Funding for Projects, Developments and Commercial Improvements
A variety of funding sources are available to assist with projects, developments and commercial improvements:
Developers in Iowa can receive tax credits for redeveloping properties known as brownfield and grayfield sites. Applications are accepted annually during the months of July and August.
Applicants must be an individual, limited liability company, S corporation, non-profit, estate or trust. More information can be found on the IEDA website.
The Community Catalyst Building Remediation Program assists communities with the redevelopment or rehabilitation of buildings to stimulate economic growth or reinvestment in the community and is administered by the Iowa Economic Development Authority ("IEDA"). Maximum grant amount of $100,000.One application per Iowa community per funding cycle.
The applicant must be the City of Clinton. Developers interested in this opportunity should reach out to the City Administrator.
The Downtown Revitalization Fund Program is funded through the federal Community Development Block Grant program and is administered by the IEDA. The goal of the program is to provide economic opportunities for people, especially those of low- and moderate income. The program assistance with the rehabilitation of blighted downtown buildings.
The Federal Home Loan Bank administers the Competitive Affordable Housing Program to secure funds for the purchase, construction or rehabilitation of affordable homeownership or rental housing units. Applications open May 1st and up to $50,000 per unit in grant funding is available. The project must tie to low- to moderate-income tenants.
The developer must apply for the program. More information can be found on the Federal Home Loan Bank website.
The Historic Preservation Tax Credit Program offers tax credits to developers who sensitively rehabilitate historic buildings to offer them new life. The program is administered by the IEDA in partnership with the State Historic Preservation Office (SHPO).
The building must be historically significant by meeting set criteria. The project must also include substantial rehabilitation and rehabilitation must meet the federal Secretary of the Interior's Standards for Rehabilitation.
Only an eligible taxpayer may apply for the state tax credit. More information and application deadline can be found on the IEDA website.
The Tax Cut and Jobs Act of 2017 established a new economic tax incentive called Opportunity Zones. The incentive is designed to encourage long-term, private investments in low-income census tracts by providing a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Funds, which are then invested into opportunity zones.
Projects can be submitted for display and consideration by investors, fund managers, developers and other decision makers on the IEDA Opportunity Zones portal. More information about Opportunity Zones can be found on the IEDA website.
The creation of Urban Renewal Areas and TIF Districts is one of the City's economic development tools. By designating Urban Renewal Areas for the purposes of slum and blight or for economic development for commercial or industrial development or for low-to-moderate income housing or for housing infrastructure, the City is able to provide incentives for specific projects as approved by the City Council and stated within an Urban Renewal Plan. TIF Districts can be created within Urban Renewal Areas to accomplish a variety of goals.
The City has a number of Urban Renewal Areas and TIF Districts. To find out more about whether or not your project is currently located in an Urban Renewal Area or if one can be created for your project as well as whether or TIF is an option for your project, please contact the City Administrator's office.
The City of Clinton has several Urban Revitalization Programs to encourage investment in residential, multi-residential and commercial properties. Potentially eligible projects include home renovations, new home construction, multi-residential renovations or new construction and commercial renovations or new construction. Eligible projects are able to receive tax abatement on added assessed valuation for a set number of years.
To find out more about the City's Urban Revitalization Programs and whether or not your project would qualify, please contact the Building and Neighborhood Services Department.
The Upper Story Housing Conversion Program provides assistance for the conversion of existing downtown building space into new residential units. Projects must primarily benefit low- and moderate-income individuals. The maximum award under this program is $600,00 - $550,000 inclusive of project and administrative costs and an optional additional amount of $50,000 for Green Streets Criteria.
The applicant must be the City of Clinton. Those interested should reach out to the City Administrator.
The Workforce Housing Tax Credits Program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. Project must meet set criteria. Total program benefits limited to $1 million per project. The program is administered by the IEDA.
The developer must apply for the credit. More information and application deadline can be found on the IEDA website.