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. The program is administered by the IEDA.
Projects must meet one of four criteria:
Housing development located on a grayfield or brownfield site
Repair or rehabilitation of dilapidated housing stock
Upper story housing development
New construction in a greenfield (only communities or a project qualifying under the Small Cities set aside)
The developer must build or rehabilitate at least four single-family homes or at least one multi-family building containing three or more units or at least two upper story units.
Total program benefits limited to $1 million per project.
The developer must apply for the credit. More information and application deadline can be found on the IEDA website.