By Beacon Staff
Two Burlington projects were among 15 historic preservation projects throughout Iowa receiving nearly $22 million in Iowa Economic Development Authority tax credits.
McConnell Lofts LLC received $3.6 million for its market-rate housing development at Fourth and Valley streets.
Y&J Properties received $7.7 million to renovate the historic Baul grocery warehouse at the corner of Fifth and Valley streets. It, too, is for market-rate housing.
Besides the two Burlington projects, ventures in Brooklyn, Cedar Rapids, Des Moines, Dubuque, Indianola, Muscatine, Red Oak, Sioux City, Toledo, and Waterloo also received grants.
Officials said they received 23 applications seeking $33 million in tax credits. About $22 million was available in this registration round. According to IEDA, projects are scored based on readiness, financing, local support, and participation.
The Historic Preservation Tax Credit Program provides a state income tax credit to projects for rehabilitation of historic buildings. The program promotes the retention of unique, character-defining buildings and building features that contribute to a community and neighborhood. Rehabilitation must meet the federal Department of Interior standards.