September 30, 2022
The Iowa Economic Development Authority (IEDA) announced $35 million in workforce housing tax credits to develop new housing across Iowa, including the Cass-Doty housing project in Nevada. This project includes seven, three-bedroom, two-bathroom rental units.
This year, IEDA received 133 applications, including the Cass-Doty application. City of Nevada Mayor Brett Barker, explains, “The 2021 Story County Housing Needs Assessment indicated that our community would benefit from an additional 200 rental units. This project is a wonderful step in that direction to help support our growing workforce needs in the community.”
“Our goal was to develop housing that meets a need not currently being addressed in Nevada. We will rehabilitate an empty building and utilize existing infrastructure as we construct these rental units. Our goal is to have four of the units ready for occupancy by December 1, 2022. We appreciate the support of the Nevada City Council and State of Iowa to bring this project to reality,” states co-developer Michelle Cassabaum.
The Workforce Housing Tax Credit program provides tax benefits to developers to build new housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. Projects were scored competitively based on readiness, documented financing, need, local support and participation.
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