The Iowa Ecoomic Development Authority awarded Newbury’s 1606 Brady project in Davenport $1.5 million in state historic tax credits. The Rafferty Group was pleased to assist Newbury on this project, which will be converting the historic Brenton Bank building into much needed affordable housing units.
$29 million in credits awarded to Iowa historic preservation projects
July 8, 2019 (Des Moines) – Awards totaling $29.2 million were announced today for historic preservation projects across the state. The Iowa Economic Development Authority (IEDA) has registered eight projects to receive State Historic Preservation Tax credits.
“It’s exciting to see Iowa’s historic buildings find new life with assistance from this program,” said Debi Durham, IEDA and Iowa Finance Authority Director. “These projects – from residential housing to commercial office space and a restaurant/bar – will not only preserve the past, but also ensure our communities are attractive places to live and work into the future.”
Approximately $30 million was available for award during the May 2019 (FY20) registration round. IEDA received 19 applications requesting $51 million in tax credits. Projects are scored based on readiness, financing and local support and participation.
The Historic Preservation Tax Credit program provides a state income tax credit to projects for rehabilitation of historic buildings. The program is designed to promote the retention of unique, character-defining buildings and building features that contribute to a community and neighborhood. Rehabilitation must meet the federal Secretary of Interior standards.
The Historic Preservation Tax Credit program is administered by IEDA in partnership with the State Historic Preservation Office. The program moved to IEDA in August 2016. The next registration round will be held in late-spring 2020.
https://www.iowaeconomicdevelopment.com/UserDocs/FY2020HistoricTaxCreditawardsJuly19.pdf