Relating to the duties of the Iowa finance authority

This bill relates to the duties of the Iowa finance authority (authority). The bill specifies the circumstances in which the authority may prohibit a person from receiving an award or financial assistance, or from being selected as a vendor to provide goods or services to the authority. The circumstances include: an act or omission by the person that seriously affects or threatens public health, public safety, or the environment; the person is charged with or convicted of a crime involving dishonesty; an act or omission by the person that indicates a lack of integrity or honesty; the person violates the terms of an agreement or transaction; or a compelling cause exists that is relevant to and affects the obligations of the person or vendor under programs administered by the 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 42 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 42 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 42 of the IRC, the statutory preferences described in section 42 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.