New Funds Available to Support Demolition, Rehabilitation of Vacant State Buildings

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.

Read full article.