(Des Moines, Iowa) – Officials with the Iowa Economic Development Authority (IEDA), Wednesday, announced $35 million in workforce housing tax credits to develop new housing across Iowa. The awards were made to support the construction of 57 housing projects in 30 counties statewide.

In our area, among the projects receiving tax credits for fiscal year 2023, is:

• 106 E. Madison, in Mount Ayr – Was awarded $27,271, for the rehabiliation of a Single Family Attached rental home with four units.
• Western Ridge on Valley View Drive, in Council Bluffs – Receives a $1-million tax credit for the new construction of 102 rental unit properties.
• A Manilla Plus Single Family Detached Home Construction project will receive a $111,731 tax credit from IEDA, for four units in an owner-occupied home.
• And, a multi-family rental property – Manilla Woodland Park Apartments – is receiving a $171,715 award for new construction of 25 units.

Debi Durham, executive director of IEDA and the Iowa Finance Authority, says “Housing is a critical part of Iowa’s efforts to attract and keep a skilled workforce, strengthen quality of life in our communities and grow the economy.” “The awards,” she said, “will help more communities thrive and more families move where opportunities await them.”

IEDA received 133 applications requesting nearly $79 million in tax credits. IEDA had $35 million available for fiscal year 2023. Of that amount, $17.5 million in credits were set aside for projects in small communities defined as those in Iowa’s 88 least populated counties. Projects were scored competitively based on readiness, documented financing, need, local support and participation.

Tax credits will assist projects statewide. For more information and a break-down of the awarded projects, go to https://www.iowaeda.com/iowa-news/ieda-awards-35-million-in-credits-to-workforce-housing-tax-credit-projects/

The Workforce Housing Tax Credit program provides tax benefits to developers to build new housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties.