AP file
Gov. Kim Reynolds talked about Iowa s need for affordable housing in her Condition of the State address last month.
Gov. Kim Reynolds’ proposal to expand affordable housing options in Iowa had its first hearing at the Iowa Capitol Thursday, and affordable housing advocates, business groups and local government representatives expressed support for the package.
The bill would create new tax credits for developers of low-income housing up to $15 million per year. It also would remove the $3 million cap on revenue for local housing trust funds, allowing more money to flow to those agencies.
Reynolds proposal would double workforce housing tax incentives from $25 million to $50 million, with $20 million set aside for small cities. And it doubles the brownfield/grayfield tax credit to $20 million, which is used to redevelop properties that have environmental hazards.