Repurposing of the old Jefferson High School into rental housing moved a step forward with the announcement by the Iowa Economic Development Authority that the project has been awarded $694,343 in workforce housing tax credits. The announcement was made Sept. 22.
A total of $29.8 million was awarded. IEDA received 137 applications requesting a total of $85.9 million. Of the nearly $30 million available, $12 million in credits was available under the program’s Small Cities set aside.
Projects were scored competitively based on readiness, financing, need and local support and participation.
The city of Jefferson has agreed to provide $300,000 in economic development incentives. Greene County Community Schools sold the building for $1 to Nate Adams, doing business as NGA Ventures LLC.
Total cost of the project is $6 million. The plan is to create 25 apartments in the 1921 building, with five of them meeting “affordable housing” criteria.
“On behalf of all those involved in this project, we are honored to be awarded the workforce housing tax credits,” Adams said. “It would not be possible without strong support from the community, city of Jefferson and Greene County. The remaining funding applications and historical tax credits have been submitted and are under review. If all comes together, construction would begin in summer 2022.”
