A bill for an act relating to the redevelopment tax credit program, the nuisance property remediation assistance fund, and assistance for communities to address abandoned buildings.

SF 139 updates Iowa's programs to address abandoned properties and underutilized commercial sites. It creates a two-year redevelopment tax credit for grayfield sites (over 50,000 sq ft) in communities with under 30,000 residents. The bill also establishes a nuisance property fund providing up to $500,000 in forgivable loans to cities for remediation of large abandoned buildings (50,000+ sq ft), with 25% forgiveness upon meeting specific cleanup or reuse goals like repurposing for housing or parks. Additionally, it expands community funding to include cities of 5,000-30,000 residents, offering up to $10 per square foot for waste abatement, recycling, and hazardous material removal from abandoned buildings.