On Sept. 23, the Iowa Economic Development Authority (IEDA) awarded $35 million in workforce housing tax credits (up from $29.8 million last year) to 57 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 almost $3.9 million in tax credits, all in Des Moines. Those projects will support new construction of 214 new rental housing units. The Des Moines Business Record has published additional details about each project.
IEDA reported it received applications for more than double 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 per unit are capped depending on the type of project. For multi-family housing in an urban area, the cap this year was $218,022/unit.
Polk County projects funded
Project Title | Type | Number of Units | Credit Amount |
|---|---|---|---|
SW9 215, LLC | New Construction | 66 | $1,000,000 |
High Street Lofts - East | New Construction | 47 | $987,344 |
Euclid Avenue Rowhomes | New Construction | 17 | $292,966 |
Park Indy | New Construction | 40 | $729,124 |
UA Station | New Construction | 24 | $452,160 |
Star Lofts | New Construction | 20 | $400,310 |
Total | | 214 | $3,861,904 |
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