Projects in Cedar Rapids, Marion, Tiffin and West Branch are receiving workforce housing tax credits from the Iowa Economic Development Authority.
On Friday, Governor Kim Reynolds and the Iowa Economic Development Authority (IEDA) announced $38 million in workforce housing tax credits to develop new housing opportunities in communities across the state, supporting 59 housing projects that are expected to create more than 2,000 residential units.
“When Iowans have the opportunity to live where they work, our people, communities and businesses thrive,” Ms. Reynolds said in a release. “Building a strong continuum of housing across the state supports our workforce, attracts new residents, and grows our economy.”
“Housing is a critical part of efforts to strengthen the quality of life statewide,” added Debi Durham, director of IEDA and the Iowa Finance Authority. “The awards announced today will help more communities thrive and more families move where opportunities await them.”
Among the area projects receiving tax credits:
- The Ellis Pocket Neighborhood in Cedar Rapids is receiving $487,537 for 24 housing units.
- The 1st & 1st Mixed-Use Building 2 in Cedar Rapids is receiving $967,903 for 51 housing units.
- Parkway West Apartments II-V in Cedar Rapids is receiving $1 million for 200 housing units.
- The Warehouse in Cedar Rapids is receiving $234,000 for 12 housing units.
- Sinclair on Sixteenth in Cedar Rapids is receiving $604,011 for 29 housing units.
- The Oak Hill Townhomes in the NewBo district in Cedar Rapids is receiving $97,974 for four housing units.
- Bell Tower Place in Marion is receiving $1 million for 66 housing units.
- Grove Park in Tiffin is receiving $1 million for 72 housing units.
- Heritage Hill Phase 2 in West Branch is receiving $927,000 to rehabilitate a former concrete manufacturing site for 29 single-family attached townhomes.
This year, the IEDA received 107 applications requesting $70 million in tax credits. IEDA had $35 million available for fiscal year 2024, with an additional $3 million reallocation from fiscal year 2023.
Of the $38 million total, $20 million in credits were set aside for projects in small communities defined as those in Iowa’s 88 least populated counties. Project applications were scored based on readiness, documented financing, community impact and developer experience.
The Workforce Housing Tax Credit program has a focus on projects that redevelop abandoned, empty or dilapidated properties.
