This bill amends existing laws related to the redevelopment tax credit program and the nuisance property remediation assistance fund, while also providing support for communities dealing with 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 two-year term at the discretion of the Iowa Economic Development Authority (IEDA). Additionally, the bill allows the IEDA to allocate up to $500,000 for the remediation of nuisance properties and abandoned buildings of the same size, with financial assistance options including loans or forgivable loans, where 25% of the loan may be forgiven upon successful remediation.

Furthermore, the bill expands the eligibility for funding assistance from the groundwater protection fund 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. This legislative change aims to enhance community efforts in addressing the challenges posed by abandoned properties and promote redevelopment initiatives.

Statutes affected:
Introduced: 15.293A, 15.338