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New Funds Available to Support Demolition, Rehabilitation of Vacant State Buildings

For more information:

Ms. Kanan Kappelman, Iowa Economic Development Authority
Phone: 515.348.6248
communications@iowaeda.com

New Funds Available to Support Demolition, Rehabilitation of Vacant State Buildings

September 25, 2019 (Des Moines) - The Iowa Economic Development Authority (IEDA) announced today two new competitive funds to support the mitigation of dilapidated, state-owned properties that can be redeveloped for economic development purposes. Specifically, funding of up to $6 million has been allocated to the following two funds for current fiscal year (FY) 2020 through FY 2022:

  • Vacant State Building Demolition Fund – Provides up to $1 million in grants per fiscal year for a total of $3 million; and the
  • Vacant State Building Rehabilitation Fund – Provides up to $1 million in loans per fiscal year for a total of $3 million. Loans may be forgivable if there is demonstration of accountability, timely results and the majority of project funding comes from other sources.

“There is at least one building in every community that needs addressed. It’s the one everybody discusses but doesn’t know what to do about,” said Debi Durham, director of IEDA and Iowa Finance Authority. “Now, if that building is state-owned, we have resources available to help communities explore growth, revitalization and development to help these buildings provide a community benefit once again.”

Program parameters for both funds include:

  • Applicant is a city/county (funding contract is between IEDA and the city/county)
  • Must have a state-owned, vacant/no longer used for a state purpose building in the community or county
  • County/city can apply for both a grant and loan for the same project
  • Grant and loan applications are separate
  • For a large campus, applicant can request funds for one part of a larger project only if applicant assumes ownership of the entire campus
  • Must meet project timeline milestones to avoid contract termination and immediate repayment of funds

Applications for FY 2020 are currently being accepted via iowagrants.gov and are due by November 27. Applications will be scored by IEDA and based on criteria including evidence of project readiness and the redevelopment plan. Successful applicants will be informed in December.

For additional program parameters and information, contact Leslie Leager at leslie.leager@iowaeda.com.

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