IEDA awards $19 million in credits to historic preservation projects in Iowa

August 31, 2022

For more information contact:

Staci Hupp Ballard, Iowa Economic Development Authority
Telephone: 515.348.6245
[email protected]

IEDA awards $19 million in credits to historic preservation projects in Iowa

August 31, 2022 (Monks) – The Iowa Economic Development Authority (IEDA) today announced $19 million in awards to help restore 13 historic buildings into new spaces while maintaining their character. The awards were given under the Historic Preservation Tax Credit program.

“These projects breathe new life into historic treasures and help make Iowa communities attractive places for people to visit, live and work,” said Debi Durham, executive director of IEDA and the Iowa Finance Authority.

IEDA received 23 applications requesting nearly $35 million in tax credits, well above the $19 million available. Projects are scored based on readiness, funding, and local support and participation.

The Historic Preservation Tax Credit Program provides a state tax credit to projects that rehabilitate historic buildings while retaining the defining features that enhance neighborhoods and communities. Work on buildings must meet the standards of the Federal Secretary of the Interior.

This series of awards will highlight historic buildings from across the state, including:

  • McGregor (Clayton County): The Masonic Block building on Main Street, which was built in 1866 and has been vacant for decades, will turn into retail space with apartments on the top floor.
  • Des Moines (Polk County): The 1930s Globe Hoist manufacturing building in the historic East Village district has been restored into new offices.
  • Cedar Rapids (Linn County): The 1886 Brucemore Mansion is undertaking a multi-year effort to restore the estate’s historic buildings and landscape, which were damaged in a 2020 derecho. The Brucemore is a center cultural, philanthropic and educational activities.
  • Council Bluffs (Pottawattamie County): The 500 block of West Broadway, built in 1885 and long home to a men’s clothing store, is being transformed into retail space with apartments on the upper floor.

The Historic Preservation Tax Credit program is administered by IEDA in partnership with the State Office of Historic Preservation of the Iowa Department of Cultural Affairs.

Major Project applications for the next cycle will be due on January 9, 2023, with over $20 million available for awards.

For more information, contact Richard Bell at [email protected] or visit iowaeda.com/historic-preservation-tax-credit/.

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Download the full list of these rewards:
iowaeda.com/UserDocs/documents/IEDA/historic-pres-awards-08312022.pdf

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