273425 - Historic Preservation Tax Credit - Large Projects

The Iowa Economic Development Authority (IEDA) offers a Historic Preservation Tax Credit program that provides state income tax credits—up to 25 % of qualified rehabilitation expenses (QREs)—to developers who sensitively rehabilitate historic buildings. The program is recurring, has a FY 2027 allocation of $45 million, and requires a three‑part application process (including prior SHPO approvals). Eligible projects must involve substantial rehabilitation of historic structures and meet federal preservation standards. Applicants must submit detailed documentation, including memos on any public funding used. • Tax credit up to 25 % of QREs (maximum $45 M FY 2027 allocation) • Requires prior State Historic Preservation Office (SHPO) approval (Part 1 & 2) before applying through Iowagrants.gov • Eligibility limited to fee‑simple owners or long‑term lessees; government entities are excluded • Projects must meet historic significance criteria (NRHP listing, contributing to historic district, local landmark, or pre‑1937 barn) • Substantial rehabilitation thresholds: ≥50 % of building value (commercial) or ≥25 % (non‑commercial) with minimum dollar thresholds