Forest City, St. Ansgar projects awarded tax credits under Workforce Housing Tax Incentive program
DES MOINES — Projects in Forest City and St. Ansgar were among 49 housing projects across the state awarded $29.8 million in grants through the state’s Workforce Housing Tax Incentive.
The Iowa Economic Development Authority received 137 applications requesting $85.9 million in tax credits. Projects were scored competitively based on readiness, financing, need and local support and participation.
In Forest City, the Irish Hospital Housing Conversion will renovate the former hospital into eight multi-family housing units with one or two bedrooms. The maximum tax credit for this project is $245,942.
In St. Ansgar, the Union Street Four-plexes received a $248,600 maximum tax credit for the new construction of eight units.
The Workforce Housing Tax Credit program provides tax benefits to developers to create new housing in Iowa communities.