On Sept. 21, the Iowa Economic Development Authority (IEDA) awarded $29.8 million in workforce housing tax incentives to 49 projects across Iowa. Iowa’s Workforce Housing Tax Credit encourages development and rehabilitation of housing in Iowa, especially focusing on rehabilitation of vacant or underused property.
In Polk County, 6 projects were awarded a combined $3.1 million in tax credits. Those projects will support new construction of 173 new rental housing units and rehabilitation of an additional 150 rental units.
Five are located in Des Moines, while the sixth (Junction Development Catalyst, LLC) is a project in West Des Moines. Two received the maximum credit award of $1 million.
IEDA reported it received applications for nearly triple the incentives available in this funding round. The agency says projects were “scored competitively based on readiness, financing, need and local support and participation.”
Receipt of the tax credit does not require that future residents of the property will need to meet income guidelines; however, to qualify, project costs cannot exceed $200,000 (or $250,000 for historic rehabilitation) per unit.
Polk County projects funded
Project Title | Type | Number of Units | Credit Amount |
|---|---|---|---|
Tree House | Rehabilitation | 93 | $1,000,000 |
Urban Campus Apartments LLLP | New Construction | 42 | $235,392 |
Dogtown Project | New Construction | 120 | $1,000,000 |
Concord Building | Rehabilitation | 43 | $426,500 |
Junction Development Catalyst, LLC | New Construction | 11 | $215,010 |
3524 6th Ave. Historic Rehabilitation | Rehabilitation | 14 | $209,486 |
Total | | 323 | $3,086,388 |
Source: Iowa Economic Development Authority