Workforce Housing Tax Incentive Program
Economic Development Authority
Who can apply
and how to correctly complete the application. The Workforce Housing Tax Incentive Program (WHTIP) provides tax benefits to incent the development of housing across Iowa. The program provides a State investment tax credit of up to 10% or 20% of the investment directly related to the construction or rehabilitation of the approved housing project, as well as a refund of the sales, service or use taxes paid during construction. The program includes a Small City set aside for projects located in the 88 least populous counties and projects in the 11 largest counties that meet the following criteria: Has a population of 2500 or less, based on census data Had a population growth of less than 30% as determined by comparing population growth from the most recent decennial census to the census 10 years prior (growth from 2010 to 2020) Projects qualifying under the Small City set aside may receive a 20% State investment tax credit. For the current round, the program has $35 million available. $17.5 million is set aside for projects taking place in communities designated as a Small City with the remaining $17.5 million available to projects located in all other communities within Iowa’s 11 most populated counties. Eligibility Proposed housing project must meet one of four criteria: Housing development located on a grayfield or brownfield site Repair or rehabilitation of dilapidated housing stock (units must have been vacant for the previous 6 months) Upper story housing development New construction in a greenfield site The developer must build or rehabilitate at least four (4) single family units (Note- Projects in a Small City may include two (2) single family units) OR at least three (3) units in a multi-family building OR at least two (2) upper story housing units. Total project costs may not exceed the per unit cost cap established by IEDA. Please visit the program website for more information regarding the per unit cost cap: Workforce Housing Tax Credit | Iowa Economic Development Authority (iowaeda.com) Local matching funds must be provided to the project. Match must be in the form of cash or cash equivalent and equal at least $1,000 per unit to be created. Tax abatement, exemptions, or rebates may be considered local match towards a project. Projects must be completed within three (3) years from the date of award.
About this opportunity
IEDA has provided a webinar on the Workforce Housing Tax Credit program to the Workforce Housing Tax Credit web site. Applicants are encouraged to watch the webinar under the Application Process and review the accompanying slides under Resources to understand eligibility and how to correctly complete the application. The Workforce Housing Tax Incentive Program (WHTIP) provides tax benefits to incent the development of housing across Iowa. The program provides a State investment tax credit of up to 10% or 20% of the investment directly related to the construction or rehabilitation of the approved housing project, as well as a refund of the sales, service or use taxes paid during construction. The program includes a Small City set aside for projects located in the 88 least populous counties ...