IEDA Grants $20 million in Workforce Housing Tax Credits

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The Iowa Economic Development Authority (IEDA) has granted about $20 million in Workforce Housing tax credits, reaching the limit for FY15. IEDA made the announcement yesterday.

The application for the Workforce Housing Tax Credit Program (WHTC) started on February 1, 2015.

Developers building or rehabilitating housing in Iowa will benefit from the tax incentive program meeting any of four criteria set by the authority.

The tax incentives will be available for a housing development that is located on a grayfield or brownfield site, repairing or recovering a dilapidated housing stock, upper story housing development, and new construction in a Greenfield that can shows workforce housing needs.

IEDA Director Debi Durham said, “As I travel the state, one thing that is common in every community is the need for affordable housing to accommodate the workers our companies are employing.”

“That’s why we were so excited to get this new program up and running, so that communities could begin to solve this economic development issue facing them,” she added.

IEDA has already awarded 37 projects around the state with the funding available in FY15. The tax credits are granted to eligible projects a first-come, first-served basis. IEDA reviews applications for the tax credits regularly.

More information about tax incentives are available at www.iowaeconomicdevelopment.com/Community/WHTC.

 

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