The Iowa Finance Authority (IFA) has reserved nearly $9 million in federal low-income housing tax credits (LIHTCs) to help create four developments in Council Bluffs, Dubuque, Waterloo, and West Des Moines.
The communities will provide 595 affordable homes for individuals and families.
The recent awards were made through the 4% LIHTC program, which pairs tax credits with tax-exempt bonds. The selected developments will receive nearly $66 million in bond financing
“Housing needs look different across Iowa, and the federal housing tax credit program helps communities expand affordable rental options to meet those needs,” said IFA director Debi Durham. “These 595 homes add to our development pipeline and bring us closer to ensuring Iowans can afford to live where they work in every corner of the state.”
IFA received six applications requesting more than $14 million in annual tax credits and nearly $104 million in tax-exempt bonds, exceeding the $90 million in bond capacity available for the round.
The developments receiving housing credits this round are:
Crescent Heights Apartment Homes, a 240-unit new construction development in Council Bluffs by Pedcor Development Associates. The project received about $3.5 million in LIHTCs and $25 million in bonds;
The Wilmac, a 112-unit adaptive-reuse project for families in Dubuque by Hoppe & Son and Farley & Loetscher. The project received about $1.9 million in LIHTCs and $15.6 million in bonds;
Rath Fifteen 15, an 87-unit adaptive-reuse development for families in Waterloo by 1515 Sycamore MM and Newbury Management Co. The project received about $1.3 million in LIHTCs and $8.7 million in bonds; and
- Central at 8th, a 156-unit new construction development for families in West Des Moines by Union Development Holdings III (The Annex Group). The project received $2.3 million in LIHTCs and $16.7 million in bonds.