The Iowa Economic Development Authority today announced nearly $10 million in Workforce Housing Tax incentives for 19 projects across the state. According to a news release, the program provides tax benefits to developers to provide housing, with projects focused on using abandoned, empty or dilapidated properties. To be eligible, projects must:
  • Meet one of four criteria: housing development on a brownfield or grayfield, upper-story housing or rehabilitation, dilapidated housing stock, or new construction in greenfield space.
  • Include construction or rehab of at least two single-family homes or at least one multifamily building containing three or more units or at least two upper-story units.
  • Have total project costs for projects under the Small Cities Set Aside that do not exceed $215,000 per unit or $250,000 for historic rehabilitation.
  • Be completed within three years of award.
  • Be located in one of the 88 least populous Iowa counties.

IEDA received 84 applications requesting $34 million in tax credits. Projects are scored competitively based on readiness, financing, need, and local support and participation. A full list of awards is available here.