MASON CITY | Legacy Manor of Mason City II was awarded $485,064 in Workforce Housing tax credits through the Iowa Economic Development Authority (IEDA) on Thursday.
Legacy Manor is a senior affordable living development which opened in 2013 at 3310 Ninth St. S.W., Mason City. It is managed by Newbury Management Co. of West Des Moines, and plans to break ground on phase II this spring, according to the company's website.
The IEDA opened the application for the Workforce Housing Tax Credit Program (WHTC), established by House File 2448, on Feb. 1.
"As I travel the state, one thing that is common in every community is the need for affordable housing to accommodate the workers our companies are employing," said Debi Durham, director of IEDA. "That's why we were so excited to get this new program up and running, so that communities could begin to solve this economic development issue facing them."
The program makes state tax incentives available to developers building or rehabilitating housing in Iowa. To be eligible for the program, projects must meet one of four criteria:
• Housing development located on a grayfield or brownfield site.
• Repair or rehabilitation of dilapidated housing stock.
• Upper story housing development.
• New construction in a greenfield (community with demonstrated workforce housing needs).
With the funding available in fiscal year 2015, IEDA was able to award 37 projects around the state. The tax credits are awarded on a first-come, first-served basis to eligible projects. Additional tax credits are expected to be available in fiscal year 2016.
Applications may continue to be submitted through Iowagrants.gov. IEDA will continue to review applications in the order in which they are received. Applications already in the queue will be placed on a waiting list that will be revisited once additional tax credits become available.