Awards totaling $29.8 million were announced Tuesday for Workforce Housing Tax Incentive projects across the state. The Iowa Economic Development Authority (IEDA) awarded the tax credits to 49 housing projects.
For the FY 2022 application round, IEDA received 137 applications requesting $85.9 million in tax credits. Of the nearly $30 million available, $12 million in credits were available under the program’s Small Cities set aside. Projects were scored competitively based on readiness, financing, need and local support and participation.
Corridor projects receiving funding from the program include:
- IRL Parkway II, a 68-unit rental property development in Coralville, receiving a tax credit of up to $1 million;
- Town Center One, “The Lundell,” an 80-unit rental property development in Coralville, receiving a tax credit of up to $1 million;
- HVCD, a 48-unit rental property development in Hiawatha, receiving a tax credit of up to $1 million;
- Hardacre Theatre Upper Story Housing, a two-unit rental rehabilitation project in Tipton, receiving a tax credit of up to $52,060;
- Green Park Apartment Living, a 69-unit rental property development in Marion, receiving a tax credit of up to $1 million;
- Rose Cottage Villas, a 76-lot single family rental housing development in Cedar Rapids, receiving a tax credit of up to $1 million;
- The Hub, a 114-unit rental property development in Cedar Rapids, receiving a tax credit of up to $1 million;
- The Iowa Building, a 41-unit rental property development in Cedar Rapids, receiving a tax credit of up to $975,559;
- The Czech Village Pocket Neighborhood Revitalization, a 25-unit single-family, owner-occupied residential development, receiving a tax credit of up to $1 million; and
- Boulevard Apartments, a 94-unit rental property development in Marion, receiving a tax credit of up to $1 million.
The Workforce Housing Tax Credit program provides tax benefits to developers to create new housing in Iowa communities. The Small Cities set-aside is available to projects located in the 88 least-populated counties.
For more information on the Workforce Housing Tax Credit program, contact Dan Hansen at 515.348.6212 or daniel.hansen@iowaeda.com, or go to iowaeda.com/workforce-housing-tax-credit/
