Bill Text: IA HF506 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the workforce housing tax incentives program.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-02-28 - Introduced, referred to Ways and Means. H.J. 441. [HF506 Detail]
Download: Iowa-2023-HF506-Introduced.html
House
File
506
-
Introduced
HOUSE
FILE
506
BY
BOSSMAN
A
BILL
FOR
An
Act
relating
to
the
workforce
housing
tax
incentives
1
program.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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506
Section
1.
Section
15.119,
subsection
2,
paragraph
g,
Code
1
2023,
is
amended
to
read
as
follows:
2
g.
The
workforce
housing
tax
incentives
program
administered
3
pursuant
to
sections
15.351
through
15.356
.
In
allocating
4
tax
credits
pursuant
to
this
subsection
,
the
authority
shall
5
not
allocate
more
than
thirty-five
fifty
million
dollars
for
6
purposes
of
this
paragraph.
Of
the
moneys
allocated
under
this
7
paragraph,
seventeen
twenty-five
million
five
hundred
thousand
8
dollars
shall
be
reserved
for
allocation
to
qualified
housing
9
projects
in
small
cities,
as
defined
in
section
15.352
,
that
10
are
registered
on
or
after
July
1,
2017.
11
Sec.
2.
Section
15.353,
subsection
3,
paragraph
a,
Code
12
2023,
is
amended
to
read
as
follows:
13
a.
Except
as
provided
in
paragraph
“b”
,
the
average
dwelling
14
unit
cost
does
not
exceed
the
maximum
amount
established
by
15
the
board
for
each
fiscal
year
for
the
applicable
project
16
type
and
project
location.
The
board
shall
establish
the
17
maximum
average
dwelling
unit
cost
for
a
project
that
includes
18
single-family
dwelling
units
that
is
located
in
a
small
city
19
and
for
a
project
that
includes
single-family
dwelling
units
20
that
is
located
in
an
urban
area.
The
board
shall
establish
21
the
maximum
average
dwelling
unit
cost
for
a
project
that
22
includes
multiple
dwelling
unit
buildings
and
is
located
23
in
a
small
city
and
for
a
project
that
includes
multiple
24
dwelling
unit
buildings
and
is
located
in
an
urban
area.
In
25
establishing
each
maximum
average
dwelling
unit
cost,
the
board
26
shall
primarily
consider
the
most
recent
annual
United
States
27
census
bureau
building
permits
survey
and
historical
program
28
data.
For
fiscal
years
beginning
on
or
after
July
1,
2023,
the
29
maximum
average
dwelling
unit
cost
established
by
the
board
30
shall
be
no
less
than
the
following:
31
(1)
Three
hundred
sixteen
thousand
three
hundred
twenty
32
dollars
for
a
project
that
includes
single-family
units
that
is
33
located
in
either
an
urban
area
or
in
a
small
city.
34
(2)
Two
hundred
sixty-eight
thousand
twenty-two
dollars
for
35
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a
project
that
includes
multiple
dwelling
unit
buildings
that
1
is
located
in
either
an
urban
area
or
in
a
small
city.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
This
bill
provides
that
the
economic
development
authority
6
(authority)
shall
not
allocate
more
than
$50
million
in
tax
7
credits
(credits)
to
the
workforce
housing
tax
incentives
8
program
(workforce
housing),
and
that
$25
million
of
the
total
9
cap
shall
be
reserved
for
allocation
to
qualified
housing
10
projects
(projects)
located
in
small
cities,
as
defined
in
11
Code
section
15.352.
Under
current
law,
the
authority
shall
12
not
allocate
more
than
$35
million
in
credits
to
workforce
13
housing,
and
$17.5
million
of
the
total
cap
shall
be
reserved
14
for
allocation
to
projects
located
in
small
cities.
15
Under
current
law,
the
authority’s
board
shall
establish
the
16
maximum
average
dwelling
unit
cost
(maximum
average
cost)
under
17
workforce
housing
for
a
project
that
includes
single-family
18
dwelling
units
that
is
located
in
a
small
city
or
in
an
urban
19
area,
and
the
maximum
average
cost
for
a
project
that
includes
20
multiple
dwelling
unit
buildings
that
is
located
in
a
small
21
city
or
in
an
urban
area.
Under
current
law,
the
maximum
22
average
cost
established
by
the
board
is
$266,320
for
a
project
23
that
includes
single-family
units
that
is
located
in
either
an
24
urban
area
or
in
a
small
city,
and
$218,022
for
a
project
that
25
includes
multiple
dwelling
unit
buildings
that
is
located
in
26
either
an
urban
area
or
in
a
small
city.
27
The
bill
provides
that
for
fiscal
years
beginning
on
or
after
28
July
1,
2023,
the
maximum
average
cost
established
by
the
board
29
shall
be
no
less
than
$316,320
for
a
project
that
includes
30
single-family
units
that
is
located
in
either
an
urban
area
31
or
in
a
small
city,
and
$268,022
for
a
project
that
includes
32
multiple
dwelling
unit
buildings
that
is
located
in
either
an
33
urban
area
or
in
a
small
city.
34
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