Housing Tax Credit and HOME Program Compliance

The Iowa Finance Authority's Compliance team monitors both the Low Income Housing Tax Credit and HOME Program projects in over 600 projects across the State.  Our charge is simple; we are to ensure that the owners/managers we work with will:

1.  Rent to qualified households and prove that they qualify through supporting documentation.

2.  Keep unit rents affordable.

3.  Keep the property decent, safe and sanitary for the households they serve.

Housing Tax Credit Compliance: The IRS does not directly allocate tax credits to owners or routinely monitor compliance with the LIHTC program. Those tasks are handled on the IRS’ behalf by the state housing agencies. The Iowa Finance Authority (IFA) is recognized as the housing finance agency authorized to monitor compliance for various affordable housing programs, including the LIHTC in the state of Iowa.

HOME Compliance: As the State of Iowa’s Political Jurisdiction (PJ) for the HOME funds allocated to the State, we are charged with ensuring that all rental housing units funded using HOME meet affordability and income-targeting requirements as outlined in the HOME Final Rule (24 CFR Part 92). The HOME program designates specific units that are HOME units based on the amount of HOME funding proportionate to the total cost of the project.

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Julie Noland | Director of Compliance