IEDA Awards More Than $23 Million to Restore 11 Historic Iowa Properties

November 18, 2025 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) announced more than $23 million in awards through the Historic Preservation Tax Credit program to revitalize 11 historic properties across the state - from a former high school to a long-standing industrial icon.

The most recent application round opened in July with $42,750,000 available for awards. IEDA received 23 applications requesting more than $49 million in tax credits. Projects were evaluated on readiness, financing, and local support and participation.

"Historic preservation is economic development," said Debi Durham, director of IEDA and the Iowa Finance Authority. "When we restore these buildings, we're protecting the stories and craftsmanship that shaped Iowa while creating new opportunities for housing, business growth and community vitality."

The Historic Preservation Tax Credit program provides a state income tax credit to encourage the rehabilitation of historic buildings while maintaining the architectural features that make them significant. All work must meet The Secretary of the Interior's Standards for Rehabilitation.

This round of awards will help transform historic buildings across Iowa, including:

• Cedar Rapids - Brucemore, Iowa's only National Trust Historic Site, is restoring three early 1900s Servants' Village structures - the Servants' Duplex, Lord & Burnham Greenhouse and Bookbindery - to stabilize the buildings, repair exteriors and support ongoing public education, tours and cultural programming.
• Davenport - Completed last year, the rehabilitation of the 1910 J.F. Kelly Co. Warehouse transformed the building into Bucktown Lofts, offering 21 upper-story apartments and nine ground-floor commercial spaces. The project also addressed earlier restoration issues and ensured long-term structural stability.
• Jefferson - The former Jefferson High School, built in 1921, is being adapted into 25 modern apartments. The project will provide a mix of affordable and market-rate units to support workforce needs and downtown revitalization.
• Waterloo - The long-vacant 1925 Rath Packing Co. administration building - once the corporate headquarters for one of the nation's largest meatpacking operations - is being rehabilitated into 87 affordable apartments. The $25 million project is expected to spur economic activity in the surrounding neighborhood.

See all of the awarded projects.

The Historic Preservation Tax Credit program is administered by IEDA. The next application round for large projects opens in January, with applications due in mid-March.

For more information, visit iowaeda.com/historic-preservation-tax-credit/.

# # #