IEDA awards $35 million in credits to Workforce Housing Tax Credit projects including three in Storm Lake

See the full release here.

September 21, 2022

For more information contact: 

Staci Ballard
515.348.6245
Email: communications@iowaeda.com 

IEDA awards $35 million in credits to Workforce Housing Tax Credit projects

September 21, 2022 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) today 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.

"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," said Debi Durham, executive director of IEDA and the Iowa Finance Authority. "The awards announced today 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.

Projects awarded in the Iowa Lakes Corridor Region include:

• West Winds Townhomes: new single-family construction in Storm Lake. 8 units, awarded $282,600.
• Sunrise Pointe - Storm Lake, Phase II: new single-family construction in Storm Lake. 72 units, awarded $1,000,000.
• Storm Lake Apartments: new multi-family construction in Storm Lake. 36 units, awarded $948,690.

See the full list of awards.