$29.8 million in credits awarded to Workforce Housing Tax Credit projects

September 21, 2021 (Des Moines) – Awards totaling $29.8 million were announced today for Workforce Housing Tax Incentive projects across the state. The Iowa Economic Development Authority (IEDA) awarded these tax credits to 49 housing projects. 

For the FY 2022 application round, IEDA received 137 applications requesting $85.9 million in tax credits. Of the nearly $30 million available, $12 million in credits were available under the program’s Small Cities set aside. Projects were scored competitively based on readiness, financing, need and local support and participation.

These tax credits will assist projects statewide, including:

Irish Hospital Housing Conversion, Forest City
This project will renovate the former Irish Hospital into eight multi-family housing units, one- or two-bedroom units. Units will feature modern finishes, high quality appliances and fixtures, and in-unit washers/dryers. A new roof, windows, entrance feature, electric, water and all build-out are necessary.

Jefferson High School Housing Conversion, Jefferson
The historic Jefferson High School constructed in 1921 is an adaptive reuse to 25 apartments with studio, one-, two- and three-bedroom units at market/affordable rents. The project is located near the historic downtown square with restaurants, shops, attractions and the iconic Mahanay Tower. The project is the centerpiece for rural revitalization, including a new daycare, park, trails, etc.

Winterset High School Conversion, Winterset
This project involves the adaptive reuse of Winterset High School, abandoned in 2019, into 27 affordable housing units. The school building was built in 1921 and is registered on the list of National Historic places.

Iowa Mutual Lofts, DeWitt
This project will rehabilitate a large historic building in downtown DeWitt into 53 units of rental housing, which includes studio, one- and two-bedroom. The three-story Iowa Mutual building sprawls over half a block, with sections dating from 1924 through the 1970s. Its historic spaces will be highlighted, and amenities will include a community lounge/movie room, fitness center, business center and storage units with garages and surface parking available.

The Workforce Housing Tax Credit program provides tax benefits to developers to create new housing in Iowa communities. The Small Cities set aside is available to projects located in the 88 least-populated counties.

For more information on the Workforce Housing Tax Credit program, contact Dan Hansen at 515.348.6212 or daniel.hansen@iowaeda.com. Program information is available at iowaeda.com/workforce-housing-tax-credit/.

Media inquiries should be directed to Ms. Kanan Kappelman at communications@iowaeda.com or 515.348.6248.