IEDA awards $35 million in credits to Workforce Housing Tax Credit projects
For more information contact:
Staci Ballard
515.348.6245
Email: communications@iowaeda.com
IEDA awards $35 million in credits to Workforce Housing Tax Credit projects
September 21, 2022 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) today announced $35 million in workforce housing tax credits to develop new housing across Iowa. The awards were made to support the construction of 57 housing projects in 30 counties statewide.
"Housing is a critical part of Iowa's efforts to attract and keep a skilled workforce, strengthen quality of life in our communities and grow the economy," said Debi Durham, executive director of IEDA and the Iowa Finance Authority. "The awards announced today will help more communities thrive and more families move where opportunities await them."
IEDA received 133 applications requesting nearly $79 million in tax credits. IEDA had $35 million available for fiscal year 2023. Of that amount, $17.5 million in credits were set aside for projects in small communities defined as those in Iowa's 88 least populated counties. Projects were scored competitively based on readiness, documented financing, need, local support and participation.
Tax credits will assist projects statewide, including:
- Cedar Rapids (Linn County): Reball Lofts will provide 34 apartments above ground-floor commercial space. The project is helping to restore housing stock in the community following the 2020 derecho.
- Des Moines (Polk County): A former Star gas station site will find new life as a 20-unit apartment building called Star Lofts. The project emphasizes sustainability, using timber instead of traditional materials.
- Osceola (Clarke County): A 122-unit housing development project will offer market-rate rental homes at less than $1 per square foot to ensure affordable rents for the local workforce.
- Storm Lake (Buena Vista County): The eight-unit West Wind Townhomes project will include ground-floor housing that is energy efficient and accessible to individuals with disabilities.
The Workforce Housing Tax Credit program provides tax benefits to developers to build new housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties.
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