24-06-2025
Developers propose $197M in Des Moines housing projects
Housing developers proposed $197 million in Des Moines projects via tax credit applications this month.
Why it matters: The developments aim to serve a diverse range of residents, including entry-level workers, students, seniors, people with disabilities, and families, supporting both community stability and economic growth.
Catch up quick: The workforce housing tax credit (WHTC) program offers state tax incentives to support the construction or rehabilitation of housing in areas with workforce shortages, with $17.5 million available to Iowa's 11 most populous counties.
By the numbers: In Des Moines, 11 proposed projects will create a total of 668 new or rehabilitated housing units.
Zoom in: The largest development is a $77 million conversion of downtown's Financial Center building, 606 Walnut St., into commercial space and 209 apartments.
The Aston, 603 E. 6th St., would be a nearly $50 million new construction project with 161 apartments.
Drake University's vacant Ross Hall, 1214 31st St., would be demolished to make way for a $17 million, 78-apartment project.
