowance of low-income housing credits under the state housing credit ceiling.154 relating to entities applying for financial assistance under the water quality financing program. The bill requires an applicant to submit the plan project to the authority on a form required by the authority. The bill provides the plan project describe the manner in which the plan project will be financed and undertaken, and strikes the requirement the description be detailed.