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Council backs workforce housing tax credit application for multifamily development at Gateway Commercial Park
Summary
Council approved a resolution supporting Oskaloosa Multifamily LLC’s workforce housing tax credit application for a proposed 50–60 unit multifamily development, with a required local match and alignment with the city’s thriving communities designation.
The Oskaloosa City Council voted to support a workforce housing tax credit application submitted by Oskaloosa Multifamily LLC (Hubbell Realty) for a proposed residential development at the southwest corner of Gateway Commercial Park.
City staff told the council the proposal would use workforce housing tax credits available under the city’s current thriving communities designation. The developer has an option to purchase the site for a project that could contain approximately 50 townhouse units or a mix of about 60 townhouses and apartment units. The state program offers a refund of sales, service or use taxes paid during construction and a 10% state investment tax credit tied to construction, with program benefits up to $1,000,000.
Staff recommended approval of the city resolution of support; the program requires a local match of at least $1,000 per housing unit. Council members discussed the housing shortage cited in the city’s housing study — staff said the community faces an approximate shortage of 700 rental housing units — and noted that the workforce housing credit is a tool to help close that gap. The council approved the resolution by roll call vote.
The resolution of support will be part of the developer’s application to the Iowa Economic Development Authority. Council members said additional agreements or development terms could be subject to later review, including any development agreement required by the city if the application succeeds.
