The Iowa Economic Development Authority (IEDA) has opened a new application round for the Workforce Housing Tax Credit program.
Approximately $10 million in tax credits is available for this application round and is only open for the Small Cities’ Set Aside component.
IEDA’s Workforce Housing Tax Credit 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 or upper story housing or rehabilitation of dilapidated housing stock or new construction in greenfield space;
• Include construction or rehab of at least four 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;
• Be completed within three years of award;
• Be located in the 88 least populous Iowa counties.
Applications can be submitted via iowagrants.govand will be accepted through 11:59 p. m. June 8. However, applicants are strongly encouraged to submit applications as soon as possible and not wait until deadline to facilitate a timelier review of applications.
Applications for credits will be reviewed and scored on a competitive basis. Program information and evaluation and scoring criteria will be available at: iowaeda.com/WHTC
IEDA expects to announce awards in mid-July. Contact Dan Hansen at 515-348-6212 or firstname.lastname@example.org questions regarding this opportunity.