Nearly $10 million in credits awarded to Workforce Housing Tax Credit projects
For more information, contact:
Staci Hupp Ballard, 515.348.6245
communications@iowaeda.com
Nearly $10 million in credits awarded to Workforce Housing Tax Credit projects
July 22, 2020 (Des Moines) – Awards totaling almost $10 million were announced today for Workforce Housing Tax incentive projects across the state. The Iowa Economic Development Authority (IEDA) awarded credits to 19 housing projects.
IEDA’s Workforce Housing Tax Credit (WHTC) program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. To be eligible for funding, projects must:
- Meet one of four criteria: housing development on a brownfield or grayfield, upper story housing or rehabilitation, dilapidated housing stock or new construction in greenfield space
- Include construction or rehab of at least two single-family homes or at least one multi-family building containing three or more units or at least two upper story units
- Total project costs for projects under the Small Cities Set Aside may not exceed $215,000 per unit or $250,000 for historic rehabilitation
- Complete within three years of award
- Be located in one of the 88 least populous Iowa counties
For the fiscal year 2021 application round, $10 million dollars in credits were available for award under the WHTC program’s Small Cities Set Aside component. IEDA received 84 applications requesting $34 million in tax credits. Projects are scored competitively based on readiness, financing, need, and local support and participation.
For more information on the WHTC program, contact Dan Hansen at 515.348.6212 or whtip@iowaeda.com or visit iowaeda.com/whtc.
Media inquiries should be directed to Staci Hupp Ballard at communications@iowaeda.com or call 515.348.6245.
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Download a spreadsheet of today's awards:
https://iowaeda.com/userdocs/news/July2020WorkforceHousingSummary.pdf
