August 20, 2024 (DES MOINES, IA) – Gov. Reynolds and the Iowa Economic Development Authority (IEDA) today announced more than $37 million in workforce housing tax credits to develop housing across the state. The awards will support 62 housing projects that are expected to create more than 2,000 residential units. Funds developed through the workforce housing tax credits will impact five housing projects within Boone and Story counties.
“As we grow our state, our housing supply needs to keep up with demand,” Reynolds said. “Iowans who live near their jobs often become more invested in their communities, and that both strengthens local economies and attracts new residents.”
Debi Durham, director of IEDA and the Iowa Finance Authority, pointed to the recently released 2024 WalletHub report that lists Iowa in first place for most affordable housing — for the second year in a row.
“We want to hold onto that ranking as we build for the future,” Durham said. “These incentives are critical to helping more communities attract and retain quality businesses and a diverse workforce.”
Three housing projects in Boone have been awarded workforce housing tax credits: Page Flats (Page Flats, LLC), Prairie Place Housing Development (Hunziker Development Group), Kate’s Landing (Kading Properties, LLC). These three housing projects will bring a combined 179 new housing units to the Boone community.
Schlenker Construction in Ogden has also been awarded funds for their housing project that will bring six units to the community, as well as Diamond F Properties and their “Trailside Nevada” housing development that will have four new units.
IEDA received 124 applications requesting $74 million in tax credits. IEDA had $35 million available for fiscal 2025, with an additional $2 million reallocation from fiscal 2024. Project applications were scored competitively based on readiness, documented financing, community impact, and developer experience.
For more information, please view the full press release from the Iowa Economic Development Authority on their website. https://www.iowaeda.com/iowa-news/whtc-awards-2024/
