A housing project in Pella was awarded $1 million from the Iowa Economic Development Authority. A project called the “Pella Multifamily Housing Project” for single family attached rentals was named on a list highlighting $10 million in credits issued statewide, and includes 92 units in the Pella City Limits.

IEDA’s Workforce Housing Tax Credit program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. To be eligible for funding, projects must meet one of the following criteria:
– Housing development on a brownfield or grayfield, upper story housing or rehabilitation, dilapidated housing stock or new construction in greenfield space
– Include construction or rehab of at least two single-family homes or at least one multi-family building containing three or more units or at least two upper story units
– Total project costs for projects under the Small Cities Set Aside may not exceed $215,000 per unit or $250,000 for historic rehabilitation
Complete within three years of award
– Be located in one of the 88 least populous Iowa counties

Projects are scored competitively based on readiness, financing, need, and local support and participation.