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The former French Way Cleaners building at 413 Euclid Ave. Photo courtesy of the Polk County Assessor

Roughly 370 new apartments could be coming to Des Moines if six proposals get approved under a state tax credit program later this year.

Driving the news: The city last week endorsed the projects totaling more than $60 million in construction costs.

Why it matters: The proposals would add more affordable housing options for entry-level workers, students, seniors, people with disabilities and families.

  • Iowa needs to build nearly 11K homes for low-income families by 2030, according to a recent projection from the Iowa Finance Authority.

How it works: The state-administered Workforce Housing Tax Credits focus on projects that restore abandoned or dilapidated properties at brownfield or grayfield sites. They're also used for new construction in communities with demonstrated housing needs.

  • Developers would get about $3.3 million in tax benefits if each DSM project is approved.
  • The city would allocate at least $1,000 in assistance per unit as part of the program's local match requirement.

Yes, but: Expect lots of competition.

  • Large city applications — those located in Iowa's most populated 11 counties are being accepted for the program for the first time since 2018.
  • There's $28 million available for DSM's category, but $13.3 million is reserved for projects already on a waitlist.

The proposals:

What's next: The application deadline is July 19. Awards will be announced in coming months.

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Go deeper

Estimate: Revenues would drop before increasing under Dems' tax plan

Democratic Rep. Richard Neal, chair of the House Ways and Means Committee, which has submitted a draft proposal on raising taxes. Photo: Tom Williams/CQ-Roll Call via Getty Images

Democrats plan to raise $1 trillion over 10 years by making the federal income tax code more progressive. But they won't get the money quickly — their plan actually decreases total income tax revenues in 2023. And when the money does come, it will come from the very rich.

Why it matters: Estimates released by the bipartisan Joint Committee on Taxation on Tuesday show the House Democrats' plan raising $12 billion less than the current tax regime in 2023. But it will raise $133 billion more in 2029.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

China vows end to building coal-fired power plants abroad

Chinese President Xi Jinping. Photo: Mary Altaffer - Pool/Getty Images

Chinese President Xi Jinping told the United Nations General Assembly Tuesday that his country "will not build new coal-fired power projects abroad" and plans to boost support for clean energy in developing nations.

Why it matters: The pledge, if maintained, would mark a breakthrough in efforts to transition global power away from the most carbon-emitting fuel.

House Democrats strip Iron Dome money from government funding bill

Photographer: Sarah Silbiger/Bloomberg via Getty Images

House Democrats on Tuesday stripped $1 billion for Israel's Iron Dome defense system from its short-term government funding bill after backlash from progressives, people familiar with the decision tell Axios.

Why it matters: There has never a situation where military aid for Israel was held up because of objections from members of Congress. While the funding will get a vote in its current defense bill, the clash underscores the deep divisions within the Democratic party over Israel.