New Housing Incentives to Spur New Construction
February 16, 2022
ROCK VALLEY, IA— The Rock Valley City Council approved new housing construction incentives to create new housing opportunities, assist buyers with housing costs, and alleviate the high demand for housing needs in Rock Valley.
The 2020 census results showed Rock Valley had a 21% increase in population, which made it Iowa’s fastest-growing community under 10,000 in population, not affiliated with a Metropolitan Statistical Area (MSA). Rock Valley’s growth is driven from its continued expansion of its business and industry base, which has created a steady demand for additional workforce, amenities, and housing.
The City of Rock Valley partnered with Iowa Economic Development Authority (IEDA) and Iowa State University Extension and Outreach (ISU) to develop a Rural Housing Action Plan. A Housing Task Force was formed to develop new housing ideas and incentives to continue growth in Rock Valley. The Housing Task Force was created with representation from all demographics of the community. The City of Rock Valley was awarded $10,000 in grant funds from IEDA to allow them to partner with ISU, form the Housing Task Force to enact the Rural Housing Action Plan.
The new construction incentives were developed to create single-family housing opportunities from entry-level to executive style housing construction. Incentives are targeted to lower buyers’ costs and ease existing market demand. New home construction buyers in Rock Valley are eligible for incentives that include a $7,500 Rock Valley Chamber Cash Card and a $7,500 zero percent interest loan. Property tax abatement on home new construction will also be available in addition to the cash and loan incentive. The property tax abatement will be for Years 1-3 at 100% tax abatement, with Year 4 at 70% abatement, and Year 5 at 35% abatement.
“I am proud to be a part of the collaboration of many people from Rock Valley who came together to join the Housing Task Force and give the City Council a recommendation to improve incentives to increase new housing construction. We know the demand for available housing is at critical levels and have put housing as one of our top priorities for growing our businesses and community. We are excited and encouraged by the partnership to bring new opportunities to continue our growth in Rock Valley.” Rock Valley Mayor, Kevin Van Otterloo.
If you are interested in learning more about these new incentives or want more information on what the process of building a house in Rock Valley looks like, you’re invited to our Home Builders Night on March 15 at Parkview Event Center. At this free event, local builders, bankers, realtors, and more will be at the event center from 5:30- 8:30 pm to answer any questions you might have about building a house.