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Des Moines projects would take majority of state housing tax credits

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After supporting $1 million in state tax credits for the renovation of the former Register and Tribune building earlier this month, the Des Moines City Council was set today to consider applications for another $10.8 million in credits for $175 million in housing projects that would create 842 apartment units in the city. The Iowa Economic Development Authority will begin taking online applications Feb. 2 for $20 million in Workforce Housing Tax Credits, a program created last year at the IEDA’s request to more evenly distribute the housing and development credits to projects across the state, particularly in rural areas. The Des Moines projects, which must be approved by the agency, would claim nearly 60 percent of those funds. Local governments are required to recommend projects for state approval and provide at least $1,000 per housing unit in local incentives, such as tax abatements. As Des Moines officials found out recently when the IEDA ignored the council’s recommendation in awarding a federal grant, the council’s votes today could have little influence when the IEDA awards the housing tax credits. With today’s action, the council will have considered 18 requests for $11.8 million in tax credits.

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