Eleven affordable housing developments have been selected to receive more than $7.3 million in low-income housing tax credits (LIHTCs) from the Iowa Finance Authority (IFA).
The financing will help build or preserve 513 affordable housing units in Boone, Bremer, Clay, Dubuque, Linn, Polk, Wapello, and Woodbury counties. The actual awards exceed $73 million because the credits are committed annually for a 10-year period. These projects will leverage an additional $5 million in local contributions.
“The housing tax credits awarded today will provide more than 500 families with affordable homes in which they can be proud to live, grow, and prosper,” said Dave Jamison, executive director. “The federal housing tax credit program has created more than 28,000 affordable homes for Iowans since its inception. This would not be possible without strong partnerships and a shared commitment to advancing affordable housing for Iowans.”
IFA had more than $7.6 million available to allocate in the 2017 tax credit round. It received 25 applications requesting more than $17.1 million in housing tax credits.
The developments receiving LIHTC reservations are:
· Alice Place at Boone in Boone
Units/eligibility: 45 affordable units for seniors 55 and older
Project type: New construction
Tax credit award: $750,484
Developer: Iceberg Development Group
· Kingston Family Apartments in Cedar Rapids
Units/eligibility: 46 affordable units for families
Project type: New construction
Tax credit award: $820,000
Developers: TWG Development and Anawim
· Sonoma Square in Cedar Rapids
Units/eligibility: 32 affordable units for families
Project type: New construction
Tax credit award: $545,087
Developers: High Development Corp. and Hatch Development Group
· Libertad Des Moines in Des Moines
Units/eligibility: 40 affordable units for families with four units reserved for individuals experiencing homelessness
Project type: New construction
Tax credit award: $818,651
Developer: Vecino Bond Group
· Fifteenth Street Apartments in Dubuque
Units/eligibility: 32 affordable units for families
Project type: Adaptive-reuse
Tax credit award: $504,179
Developers: Full Circle Communities and Iceberg Development Group
· Marquette Hall in Dubuque
Units/eligibility: 25 affordable units for seniors 55 and older
Project type: Adaptive-reuse
Tax credit award: $381,237
Developers: Cohen-Esrey Affordable Partners and Hatch Development Group
· University Lofts in Dubuque
Units/eligibility: 43 affordable units for families
Project type: New construction
Tax credit award: $765,330
Developers: MV Residential Development and St. Mary Development Corp.
· Washington Apartments in Ottumwa
Units/eligibility: 46 affordable units for families
Project type: New construction
Tax credit award: $819,010
Developers: TWG Development and Anawim
· The Aberdeen Apartments in Sioux City
Units/eligibility: 41 affordable units for families
Project type: Adaptive-reuse
Tax credit award: $688,936
Developer: Arch Icon Development Corp.
· Sunset Apartments in Spencer
Units/eligibility: 91 affordable units for seniors 62 and older
Project type: Acquisition-rehabilitation
Tax credit award: $820,000
Developer: Community Housing Initiatives
· Waverly Historic Lofts in Waverly
Units/eligibility: 30 affordable units for families
Project type: Adaptive-reuse
Tax credit award: $452,684
Developers: Cohen-Esrey Affordable Partners and Hatch Development Group
