This bill amends existing laws related to the redevelopment tax credit program, the nuisance property remediation assistance fund, and assistance for communities addressing abandoned buildings. It introduces a new provision allowing grayfield sites over 50,000 square feet in communities with populations under 30,000 to receive a redevelopment tax credit for a term of two years at the discretion of the Iowa Economic Development Authority (IEDA). Additionally, the bill enables the IEDA to allocate up to $500,000 from the nuisance property remediation fund to cities for the remediation of nuisance properties and abandoned buildings of the same size, with financial assistance structured as loans or forgivable loans.

Furthermore, the bill expands the eligibility criteria for funding assistance to include cities with populations between 5,000 and 30,000, allowing for funding of up to $10 per square foot of abandoned buildings, capped at $1 million. Applications for this funding can be submitted by any qualifying county or municipal government, regardless of ownership of the abandoned building. The bill also specifies that 25% of the loan or forgivable loan will be forgiven upon successful remediation of the property, with the possibility of additional forgiveness at the director's discretion based on the project's success and meaningful changes made to the property.

Statutes affected:
Introduced: 15.293A, 15.338