Rowland Real Estate LLC was notified last Friday that it will receive a total of $600,00 in state Workforce Housing tax credits for its proposed Water Tower Development in the northwest quadrant of Jefferson. The company will also receive $88,200 in sales tax refunds.
The project will include a total of 20 rental units in a mix of four-plexes and single-family homes.
Jefferson city administrator Scott Peterson mentioned the tax credits in his monthly report to the county supervisors Monday morning. He said Roland “really needed workforce housing tax credits to make that (the project) work,” and that the city is looking forward to action on the project.
Peterson said the units will rent for $900 to $1,000 a month.
The Iowa Economic Development Authority awarded $38 million in workforce housing tax credits to develop new housing opportunities across the state.
“When Iowans have the opportunity to live where they work, our people, communities and businesses thrive,” Gov. Kim Reynolds stated in a press release. “Building a strong continuum of housing across the state supports our workforce, attracts new residents, and grows our economy.”
“Housing is a critical part of efforts to strengthen the quality of life statewide,” said Debi Durham, director of IEDA and the Iowa Finance Authority. “The awards announced Friday will help more communities thrive and more families move where opportunities await them.”
IEDA received 107 applications requesting $70 million in tax credits. IEDA had $35 million available for fiscal year 2024, with an additional $3 million reallocation from fiscal year 2023. Of the $38 million total, $20 million in credits were set aside for projects in small communities defined as those in Iowa’s 88 least populated counties. Project applications were scored competitively based on readiness, documented financing, community impact, and developer experience.
