Iowa Awards Housing Tax Credits to 11 Developments

The projects will build and preserve 549 affordable housing units.

By Christine Serlin

The Iowa Finance Authority (IFA) has awarded more than $6.8 million in low-income housing tax credits (LIHTCs) to 11 developments serving families and seniors in seven counties. The projects will preserve and build 549 affordable housing units.

Demand outpaced supply, with 31 developments submitting applications requesting more than $19.2 million in LIHTCs. The authority had more than $7.8 million available in its 2016 housing tax credit round to allocate and will use the remaining credits to assist current LIHTC projects that are under construction or have incurred cost increases.

“I congratulate the developers and organizations awarded tax credits to move their projects forward today and thank them for sharing in the IFA’s commitment to advancing affordable housing for Iowans,” said Dave Jamison, IFA executive director. “These projects have leveraged an additional $5.3 million in local contributions, and each of these communities will see the far-reaching benefits of these projects for many years to come.”

The 11 developments receiving LIHTC reservations include:

4^th Avenue Lofts in Clinton: St. Mary Development Corp. and MV Residential Development will construct 43 affordable units for families. The developers were awarded $706,071 in LIHTCs;
Applewood IV in Dubuque: Horizon Development Group and Midwest Affordable Housing Corp. will build 54 affordable units for seniors 55 and older. The developers were awarded $670,353 in LIHTCs;
Bluffs Towers Apartments in Council Bluffs: Knudson Development Co. will rehab 70 affordable units for seniors 62 and older. The developer was awarded $652,700 in LIHTCs;
The Brickstones at Riverbend in Des Moines: Anawim will build 27 affordable units for seniors 55 and older. The developer was awarded $456,296 in LIHTCs;
Coral Ridge Apartments in Coralville: St. Michael Development Group will construct 50 affordable units for seniors 55 and older. The developer was awarded $800,000 in LIHTCs;
Corinthian Gardens in Des Moines: Newbury Living and Corinthian Gardens will rehab 75 affordable units for seniors 62 and older. The developers were awarded $748,246 in LIHTCs;
Diamond Senior Apartments of Iowa City in Iowa City: 3 Diamond Development will build 36 affordable units for seniors 55 and older. The developer was awarded $562,432 in LIHTCs;
Harrison Lofts in Muscatine: St. Mary Development Corp. and MV Residential Development will construct 52 affordable units for families. The developers were awarded $762,022 in LIHTCs;
Paragon Square in Dubuque: Frantz Community Investors will convert the Holy Ghost Convent and an old school into 24 affordable units for seniors 55 and older. The developer was awarded $244,930 in LIHTCs;
Steamboat Landing in Burlington: Millennia Housing Development will rehab 75 affordable units for families. The developer was awarded $683,152 in LIHTCs; and
Villas at Meadow Springs in Ankeny: Zimmerman Properties and MBL Development Co. will construct 43 affordable units for seniors 55 and older. The developers were awarded $575,940.

Christine Serlin is an editor for Affordable Housing Finance, Multifamily Executive, and Builder. She has covered the affordable housing industry since 2001. Before that, she worked at several daily newspapers, including the Contra Costa Times and the Pittsburgh Tribune-Review. Connect with Christine at [email protected] or follow her on Twitter @ChristineSerlin.