Search Icon
SEARCH IEDA

IEDA awards $20 million in Workforce Housing Tax Credits

Editor's Note: Projects listed at the time this press release was issued were considered “registered” under the Workforce Housing Tax Incentive program. Projects that are registered are not officially awarded tax credits until such credits are available and until IEDA has provided an official award letter. 


For more information contact:

Tina Hoffman, Iowa Economic Development Authority
Phone: 515.725.3150, cell 515.783.8225 or tina.hoffman@iowaeda.com
 
IEDA awards $20 million in Workforce Housing Tax Credits 
Reaches cap for FY15

April 2, 2015 (DES MOINES, IA) –  The Iowa Economic Development Authority (IEDA) today announced that it has awarded approximately $20 million in Workforce Housing tax credits, reaching the cap for FY15. The IEDA opened the application for the Workforce Housing Tax Credit Program (WHTC), established by House File 2448, on February 1, 2015.

“As I travel the state, one thing that is common in every community is the need for affordable housing to accommodate the workers our companies are employing,” said Debi Durham, director of IEDA. “That’s why we were so excited to get this new program up and running, so that communities could begin to solve this economic development issue facing them.”

The program makes state tax incentives available to developers building or rehabilitating housing in Iowa. To be eligible for the program, 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)

With the funding available in FY15, IEDA was able to award 37 projects around the state. The tax credits are awarded on a first-come, first-served basis to eligible projects. Additional tax credits are expected to be available in FY16. Applications may continue to be submitted through Iowagrants.gov. IEDA will continue to review applications in the order in which they are received. Applications already in the queue will be placed on a waiting list that will be revisited once additional tax credits become available.

FY15 Funded Projects 
(Project, Project Location, Maximum Credits Approved)

12th Street Lofts
Des Moines
$ 510,520

Hubbell Tower II
Des Moines
$ 906,691

R & T Lofts
Des Moines
$ 1,000,000

Eagle View Lofts
Des Moines
$ 1,000,000

Capital 401
Des Moines
$ 850,613

Harbach Building
Des Moines
$ 1,000,000

The Edge at Gray's Landing
Des Moines
$ 1,000,000

Hamlin Bell Senior Housing
Perry
$ 312,307

Christ the King Senior Housing II
Des Moines
$ 409,280

Wilson Building Renovation
Clinton
$ 565,091

The Sanctuary At Ellis Park
(15 units)

Cedar Rapids
$ 332,807

The Sanctuary At Ellis Park
(13 units)

Cedar Rapids
$ 289,004

501 Brady Street
Davenport
$ 376,113

Grand Crossing
Waterloo
$ 1,000,000

Southridge Senior Lofts
Des Moines
$ 225,000

Keokuk Senior Lofts
Keokuk
$ 248,700

Historic Tama Complex
Burlington
$ 351,601

Legacy Manor of
Mason City II

Mason City
$ 485,064

Fort Dodge Senior
High School

Historic Renovation
Fort Dodge
$ 875,702

Coral Ridge
Coralville
$ 479,759

Lee County Bank
Ft Madison
$ 226,118

Lemp Brewery
Ft Madison
$ 125,517

Osceola Senior Housing
Osceola
$ 249,541

Bremer Court
Waverly
$ 418,673

Adams Street Duplexes
Fairfield
$ 45,408

808 on 5th Building 2
Coralville
$ 1,000,000

808 on 5th Building 3
Coralville
$ 1,000,000

Brazelton Lofts
Mount Pleasant
$ 196,542

Lofts at Red Cedar
Cedar Rapids
$ 773,675

Mott Lofts
Cedar Rapids
$290,970

NewBo Station
Cedar Rapids
$ 293,160

Ravenwood Circle 12 Plex
Waterloo
$150,000

Pierce School Lofts
Davenport
$708,000

Linden Place Apartments
Council Bluff
$ 509,030

219 East Grand Avenue
Des Moines
$ 1,000,000

1417 Walnut Street
Des Moines
$ 138,324

The Arbor at Lindale Trail
Marion
$ 656,789

 

To learn more about the eligibility requirements and available tax benefits, go to www.iowaeconomicdevelopment.com/Community/WHTC. The WHTC program application is available at www.iowagrants.gov. 

Sign up to receive news updates

 

 

 
Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.348.6200
email: Email Us

Questions?
Drop Us a Line.

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