Four Corridor housing projects to receive tax credits

Four Corridor housing projects to receive tax credits

Awards totaling more than $2.55 million were announced today for four housing development projects in the Iowa Lakes Corridor Development Corporation (Corridor) Region through the Iowa Economic Development Authority’s (IEDA) Workforce Housing Tax Credit program.

In total, the state awarded nearly $10 million in tax breaks for 19 projects across the state.

The four projects in the Corridor region were:

• Emerald Woods Townhomes, a 10-unit single-family development in Storm Lake
• An unnamed 25-unit housing development in Spirit Lake
• Deer Creek Apartments & Townhomes, an 84-unit development in Estherville
• IGL West Beltway Residential Home Development, a 10-unit development in Spencer

Kiley Miller, President & CEO of the Iowa Lakes Corridor Development Corporation, said the four projects distributed across each of the four Corridor counties will help answer the ongoing need for quality affordable housing.

“We want to thank the Iowa Economic Development Authority and the Iowa Legislature for bringing back the workforce housing tax credit program,” Miller said. “These projects will help our region attract and retain working families.”

IEDA’s Workforce Housing Tax Credit (WHTC) program offers tax benefits to developers to provide housing in Iowa communities that meets one of four criteria: housing development on a brownfield or grayfield, upper story housing or rehabilitation, dilapidated housing stock, or new construction in greenfield space. Total project costs in rural communities may not exceed $215,000 per unit for new construction.

For the fiscal year 2021 application round, $10 million dollars in credits were available for award under the WHTC program’s Small Cities Set Aside component. IEDA received 84 applications requesting $34 million in tax credits. Projects are scored competitively based on readiness, financing, need, and local support and participation.

For more information on the WHTC program, contact Dan Hansen at 515.348.6212 or whtip@iowaeda.com or visit iowaeda.com/whtc.

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About the Iowa Lakes Corridor Development Corporation

The Iowa Lakes Corridor Development Corporation is the regional economic development agency for Buena Vista, Clay, Dickinson, and Emmet counties. The Iowa Lakes Corridor’s mission is to foster, encourage, promote, aid, or otherwise assist in the economic development growth and development of the four-county region.