14 Communities Receive $925,000 in Main Street Iowa Challenge Grants
For more information, contact:
Ms. Kanan Kappelman
515.348.6248
communications@iowaeda.com
14 Communities Receive $925,000 In Main Street Iowa Challenge Grants
Projects will leverage private investments to revitalize downtowns across the state
October 15, 2020 (DES MOINES) — The Iowa Economic Development Authority (IEDA) virtually awarded $925,000 in Main Street Iowa Challenge Grants to 14 communities around the state this afternoon. The grants will benefit local improvement projects, including total building rehabilitations, upper story housing renovations and façade restorations.
“The Main Street Iowa Challenge grants have been instrumental in revitalizing Iowa’s historic main streets,” said IEDA and Iowa Finance Authority Executive Director Debi Durham. “Reinvesting in our traditional commercial districts is good business. It’s good for our economy and good for our state. These projects will bring new businesses and new residents to our downtown districts.”
The grants are administered through IEDA’s Iowa Downtown Resource Center and Main Street Iowa programs. The funding will be distributed in the form of matching grants to the selected Main Street programs. The estimated total project cost of these 14 projects is over $3.2 million.
“Each project must provide at least a dollar-for-dollar cash-match,” said Michael Wagler, state coordinator for the Main Street Iowa program. “In total, these projects will actually leverage significantly more than the State’s investment into bricks and mortar rehabilitation. This investment will have a significant economic impact within each district.”
Since the first Challenge Grants were awarded in 2002, approximately $11.6 million in state and federal funds have leveraged more than $59 million in private investment. Over the life of the program, 193 projects in 56 Main Street Iowa commercial districts across the state have received funding.
For more information about the Main Street Iowa Challenge Grant program, contact Michael Wagler at 515.348.6184 or mainstreet@iowaeda.com.
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