IEDA Awards Tax Credits to Historic Preservation Projects (revised)
For more information contact:
Staci Hupp Ballard, Iowa Economic Development Authority
IEDA Awards $20.5 million in tax credits to Iowa historic preservation projects (revised)
July 7, 2021 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) today announced $20.5 million in awards to transform 12 historic buildings, including old schools and warehouses, into new spaces while maintaining their character. The awards were made through the Historic Preservation Tax Credit program.
“It’s exciting to see historic buildings across the state find new life with assistance from this program,” said Debi Durham, executive director of IEDA and Iowa Finance Authority. “These projects not only preserve the past, but also ensure our communities are attractive places to live and work into the future.”
This application round opened in June with about $21 million available for awards. IEDA received 21 applications requesting $43.3 million in tax credits. Projects are scored based on readiness, financing and local support and participation.
The 12 approved projects include:
- Grundy Center: Rehabilitation of a former elementary school to allow for expanded daycare and after-school programming
- Des Moines: Renovation of a former supermarket space into new commercial and retail space
- Sioux City: Transformation of a vacant downtown building into residential space with a health club available to the public
- Renovation of a 94-year-old building originally used as warehouse space into 20 residential units and a commercial storefront
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.
The Historic Preservation Tax Credit program is administered by IEDA in partnership with the State Historic Preservation Office. The next registration round will open in fall 2021.
Download a copy of today's awards: Iowa Historic Preservation Tax Credit Awards