Iowa SSB1214 modifies economic development programs and urban renewal law, including workforce housing provisions and tax increment financing limits.

Iowa SSB1214 amends economic development programs and urban renewal law. It redefines "economic development" to include workforce housing. The bill sets a 20% cap on the amount for low and moderate income family housing for projects approved after July 1, 2025, in areas with property within city limits for 20 years. It also extends the tax increment financing period for urban renewal projects to 20 years. Additionally, the bill excludes school district foundation property taxes from the division of revenue for urban renewal projects.

Iowa SSB1214 modifies economic development programs and urban renewal law, including workforce housing provisions and tax increment financing limits.

Iowa SSB1214 amends economic development programs and urban renewal law. It redefines "economic development" to include workforce housing. The bill sets a 20% cap on the amount for low and moderate income family housing for projects approved after July 1, 2025, in areas with property within city limits for 20 years. It also extends the tax increment financing period for urban renewal projects to 20 years. Additionally, the bill excludes school district foundation property taxes from the division of revenue for urban renewal projects.