July 6, 2020 (DES MOINES) – Awards totaling nearly $22 million were announced today for historic preservation projects across the state, including conversion of the Red Oak High School into Low-to-Moderate Income housing. The Iowa Economic Development Authority (IEDA) registered 15 projects to receive state Historic Preservation tax credits. For the May 2020 registration period, IEDA received 23 applications requesting $33 million in tax credits. For this registration round, approximately $22 million was available for award. Projects are scored based on readiness, financing, local support and participation.

In Red Oak, Red Oak Partners, LLC. requested and were awarded nearly $1.36-million in grant funds. Other western Iowa projects received grant awards include the Motor Mart and Montgomery Ward Building, both in Sioux City. Those structures will be converted for Mixed Use. J Development Company, LLC, was awarded more than $5.4-million for the combined projects.

The Historic Preservation Tax Credit Program provides a state income tax credit to projects for rehabilitation of historic buildings. The program is designed to promote the retention of unique, character defining buildings and building features that contribute to a community and neighborhood. Rehabilitation 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.