IEDA awards $35 million in credits to Workforce Housing Tax Credit projects including three in Storm Lake
Iowa Lakes Corridor and Tyson Foods announce $150,000 housing project partnership
Workforce Housing Tax Credits assist construction or rehabilitation of housing in communities with Workforce Housing needs. This program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on projects using abandoned, empty or dilapidated properties.
- Total program benefits limited to $1 million per project
- Tax incentives include a refund of sales, service or use taxes paid during construction
- Developers may receive a state investment tax credit of up to 10% the investment directly related to the construction/rehabilitation of the housing.
- Tax credit is based on the new investment used for the first $150,000 of value for each home or unit
- Tax credit is earned when the home or unit is certified for occupancy and can be carried forward for up to five additional years or until depleted, whichever comes first