The Iowa Finance Authority (IFA) has awarded $8.6 million in federal low-income housing tax credits to help create and preserve 552 affordable homes in 12 developments for families and seniors.
“The housing tax credit awards announced will soon have a very real impact on hundreds of Iowa families and seniors who will call them home,” said IFA executive director Debi Durham. “Not only is affordable housing the cornerstone for thriving families, but it’s also integral for thriving communities. The 12 communities awarded projects will benefit from the positive economic ripple effects for generations to come.”
One development awarded tax credits will help with the recovery process in Marshalltown, where an EF3 tornado ripped through downtown and caused widespread damage in July.
The Marshalltown Lofts, developed by Flint Hills Holdings Group and Landover Corp., will provide 45 units for families.
“The Marshalltown Lofts will bring critically needed affordable housing to our community, which is of especial importance as we continue our tornado recovery efforts,” said mayor Joel Greer. “This additional housing is an essential piece of our revitalization, and it will help us move forward as a community stronger than ever.”
The other developments awarded housing tax credits are located in Cedar Rapids, Dubuque, Grimes, Harlan, Marion, Norwalk, Pella, Red Oak, Spencer, Urbandale, and Waterloo.
Demand for the housing tax credits in the 2019 round outweighed supply, with IFA receiving 31 applications with a request of over $22.2 million.
