Iowa Invests $23 Million to Revitalize Historic Landmarks Across the State
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Iowa is channeling over $23 million into the preservation and revitalization of 11 historic properties statewide through its Historic Preservation Tax Credit program. The initiative underscores the state’s commitment to leveraging its architectural heritage for economic growth and community development.
The latest round of funding, announced following an application period that opened in July, saw the Iowa Economic Development Authority (IEDA) receive 23 proposals requesting a total of more than $49 million in tax credits. Projects were rigorously evaluated based on their readiness, financial viability, and demonstrated local support.
“Historic preservation is economic development,” stated IEDA Director Debi Durham in a news release. “When we restore these buildings, we’re protecting the stories and craftsmanship that shaped Iowa while creating new opportunities for housing, business growth and community vitality.”
Projects Breathe New Life into Iowa Communities
The awarded projects span a diverse range of revitalization efforts, impacting several key Iowa cities:
Des Moines is set to benefit from two projects. The restoration of the historic Coffin House, a single-family home, will receive $318,290 in tax credits. Additionally, the Highland Park Fuel and Feed Co. building is undergoing a transformation into a restaurant and bar, supported by a $555,259 tax credit award.
In Cedar Rapids, a significant investment is being made in Brucemore, Iowa’s only National Trust Historic Site. The project will restore three structures within the early 1900s Servants’ Village – the Servants’ Duplex, Lord & Burnham Greenhouse, and Bookbindery – with the goal of stabilizing the buildings, repairing exteriors, and enhancing public engagement through educational programs and tours.
Davenport’s revitalization efforts are already showing results. The rehabilitation of the 1910 J.F. Kelly Co. Warehouse, completed last year, has been successfully converted into Bucktown Lofts, offering 21 apartments and nine commercial spaces. The project also addressed prior restoration concerns, ensuring the building’s long-term structural integrity.
Further west, Jefferson is adapting its former 1921 High School into 25 modern apartments. This project aims to address workforce needs and stimulate downtown revitalization by providing a mix of affordable and market-rate housing options.
Finally, in Waterloo, the long-vacant 1925 Rath Packing Co. administration building – once the headquarters of a major meatpacking operation – is being rehabilitated into 87 affordable apartments. The $25 million project is anticipated to generate significant economic activity in the surrounding neighborhood.
A Program Rooted in Preservation Standards
The Historic Preservation Tax Credit program offers a state income tax credit designed to incentivize the rehabilitation of historic buildings, ensuring the preservation of their unique architectural features. All restoration work must adhere to the stringent Secretary of the Interior Standards for Rehabilitation.
The program, administered by IEDA, will open its next application round for large projects in January, with applications due by mid-March. Interested parties can find more information on the program’s dedicated webpage.
This latest round of awards demonstrates Iowa’s proactive approach to balancing economic development with the preservation of its rich cultural heritage, creating vibrant communities for future generations.
