MASON CITY – Taxpayers will support a second senior living development in Mason City set for construction beginning this spring.
The Iowa Economic Development Authority (IEDA) last week announced that it has awarded approximately $20 million in Workforce Housing tax credits, with $485,064 awarded to the second Legacy Manor. This development will be built on 9th Street SW, just south of Menards and north of Woodharbor Doors.
The Workforce Housing Tax Credit Program (WHTC) makes state tax incentives available to developers building or rehabilitating housing in Iowa. To be eligible for the program, projects must meet one of four criteria: Housing development located on a grayfield or brownfield site; Repair or rehabilitation of dilapidated housing stock; Upper story housing development. New construction in a greenfield (community with demonstrated workforce housing needs).
With the funding available in FY15, IEDA was able to award 37 projects around the state. The tax credits are awarded on a first-come, first-served basis to eligible projects. Additional tax credits are expected to be available in FY16.