IEDA awards over $3 million in Workforce Housing Tax Credits to Polk County projects


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On Sept. 21, the Iowa Economic Development Authority (IEDA) awarded $29.8 million in workforce housing tax incentives to 49 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 $3.1 million in tax credits. Those projects will support new construction of 173 new rental housing units and rehabilitation of an additional 150 rental units.


Five are located in Des Moines, while the sixth (Junction Development Catalyst, LLC) is a project in West Des Moines. Two received the maximum credit award of $1 million.


IEDA reported it received applications for nearly triple 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 cannot exceed $200,000 (or $250,000 for historic rehabilitation) per unit.


Polk County projects funded

Project Title

Type

Number of Units

Credit Amount

Tree House

Rehabilitation

93

$1,000,000

Urban Campus Apartments LLLP

New Construction

42

$235,392

Dogtown Project

New Construction

120

$1,000,000

Concord Building

Rehabilitation

43

$426,500

Junction Development Catalyst, LLC

New Construction

11

$215,010

3524 6th Ave. Historic Rehabilitation

Rehabilitation

14

$209,486

Total

323

$3,086,388

Source: Iowa Economic Development Authority