Gov. Kim Reynolds’ proposed package of housing tax credits won unanimous approval of the House Economic Growth Committee Tuesday.
House Study Bill 178 advances for further consideration in the Legislature. The bill also calls for loan guarantees for qualifying downtown revitalization projects.
Reynolds and housing advocates have noted that Iowa could need 47,000 more households by 2030, and has a shortage of affordable workforce housing. Forty percent of all Iowa housing units were built before 1980, Reynolds notes.
The Iowa Profile reports 38% of Iowa renters and 16% of the state’s homeowners are spending more than 30% of their income on housing.
The companion legislation, Senate File 295 (formerly Senate Study Bill 1142), is working through the Senate Ways and Means Committee after approval by the Senate Local Government Committee.