Each year, the state of Iowa receives an allocation of volume cap (state ceiling) for allocation to certain private activity bonds as set forth in Section 146 of the Internal Revenue Code of 1986. Section 7C of the Iowa Code distributes the State Ceiling among these types of bonds.
IFA allocates the state ceiling for projects qualifying as:
The amount of cap requested cannot be more than the amount of the inducement resolution. The following parameters surrounding application apply: