From the Desk of Director Durham – Iowa’s Historic Tax Credit Programpatrickluensmann
Hello, I’m Debi Durham, Director of the Iowa Economic Development Authority. We can’t turn back the hands of time. Age affects everyone and everything differently. As humans, some of us try to offset tell-tale signs of ‘experienced maturity’ with everything from serums to surgery. With buildings, on the other hand, the options for renewal are far more limited. In Iowa, we are fortunate that some of our most historic and cultural buildings have a better opportunity for rebirth through the Historic Preservation and Cultural and Entertainment District Tax Credit Program.
Last August, Iowa’s Historic Tax Credit program moved to the Iowa Economic Development Authority, which, in consultation with the Department of Cultural Affairs, administers the program. As the name implies, this program provides state tax incentives for the sensitive redevelopment and preservation of qualifying historic buildings. The effects of this program can be seen in communities across Iowa, as vacant schools, warehouses, factories, residences and other buildings have been returned to useful life.
With IEDA taking over the reins, new program administrative rules have been put into place. While the registration and application review process has not changed, IEDA is now taking the lead on the review. The program consists of six steps which include a building site evaluation and an overall determination that the proposed building rehab meets the federal standards. Once these steps are complete, the final registration application can be submitted. There will be two registration application periods this year. The first period for 2017 takes place from April 10th through 24th, with an additional registration period expected in the fall.
This is a competitive program, but well worth the effort if your community has eligible buildings and citizens or developers who are keen on preserving the stories held behind those historical building walls. You can learn more about the Historic Tax Credit program by contacting IEDA program manager, Dan Hansen at 515-725-3128, or visiting the Iowa Economic Development website.
As always, thank you for the effort you put forth as economic developers and small business assistance providers. The good work you do every day helps make Iowa a great place to call home!