Housing awards expected to create more than 2,000 residential units
Gov. Kim Reynolds and the Iowa Economic Development Authority announced $38 million in workforce housing tax credits to develop new housing opportunities in communities across the state. The awards will support 59 housing projects that are expected to create more than 2,000 residential units. IEDA had $35 million available for fiscal year 2024, with an additional $3 million reallocation from fiscal year 2023. Of the $38 million total, $20 million in credits were set aside for projects in small communities defined as those in Iowa’s 88 least populated counties. Project applications were scored competitively based on readiness, documented financing, community impact and developer experience. Tax credits will assist statewide projects that will include rehabilitating a former concrete manufacturing site to accommodate 29 single-family attached townhomes in West Branch, redeveloping Hotel Ottumwa to provide 64 residential rental units on the upper floors with meeting/reception space available on the ground floor, renovating three vacant buildings for the Jackrabbit Upper Story Development project in Sheldon and developing land formerly occupied by the Veterans Affairs hospital to construct five single-family, owner-occupied homes in an area near trails and parks in Knoxville.