DES MOINES, Iowa – Over $4.5 million in workforce housing tax credits are going to projects in and around North Iowa.
That’s part of $38 million in tax credits announced by Governor Kim Reynolds and the Iowa Economic Development Authority (IEDA). A total of 59 housing projects will receive help creating more than 2,000 residential units.
“When Iowans have the opportunity to live where they work, our people, communities and businesses thrive,” says Governor Reynolds. “Building a strong continuum of housing across the state supports our workforce, attracts new residents, and grows our economy.”
IEDA says it received 107 applications requesting $70 million in tax credits and had $35 million available for fiscal year 2024, with an additional $3 million reallocation from fiscal year 2023. Of the $38 million total, $20 million in credits were set aside for projects in small communities defined as those in Iowa’s 88 least populated counties.
Those receiving tax credits include:
- $1 million for Waverly Medical Park LLC to create 40 new units in Waverly
- $1 million for The Delaware, LLC to build 36 new units in Mason City
- $1 million for BAM Development, LLC is create 30 new units in Clear Lake
- $1 million for Palisades Land 32 Development Co., LLC to build 32 new units in Iowa Falls
- $351,210 for Echo Development Group, LLC to create 10 new units in Garner
- $194,373 to Hubbell Realty Company to build 5 new units in Gowrie
The Workforce Housing Tax Credit program has a focus on projects that redevelop abandoned, empty, or dilapidated properties. For more program information, click here.
