May 17, 2023
2024 LIHTC Innovation Set-Aside
The Iowa Finance Authority is pleased to announce a first of its kind INNOVATION SET-ASIDE for the 2024 Low-Income Housing Tax Credit Program (LIHTC).



OPPORTUNITY TO TURN INNOVATIVE IDEAS IN HOUSING AND FINANCE INTO A REALITY TO MEET STATEWIDE HOUSING NEEDS

The new set-aside solicits creative proposals from developers for housing projects serving special populations or using innovative construction, financing or operations, unique partnerships or other innovations of which otherwise may not be feasible through the 9% Tax Credit round.

The most competitive projects will have multiple innovations and support the Iowa Low-Income Housing Tax Credit (LIHTC) Program mission and goals that include partnerships, affordability, durability and location.
INNOVATION SET-ASIDE PRE-APPLICATION PROCESS


  1. All applicants interested in participating in the Innovation Set-Aside during the 2024 allocation year must submit a pre-application.
  2. The pre-application will be available in the Iowa Finance Authority TAC system beginning June 1, 2023.
  3. The deadline for submission of the pre-application is July 17, 2023, at 4:30 pm CST.
  4. The IFA team will review all innovation pre-applications for completeness, preliminary feasibility, purpose, and impact for the residents, community or industry.
  5. The pre-application does not require project location, site control, financing, architecture, costs and proforma or full qualified development team.
  6. The IFA team will select up to six finalists to present at the Innovation Set-Aside competition at the 2023 HousingIowa Conference for the opportunity to submit a 2024 LIHTC Innovation Set-Aside full application. IFA reserves the right to select no finalists.
  7. One project may be selected to apply under the Innovation Set-Aside for the 2024 LIHTC Allocation Round, IFA will announce the selected applicant at the HousingIowa Conference.
  8. If the selected project meets program requirements, the project will receive up to $1 million in federal LIHTC.
Please contact the Housing Tax Credit Team with questions.