619138 - Redevelopment Tax Credit
Funding Opportunity Details

Redevelopment Tax Credits

Final Application Deadline: Sep 2, 2025 4:30 PM

Description

• Description

  The Iowa Economic Development Authority (IEDA) administers the Redevelopment Tax Credit Program to encourage the revitalization of brownfield and grayfield sites across the state. By providing financial incentives to offset redevelopment costs, the program helps transform underutilized, vacant, or environmentally impaired properties into productive assets that contribute to Iowa’s economic growth and community well-being. With planning and attention to program guidelines, the Redevelopment Tax Credit Program can assist in financing an awarded project, while advancing the state community vitality and development goals.
   

  Grayfield - Site is an abandoned public or industrial or commercial property that meets the following criteria.
   

  • Property’s infrastructure is outdated or prevents efficient use, site is vacant, blighted, obsolete, or otherwise underutilized
  • Property improvements and infrastructure are at least 25 years old AND one or more of the following is true
     

  o At least 30% of building is available for occupancy

  o The assessed value of a property’s improvements has decreased by at least 25%

  o Property is a parking lot

  o Improvements on property no longer exists
   

  Brownfield - Abandoned, idled or underutilized industrial or commercial properties where real or perceived environmental contamination prevents [productive expansion or redevelopment. Often gas stations or dry cleaners or other commercial use with materials hazardous to the envrionment. Sites that are placed on the national priorities list (CERCLA) are ineligible.
   

  Tax Credit awards are made as percentages of the total cost of the project developers apply with. The percentage depends on the type of site your seeking an award for.
   

  Grayfield - up to 12% of qualifying costs

  Grayfield (with Sustainable Guidelines) - up to 15% of qualifying costs

  Brownfield - up to 24% of qualifying costs

  Brownfield (with Sustainable Guidelines) - up to 30% of qualifying costs

  For FY 2026, the Redevelopment Tax Credit Program has $15 million available for award. The maximum award per project is $1.5 million. Credits are not refundable, but may be transferred or carried forward until exhausted.
   

  Eligibility

  The application process is competitive and requires submission through IowaGrants.gov. Projects are reviewed and scored based on quality, feasibility, and financial need.

  Only eligible applicants may apply for tax credits under this program. Eligible applicants include individuals, limited liability companies (LLCs), S-corporations, nonprofits, estates, and trusts. Units of government (cities and counties) are not eligible applicants.

  Applicants must have site control at the time of application. Projects must also meet specific site eligibility criteria as grayfield or brownfield and demonstrate that the site condition and redevelopment scope align with program intent.

  To qualify for the higher sustainable development tax credit rate, projects must meet the Iowa Building Code Commissioner’s green building standards, such as certification through the LEED Gold standard or the Iowa Green Streets program.
   

  Completing your Application

  Applications are reviewed and scored against each other on a competitive basis.

  Applications are submitted through www.Iowagrants.gov. Applicants must first create an Iowagrant.gov account prior to creating/submitting an application.
   

  Once an application is submitted for review, applicants will not be able to amend or correct information in the application. It is imperative that applicants review all information and ensure all required attachments are included with an application before the application is submitted for review. IEDA may ask for clarification on submitted information during the application review.
   

  Applications must be complete. Applications that are missing required information and attachments will not be reviewed or scored. IEDA staff will inform applicants why an application was not scored.
  
  For more information, please visit the Redevelopment Tax Credit Program website

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