HomeMy WebLinkAbout~Master - Resolution of support for Six Single Family Market Rate Lots located with the Baker Subdivision for housing project by Keystone Equity Group LLC (WHTC)RESOLUTION NO. 26-312
RESOLUTION IN SUPPORT OF WORKFORCE HOUSING TAX CREDIT INCENTIVE
APPLICATION FOR SUBMISSION TO THE IOWA ECONOMIC DEVELOPMENT
AUTHORITY (IEDA) FOR A HOUSING PROJECT
BY KEYSTONE EQUITY GROUP, LLC
FOR THE CITY OF AMES, IOWA
WHEREAS, Keystone Equity Group, LLC, has requested support from the City of
Ames for its application to the Iowa Economic Development Authority (IEDA) for state tax
incentives under the Workforce Housing Tax Credit Incentive Program in support of the
construction of six owner occupied market rate attainable housing units in the City of
Ames; and,
WHEREAS, the Keystone Equity project will address a critical need for market rate
attainable owner occupied housing in the City of Ames consistent with Council Goals for
diversified housing and the City’s Comprehensive Plan, Ames Plan 2040 ; and,
WHEREAS, the IEDA’s Workforce Housing Tax Credit allows tax incentives for
developers that include a refund of sales, service or use taxes paid during construction;
and WHEREAS, Keystone Equity intends to apply for Iowa Workforce Housing Tax
Credits to support its plan that includes the construction of 6 owner occupied housing
units within the City of Ames ; and,
WHEREAS, the City of Ames will support the creation of the 6 owner occupied
housing units with land sales for six individual lots owned by the City at a reduced cost
compared to appraised values as the local match of at least $1,000 per unit in order to
assist Keystone Equity with pricing of homes as market rate attainable housing consistent
with parameters of the Workforce Housing Tax Credit program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa:
Section One. The City of Ames offers its full support for the Keystone Equity
housing project in Ames, Iowa, and the associated Workforce Housing Tax Credit
Incentive Application to the Iowa Economic Development Authority.
Section Two. The City Council authorizes City staff to assist in the preparation of
the application and related materials deemed necessary for the submission.
Section Three. The City Council commits to local assistance of at least $1000 per
unit with reduce lot sale prices.
ADOPTED THIS 26th day of May, 2026.
_______________________________ _________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
Seconded by: Junck
Voting aye: Beatty-Hansen, Corrieri, Junck, Gartin, Rollins
Voting nay: None Absent: Betcher
Resolution declared adopted and signed by the Mayor this 26th day of May, 2026.