New Funds Available to Support Demolition, Rehabilitation of Vacant State Buildings
25 Sep 2019
The Iowa Economic Development Authority (IEDA) announced two new competitive funds to support the mitigation of dilapidated, state-owned properties that can be redeveloped for economic development purposes. Specifically, funding of up to $6 million has been allocated to the following two funds for current fiscal year (FY) 2020 through FY 2022:
- Vacant State Building Demolition Fund – Provides up to $1 million in grants per fiscal year for a total of $3 million; and the
- Vacant State Building Rehabilitation Fund – Provides up to $1 million in loans per fiscal year for a total of $3 million. Loans may be forgivable if there is demonstration of accountability, timely results and the majority of project funding comes from other sources.