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.
This is needed in this town. However, they are always income qualified and that takes out the majority of the people. It seems that if taxpayer dollars are being used (and they are) that anyone should be able to live there. I know of one senior and his wife that are in their 90’s and tried to get in there. They were turned down because his military pension put them $100 over the $31,000 limit.
Matt. Who owns these properties – businesses ?
The title of the article is a bit deceiving.. Since any money from the government is literally taxpayers money. All city and state employees are funded with taxpayers/our money. It is the way of the world. Our police and fire department and all other departments are funded with taxpayer dollars.. So, the slant to the negative with this holds no credence.
I am just saying Matt, not trying to argue. Everybody have a Happy and Blessed Easter!
Sure. The only point in the title is only what it says, that tax dollars will support the project. Nearly $500K is some pretty good support.
This is a good project. We need more affordable housing for those 55 and over who are still working or retired. The money comes from the state and does not raise our property taxes. Tax credits are part and parcel of a majority of major projects in our area.
You may remember however, that the Village Cooperative on South Taft, just the opposite. This was owner financed and u had to prove u had enough money to live there, not the opposite like HUD -land it is generating $$$$ in property…
I just think the location is very questionable. Not a senior retirement shangri-la out there on 9th SW behind Menards next to the door factory and the hot dog factory.
Gotta agree with you on that one. It just seems odd to put senior housing there. Smack dab in the middle of some retail and factories. Not where I would want to live.