August 31, 2022

For extra data, contact:

Staci Hupp Ballard, Iowa Financial Growth Authority

Cellphone: 515.348.6245
communications@iowaeda.com

IEDA awards $19 million in credit to Iowa historic preservation initiatives

August 31, 2022 (Des Moines) – The Iowa Financial Growth Authority (IEDA) in the present day introduced $19 million in awards to assist restore 13 historic buildings into new areas whereas sustaining their character. The awards have been made by the Historic Preservation Tax Credit score program.

“These initiatives breathe new life into historic treasures and assist make Iowa’s communities engaging locations for folks to go to, dwell and work,” mentioned Debi Durham, govt director of IEDA and the Iowa Finance Authority.

IEDA acquired 23 functions requesting nearly $35 million in tax credit, far above the $19 million obtainable. Tasks are scored based mostly on readiness, financing and native help and participation.

The Historic Preservation Tax Credit score program offers a state earnings tax credit score to initiatives that rehabilitate historic buildings whereas sustaining the character-defining options that improve neighborhoods and communities. Work accomplished on buildings should meet the federal Secretary of Inside requirements.

This spherical of awards will improve historic buildings throughout the state, together with:

• McGregor (Clayton County): The Masonic Block constructing on Most important Avenue, which was in-built 1866 and has been vacant for many years, will remodel into retail house with upper-story flats.
  
   
• Des Moines (Polk County): The 1930s-era Globe Hoist manufacturing constructing within the historic East Village has been restored into new workplace house.
  
   
• Cedar Rapids (Linn County): The 1886 Brucemore mansion is within the strategy of a multi-year effort to revive the property’s historic buildings and panorama, which have been broken in a 2020 derecho. The Brucemore is a hub of cultural, philanthropic, and schooling actions.
  
   
• Council Bluffs (Pottawattamie County): The 500 Block of West Broadway, in-built 1885 and the longtime residence of a males’s clothes retailer, is remodeling into retail house with upper-story flats.

The Historic Preservation Tax Credit score program is run by IEDA in partnership with the Iowa Division of Cultural Affairs’ State Historic Preservation Workplace.

Giant challenge functions for the following spherical will likely be due January 9, 2023, with greater than $20 million obtainable for awards.

To be taught extra, contact Richard Bell at richard.bell@iowaeda.com or go to iowaeda.com/historic-preservation-tax-credit/.

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Obtain an entire listing of those awards:
iowaeda.com/UserDocs/paperwork/IEDA/historic-pres-awards-08312022.pdf