SHPO/State Historic Tax Credits

Provides tax incentives to developers for the redevelopment and rehabilitation of historic properties in Iowa. The state income tax credit is up to 25% of the qualified rehabilitation expenditures for the project.

$45 million annually

5% of annual allocation is reserved for projects with qualified rehabilitation expenditures under $750,000

• Applications are open year round

Projects must meet substantial rehabilitation requirements

• Commercial buildings must have qualified rehabilitation expenditures equal at least 50% value of the building (excluding land) before rehabilitation or $50,000, whichever is less

• Non-commercial buildings must have qualified rehabilitation expenditures equal to 25% of the assessed value of the building (excluding land) before the rehabilitation or $25,000, whichever is less

Projects must meet the federal Secretary of the Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings

Eligible applicants include for profit and nonprofit developers but not a governmental body

Projects must be reviewed by State Historic Preservation Office to determine the building’s historic significance and project eligibility

A pre-application meeting with SHPO and IEDA staff to provide feedback on project

Application for proposed scope of work to ensure it meets the Secretary of Interior’s Standards for Rehabilitation

Semi-annual competitive application round