Harbach Lofts approved for tax abatement, recommended for tax credits
BPC Staff Jun 9, 2015 | 9:02 pm
1 min read time
159 wordsAll Latest News, Real Estate and DevelopmentThe Des Moines City Council will stand behind an application for $1 million in state workforce housing tax credits as part of the financing for an $11 million residential renovation of a former furniture factory at 316 S.W. Fifth St. Harbach Lofts LLC, managed by Des Moines architect Davis Sanders and developer Kent Mauck, plans 49 market-rate apartments at the building, which has been used as apartments for artists. Under a change in state law, the Iowa Economic Development Authority controls the tax credit program but requires local communities to adopt resolutions supporting projects and provide a local match of at least $1,000 per unit of housing. For Harbach Lofts, the local match will be about $2.1 million in the form of a 10-year, 100 percent tax abatement. The developers also plan a 62-apartment renovation at 300 S.W. Fifth, a project that has been approved for $2.6 million in tax abatements and $300,000 in state workforce housing tax credits.