$43M in Tax Credits to Revitalize 10 Historic Iowa Buildings

Historic Iowa Buildings Get a $43 Million Boost for Revitalization

Iowa's architectural history is about to witness a transformative phase with a substantial financial push. The Iowa Economic Development Authority (IEDA) has allocated over $43 million through the Historic Preservation Tax Credit program to rejuvenate 10 historic structures across the state.

Debi Durham, director of IEDA and the Iowa Finance Authority, emphasized the importance of these projects: “Historic buildings are tangible symbols of a community’s past, and repurposing these gems creates such character-rich spaces for new opportunities.” She noted that these initiatives often stimulate further redevelopment within their surroundings.

The Historic Preservation Tax Credit program offers state income tax credits to undertakings that refurbish neglected or vacant historic buildings, ensuring they retain their defining historical features. All renovations must adhere to the Secretary of the Interior’s Standards for Rehabilitation.

This funding round, which began in January, saw 13 applicants vying for more than $63 million, although only $43 million was available. Projects were evaluated based on criteria such as readiness, financing, and community involvement. Among the notable projects receiving funding are:

• • Des Moines — Renovations are planned for the Financial Center's first 15 floors, transforming office spaces into 190 apartments. The ground floor will feature a restaurant, café, lobby, and storage areas. Additional amenities include a business center, fitness center, clubroom, rooftop deck, and a dog park.

• • Dubuque — The Roshek Brothers Co. Department Store, built in 1907, will be revitalized to host commercial spaces on the first floor and 36 residential apartments on the upper floors.

• • Muscatine — The former McKee Button Co. building will house KENT Corp.'s expansion. The McKee Plaza will include office spaces, meeting rooms, kitchens, collaboration areas, and a fitness center for employees.

• • Sioux City — The historic East Junior High School will be converted into energy-efficient apartments catering to low to moderate-income families, with special provisions for those at risk of homelessness. Shared facilities will include a community room and fitness center.

For a detailed list of the awarded projects, download the spreadsheet here.

The next application round for larger projects begins in June 2025, with a deadline of September 16. More information about the Historic Preservation Tax Credit program can be found at iowaeda.com/historic-preservation-tax-credit/.

For further details, please contact:

Ms. Kanan Kappelman

515.348.6248

communications@iowaeda.com