IEDA Awards $19 Million in Tax Credits to Iowa Historic Preservation Projects
For more information contact:
Kanan Kappelman, Iowa Economic Development Authority
Phone: 515.348.6248
Email: communications@iowaeda.com
IEDA Awards $19 Million in Tax Credits to Iowa Historic Preservation Projects
May 2, 2024 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) announced over $19 million in awards to help transform 12 historic buildings. The awards were made through the Historic Preservation Tax Credit program.
“By supporting the restoration and revitalization of historic buildings, we not only preserve the architectural heritage of our communities but also breathe new life into them, creating vibrant spaces for generations to come." said Debi Durham, director of IEDA and the Iowa Finance Authority.
The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate underused or vacant historic buildings while maintaining the historic character-defining features that enhance neighborhoods and communities. Work completed on buildings must meet the federal Secretary of Interior Standards.
The most recent application round opened in January with approximately $19 million available for awards. IEDA received 13 applications requesting over $37 million in tax credits. Projects are scored based on readiness, financing and local support and participation. This round of awards will help to enhance historic buildings across the state including:
- Ames: Rehabilitation of the Cranford Apartments. One of the few remaining historic structures in Campustown, this is a 1922 brick structure comprised of commercial space on the first floor and 30 apartments on the second through fourth floors. The project will upgrade mechanicals, re-establish original window openings, modify the apartments to provide new kitchens and bathroom and laundry in each unit, a workout room in the attic and renovate the first floor space for Jeff's Pizza.
- Carroll: Restoration of the Anne-Mar Building – Carroll Medical Center. This 1929 southwest Mediterranean architecture designed building located in the downtown area formerly housed a doctors’ clinic that served citizens outside of the hospital setting. The project involves converting the building into 12 new apartments.
- Council Bluffs: Transformation of the Council Bluffs Federal Building and Post Office. Located at the west end of the downtown commercial corridor, this three-story building was completed in 1959. The project will convert the property into 53 apartments and helps with the city's housing needs.
- Dubuque: Revitalization of the Farley & Loetscher building. This project involves two buildings that formerly served as a window wood mill and furniture manufacturing facility. The buildings will be transformed into 127 apartments and mixed-use commercial/office spaces.
Download a spreadsheet with today’s awards here.
The Historic Preservation Tax Credit program is administered by IEDA. The next application round for large projects opens June 2024, with applications due September 16. For more information on the program, visit www.iowaeda.com/historic-preservation-tax-credit/.
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