Workforce Housing Tax Credits

Assisting construction or rehabilitation of housing in communities with workforce housing needs

This program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties.

  • Total program benefits are limited to a maximum of $1 million per recipient
  • The tax incentives include a refund of sales, service or use taxes paid during construction
  • Accepted applicants may also receive an investment tax credit, which is fully transferable, of up to a maximum of 10% of the investment directly related to the construction or rehabilitation of the housing
    • If the project has any funding from tax credits, grants or forgivable loans, these funds cannot be included for purposes of calculating the investment tax credit
  • The tax credit is based on the new investment used for the first $150,000 of value for each home or unit
  • This tax credit is earned when the home or unit is certified for occupancy and can be carried forward for up to five additional years or until depleted, whichever occurs first

Eligibility

  • Projects must meet one of four criteria:
    • Housing development located on a grayfield or brownfield site
    • Repair or rehabilitation of dilapidated housing stock
    • Upper story housing development
    • New construction in a greenfield (community with demonstrated workforce housing needs)
  • The developer must build or rehabilitate at least four single-family homes or at least one multi-family building containing three or more units or at least two upper story units
  • Total project costs may not exceed $200,000 per unit for new construction or $250,000 per unit for historic rehabilitation
  • The housing project must be completed within three years of award

How to Apply

Program Contact(s)

Steven Benne
515.725.3066
whtip@iowaeda.com

 

 

 
Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.725.3000
email: info@iowaeda.com

Questions?
Drop Us a Line.

Stay Informed.
Sign Up to Receive Updates.
Emails highlighting economic development news, program updates and upcoming events.