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The City of Dubuque has been named to the inaugural group of Iowa Thriving Communities, a new program from the Iowa Finance Authority (IFA) and Iowa Economic Development Authority (IEDA). The program recognizes cities around the state that utilize innovative solutions to enhance their housing offerings to residents of all income levels.
The 11 communities selected for the program will benefit from additional scoring points in applications for both federal and state housing tax credit programs. The scoring points are a highly sought-after part of the competitive tax credit application process and will incentivize developers to choose cities that have been selected as Iowa Thriving Communities for proposed developments.
The scoring points will be made available for applications for Federal Housing Tax Credits or Iowa Workforce Housing Tax Credits. Both programs provide funding for the construction of multi-family or single-family homes or complexes. The federal program provides up to $12 million in credits per development, while the state tax credit offers up to $1 million.
“Our business community has made it clear that we need more housing for their growing workforce, and this designation will give housing developers here an edge when competing for limited state and federal funding,” according to Dave Lyons, Strategic Initiatives Consultant with Greater Dubuque Development Corporation. "Greater Dubuque Development partnered with the City to develop a solid application and present it to the State, and we were one of a handful of successful communities. Our next step is to work with our developers to get as many housing proposals as possible into these funding pipelines."
IFA and IEDA announced the new program earlier this year and began accepting applications in May. Last week, Dubuque and other finalists made in-person presentations at a joint meeting of the IFA and IEDA in Des Moines. Representatives from Dubuque will now have the opportunity to present to developers and other stakeholders at the Housing Iowa Conference in Cedar Rapids in early September.
The 10 other communities from around the state to be named a 2024 Iowa Thriving Community include Cedar Rapids, Charles City, Creston, Jefferson, Knoxville, Manning, Muscatine, Oskaloosa, Stanton, and West Des Moines.
For more information about the Iowa Thriving Communities program, contact Ashley Jared, Iowa Finance Authority Communications Director at ashley.jared@iowafinance.com or 515-452-0474.
Your support can be great here.