Iowa Economic Development Authority expects it will need more than it’s currently allotted $20 million in funding for a program that provides tax credits to housing developers, according to the Des Moines Register. Authority Director Debi Durham made the following comments during her address to the Iowa SMART Economic Development Conference:
Every community I go in, regardless of size, it’s all about housing needs…Next year, we’re going to blow through this [$20 million cap]. You guys are going to be excited about it and frustrated because there’s not more money in it and you’re going to join us at the Legislature saying we need to increase this,” Durham said.
Per the paper, “one Des Moines-area developer has already scaled back a project in the East Village because access to the funds was unavailable. As of late last year, the authority had a waiting list of 18 projects requesting more than $11 million from the program.”