Workforce Housing Tax Credits awarded
23 Sep 2021
Housing, Community, Workforce
Awards totaling more than $2.4 million were announced yesterday for three 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 $30 million in tax breaks for 49 projects across the state.
The three projects in the Corridor region were:
Berkley Heights, a 15-unit development in Spirit Lake
Westfield by IGL Phase II, a 24-unit development in Spencer
Sunrise Pointe, a 94-unit development in Storm Lake
“The Workforce Housing Tax Credits awarded in the region will support the development of additional housing units needed to accommodate workforce housing goals,” said Corridor President & CEO Shannon Landauer. “Housing has been identified as a significant challenge in rural communities when recruiting workforce to our communities. The Iowa Lakes Corridor is happy to support projects like these for the growth of the region.”
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 2022 application round, $12 million dollars in credits were available for award under the WHTC program’s Small Cities Set Aside component. IEDA received 137 applications requesting $85.9 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 Daniel Hansen at 515.348.6212 or email@example.com?or visit iowaeda.com/workforce-housing-tax-credit/.