The Iowa Economic Development Authority has approved $6.5 million in requests under the state's new workforce housing tax credit program for 10 development projects in Des Moines.

 

For at least one of those projects, approval is a mixed blessing. The Eagle View Lofts project that has been proposed by Hansen Real Estate Services for property near Southeast Sixth Street and the Des Moines River could receive $1 million in tax credits. However, IEDA earlier this year turned down the firm's request for $3 million in federal funds after the project was recommended for approval by the Des Moines City Council.

 

Troy Hansen said the $3 million was essential to the final financing for the project.

 

After receiving notice that Eagle View Lofts had been approved for the tax credits, Hansen said the fate of the project is unknown.

 

"We're still trying to work through our shortfall," he said.

 

The city of Des Moines has recommended 19 projects for workforce housing tax credits for projects that are valued at tens of millions of dollars.

 

Workforce housing tax credits are awarded on a first-come, first-served basis. IEDA can award up to $20 million in credits, which are redeemed after projects are completed. If all Des Moines projects are approved, the IEDA fund would take a nearly $12 million hit.

 

Another four projects requesting nearly $4 million in tax credits are under review by IEDA.

 

Meanwhile, the city of Des Moines has recommended 27 projects for approval under the state's brownfield/grayfield tax credit program. That program, which is administered by IEDA, awards credits of up to $1 million for qualifying projects. The application deadline was 4:30 p.m. Monday.

 

Many of those projects also were recommended for workforce housing tax credits. However, the projects also include the $101 million Iowa Events Center Hotel and Kum & Go LC's downtown headquarters.