IEDA awards over $3.8 million in Workforce Housing Tax Credits to Polk County projects


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On Sept. 23, the Iowa Economic Development Authority (IEDA) awarded $35 million in workforce housing tax credits (up from $29.8 million last year) to 57 projects across Iowa. Iowa’s Workforce Housing Tax Credit encourages development and rehabilitation of housing in Iowa, especially focusing on rehabilitation of vacant or underused property.


In Polk County, 6 projects were awarded a combined almost $3.9 million in tax credits, all in Des Moines. Those projects will support new construction of 214 new rental housing units. The Des Moines Business Record has published additional details about each project.


IEDA reported it received applications for more than double the incentives available in this funding round. The agency says projects were “scored competitively based on readiness, financing, need and local support and participation.”


Receipt of the tax credit does not require that future residents of the property will need to meet income guidelines; however, to qualify, project costs per unit are capped depending on the type of project. For multi-family housing in an urban area, the cap this year was $218,022/unit.


Polk County projects funded

Project Title

Type

Number of Units

Credit Amount

SW9 215, LLC

New Construction

66

$1,000,000

High Street Lofts - East

New Construction

47

$987,344

Euclid Avenue Rowhomes

New Construction

17

$292,966

Park Indy

New Construction

40

$729,124

UA Station

New Construction

24

$452,160

Star Lofts

New Construction

20

$400,310

Total

214

$3,861,904

Source: Iowa Economic Development Authority