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(Des Moines, IA) -- The Iowa Economic Development Authority is announcing $35 million in tax credits for 57-housing projects in 30-counties.
"Housing is a critical part of Iowa's efforts to attract and keep a skilled workforce, strengthen quality of life in our communities and grow the economy," said Debi Durham, executive director of IEDA and the Iowa Finance Authority. "The awards announced today will help more communities thrive and more families move where opportunities await them."
IEDA received 133 applications requesting nearly $79 million in workforce tax credits. IEDA had $35 million available for fiscal year 2023. Of that amount, $17.5 million in credits were set aside for projects in small communities defined as those in Iowa's 88 least populated counties. Projects were scored competitively based on readiness, documented financing, need, local support and participation.
Tax credits will assist projects statewide, including: a former Star gas station on Ingersoll Avenue in Des Moines, which will become the site of a 20-unit apartment building called Star Lofts. A project in Cedar Rapids (Reball Lofts) will provide 34 apartments. That project is aimed at restoring housing stock lost in the 2020 derecho.
The Workforce Housing Tax Credit program provides tax benefits to developers to build new housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties.
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