The Iowa Finance Authority (IFA) announced its 2014 round of low-income housing tax credits (LIHTCs) and HOME funds that will help build and preserve 650 affordable housing units in 13 counties.

The IFA board of directors awarded more than $7.6 million in LIHTCs to 15 developments. The housing finance agency, which had more than $7.7 million to allocate in the 2014 round, received 44 applications requesting more than $23.2 million. The remaining credits will be used to help current tax credit projects under construction that have incurred cost increases.

The board of directors also awarded $5.5 million in state HOME funds from the Department of Housing and Urban Development to six tax credit developments.

“The tax credit and HOME program awards announced [on March 12] will improve affordable housing options for Iowans, including providing more options to fit the needs of seniors and persons with disabilities,” said IFA Executive Director Dave Jamison. “These projects have leveraged an additional $8.2 million in local contributions, which shows that communities understand the benefits of these projects.”

The selected developments are:

  • Regency Villa Apartments:  20 affordable units for seniors 62 and older in Atlantic. National Affordable Housing Foundation and National Consulting Alliance, Inc., received a tax credit award of $195,000;
  • Commonwealth Senior Apartments: 77 affordable units for seniors 55 and older in Cedar Rapids. Landover Corp. and TWG Development received a tax credit award of $722,866;
  • Kingston Village: 54 affordable units for families in Cedar Rapids. The TW Sather Co. received a tax credit award of $678,154;
  • Hilldale Estates: 42 affordable units for families in Denison. Laborers’ Home Development Corp. received a tax credit award of $686,011 and $1 million in HOME funds;
  • United Manor: 42 affordable units for seniors 62 and older in De Witt. Newbury Management Co. received a tax credit award of $417,299 and $1 million in HOME funds;
  • Fairfield Park Apartments I: 20 affordable units for families in Fairfield. National Affordable Housing Foundation and National Consulting Alliance, Inc., received a tax credit award of $190,393;
  • Fairfield Park Apartments II: 20 affordable units for families in Fairfield. National Affordable Housing Foundation and National Consulting Alliance, Inc., received a tax credit award of $182,346;
  • Spaulding Lofts: 57 affordable units for families in Grinnell. Hubbell Realty Co. received a tax credit award of $604,500;
  • Villas at Fox Pointe: 42 affordable units for families in Knoxville. Iceberg Development received a tax credit award of $800,000;
  • Legacy Manor of Mason City II: 43 affordable units for seniors 55 and older in Mason City. Anchor Housing Development received a tax credit award of $698,683 and $1 million in HOME funds;
  • Prairie Heights, LLC: 14 affordable units for families in Orange City. Excel Health Services received a tax credit award of $284,667 and $550,000 in HOME funds;
  • The Reserves at IronwoodF: 46 affordable units for families in Oskaloosa. Overland Property Group received a tax credit award of $756,168;
  • Call Terminal II: 59 affordable units for families in Sioux City. Community Housing Initiatives, Inc., received a tax credit award of  $394,550 and $1 million in HOME funds;
  • The Reserves at Briarwood: 30 affordable units for families in Washington. Overland Property Group received a tax credit award of $389,355 and $999,000 in HOME funds; and
  • Hotel President: 84 affordable units for seniors 55 and older in Waterloo. Huntley Witmer Development received a tax credit award of $693,901.