Iowa Awards $43M Tax Credits to Revitalize 10 Historic Buildings

IEDA Board approves assistance for an established company, two community development projects and a reinvestment district plan

The Iowa Economic Development Authority (IEDA) has allocated more than $43 million in tax credits to rejuvenate ten historic buildings across the state. This funding is part of the Historic Preservation Tax Credit program, aiming to breathe new life into underutilized buildings while preserving their historic essence. The initiative underscores the importance of maintaining architectural heritage and offers new opportunities for community growth and redevelopment.

The program provides state income tax credits to projects that rehabilitate vacant or underused historic buildings, ensuring that their significant features are preserved. The projects must comply with the Secretary of the Interior’s Standards for Rehabilitation. The current allocation round, which opened in January, saw IEDA receiving 13 applications with requests exceeding $63 million in tax credits. Funding decisions were based on criteria such as project readiness, financing, and local support.

Among the projects awarded, the Financial Center in Des Moines will see its first 15 floors transformed into 190 apartments, with additional amenities including a restaurant, fitness center, and rooftop deck. In Dubuque, a historic department store building will be converted to include commercial space and 36 apartments. Muscatine’s former McKee Button Co. building will be repurposed for office space by KENT Corp., and Sioux City’s East Junior High School will be redeveloped into affordable housing units, with some designated for those at risk of homelessness.

Further details on the awarded projects can be accessed through a downloadable spreadsheet provided by IEDA. The authority also announced that the next application round for large projects will open in June 2025, with a deadline in September. Information on the Historic Preservation Tax Credit program is available on the IEDA website.

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