95226 - Workforce Housing Tax Incentive Program

The Iowa Workforce Housing Tax Incentive Program (WHTIP) offers state tax credits and sales/use tax refunds to developers who build or rehabilitate affordable workforce housing across Iowa. The program is open to both small‑city projects (20% credit) and projects in the state’s 11 most populated counties (up to 10% credit), with a total of $35 million available for the current round. Applicants must submit a complete application through Iowagrants.gov by the deadline, provide local matching funds of at least $1,000 per unit, and complete construction within three years of award. The award is competitive and scored based on criteria published by IEDA. • Eligible projects: grayfield/brownfield development, rehabilitation of vacant units, upper‑story additions, or new greenfield construction. • Minimum unit requirements: ≥4 single‑family units (or ≥2 in a Small City), ≥3 multifamily units, or ≥2 upper‑story units. • Funding: Tax credit up to 10% (or 20% for Small City set‑aside) of qualified investment plus a refund of sales/use taxes paid during construction; no direct cash award. • Required local match: cash or cash‑equivalent ≥ $1,000 per unit; tax abatements may count. • Project timeline: Must be completed within three years of award; final award announced Sep 15 2026.