IEDA Awards $22 Million in Credits to Iowa Historic Preservation Projects
For more information, contact:
Staci Hupp Ballard, Iowa Economic Development Authority
IEDA awards $22 million in credits to Iowa historic preservation projects
February 10, 2022 (Des Moines) – The Iowa Economic Development Authority (IEDA) announced $22.1 million in awards to help transform six historic buildings, including a former department store and millwork factory, into new spaces while maintaining their character. The awards were made through the Historic Preservation Tax Credit program.
“This program helps Iowa’s historic buildings find new life, and I continue to be amazed at the quality of projects it attracts,” said Debi Durham, executive director of IEDA and the Iowa Finance Authority. “These projects preserve the past and help our communities create vibrant places for people to live and work.”
The application round opened in December with about $22.1 million available for awards. IEDA received 20 applications requesting $40 million in tax credits. Projects are scored based on readiness, financing and local support and participation.
The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate underused or vacant historic buildings while maintaining the character-defining features that enhance neighborhoods and communities. Work completed on buildings must meet the federal Secretary of Interior standards.
This round of awards will help to enhance historic buildings across the state, including:
- Sioux City: The century-old Warnock (Benson) Building, formerly a car dealership and furniture company headquarters, will be rehabilitated to include commercial space on the ground floor, with 83 apartments on upper five floors.
- Des Moines: The vacant Howard Johnson Motor Lodge building will be turned into an 81-room hotel. Work will include full rehabilitation of the interior, new window and mechanical systems, and improvements to patios and the parking lot.
- Dubuque: The historic Roshek Brothers building, originally home to a department store, will be renovated to expand office space. This includes a meeting area, fitness room, mail room, storage and space for new office tenants.
- Winterset: The former Winterset High School building will be converted into 27 affordable housing units. The 101-year-old school is listed on the National Register of Historic Places.
The Historic Preservation Tax Credit program is administered by IEDA in partnership with the State Historic Preservation Office. The next application round for large projects opens April 1, with applications due June 15.
Download a complete list of these awards: