November 13, 2023 (DES MOINES, IA) –  The Iowa Economic Development Authority (IEDA) has announced $25 million in awards to help transform 13 historic buildings, including a former fire station and mass timber warehouse, into new spaces while maintaining their character. The awards were made through the Historic Preservation Tax Credit program. Included among the projects is the Hotel Stuart project in Guthrie County. The aim of the project is to convert the building into commercial space and four, upper-story apartments. The Project applicant (Aust Real Estate, LLC) requested a tax credit in the amount of $307,125.

IEDA and Iowa Finance Authority Director Debi Durham says “These projects breathe new life into historic treasures and help make Iowa’s communities attractive places for people to visit, live and work. ” The application round opened in June with about $20 million available for awards. IEDA received 21 applications requesting over $40 million in tax credits. Projects are scored based on readiness, financing and local support and participation.

The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate underused or vacant historic buildings while maintaining the character-defining features that enhance neighborhoods and communities. Work completed on buildings must meet the federal Secretary of Interior standards.

This round of awards will help to enhance historic buildings across the state, including:

• Sioux City: The Bay State Block restoration will include adding 27 apartment homes to the upper three floors, which have been vacant or underutilized for 60 years.
• DeWitt: The vacant Iowa Mutual Insurance Company building will be converted into 53 apartment homes. Work will include full rehabilitation and preservation of the vaults, dumbwaiters, and historic elevator door with scissor gate.
• Des Moines: The Carpenter Paper Company is the renovation of a four-story mass timber warehouse. The project will restore the historic windows and raise the floor to create proper window views for use by new office tenants.
• Waterloo: The Waterloo Fire Station 2 will include exterior repair and renewal, and rehabilitation of the original windows or installation of historic appropriate new windows. The interior space will be converted into new office space and three apartment units.

The Historic Preservation Tax Credit program is administered by IEDA. The next application round for large projects opens January 2024, with applications due March 18.

Download a spreadsheet with today’s (Monday’s) awards here.