$10M in housing tax incentives awarded for projects that redevelop properties
BPC Staff Jul 22, 2020 | 8:12 pm
1 min read time177 wordsAll Latest News, Economic Development, Real Estate & Development
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.
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