Des Moines Register
Des Moines-based developers are ready to jump on new state funding that helps drive down the cost of construction and therefore, monthly rent and make housing more affordable for the state s workforce.
Six project managers are seeking to capitalize on additional funding allocated to the Iowa workforce housing tax credit program for new housing in Des Moines. Another is applying for funds in West Des Moines.
Gov. Kim Reynolds signed into law a sweeping tax bill in June, portions of which provide money to help address the growing gap in Iowa s supply of affordable housing. The Legislature approved an increase of $20 million across two existing tax credit programs, plus an additional $4 million to state housing trust funds. The housing trusts are nonprofit organizations that help plan, build and rehabilitate housing units for low- to moderate-income tenants in all of Iowa s 99 counties.