Affordable Housing Tax Credits Awarded
It’s that time of year again. Every year in the spring, Iowa Finance Authority (IFA) issues its tax credit awards for affordable housing improvements. This year, among 31 applicants and $19.2 million of requests, $6.8 million in credits were issued.
From the Business Record:
The Iowa Finance Authority has awarded $6.8 million in federal affordable housing tax credits to 11 rental projects in Iowa, including three in Greater Des Moines.
Anawim Housing will receive $456,296 in tax credits for the Brickstones at Riverbend, a 27-unit development for seniors age 55 and older at 513 Forest Ave. in Des Moines.
Newbury Management Co. will receive $748,246 for the rehabilitation of 75 units of senior housing for people age 62 and older at Corinthian Gardens, 1011 University Ave. in Des Moines.
MBL Development Co. and Zimmerman Properties will receive $575,940 for the construction of 43 units for seniors age 55 and older at 710 S. Ankeny Blvd. in Ankeny.
The Iowa Finance Authority said all of the projects in Iowa have lined up an additional $5.3 million in local financial assistance for the projects, whose price tags total $68.6 million.
In all, there were 31 applications totaling $19.2 million for $7.8 million in tax credits that were available for allocation. The remaining 2016 credits will be used to assist current housing tax credit projects that are under construction and have incurred cost increases.
To see the Power Point award presentation from IFA, click here: Awards Presentation
The Iowa Finance Authority was established in 1975 to undertake programs to assist in the attainment of housing for low- and moderate-income Iowans. Since then, the Iowa Finance Authority’s role has expanded considerably and includes four primary areas of responsibility. The Iowa Finance Authority offers a variety of programs that address a continuum of housing needs, from homeless assistance to multifamily rental to single-family homeownership.
In addition to offering statewide affordable housing resources, the Iowa Finance Authority also offers a wide variety of other programs to assist in community development, including the issuance of tax-exempt bonds, providing the lowest cost funds for drinking water and wastewater facilities in Iowa and Iowa Title Guaranty, offering guarantee title to real property in Iowa.
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