Iowa Finance Authority Announces More than $73.6M to Build and Preserve Housing

Iowa Finance Authority Announces More than $73.6M to Build and Preserve Housing

The Iowa Finance Authority Board of Directors today awarded federal housing tax credits to eleven affordable rental projects totaling more than $73.6 million in equity to build and preserve 513 affordable housing units in Boone, Bremer, Clay, Dubuque, Linn, Polk, Wapello and Woodbury counties.

“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 Executive Director Dave Jamison. “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.”

The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The Iowa Finance Authority is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.

The Iowa Finance Authority (IFA) had more than $7.6 million available to allocate in the 2017 tax credit round. IFA received 25 applications requesting more than $17.1 million in housing tax credits. The Iowa Finance Authority Board of Directors today awarded more than $7.3 million in housing tax credits to eleven projects. 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 Iowa Legislature created The Iowa Finance Authority, the state’s housing finance agency, in 1975 to undertake programs to assist in the attainment of housing for low and moderate-income Iowans.

2017 Housing Tax Credit Awards in Cedar Rapids

Kingston Family Apartments, Cedar Rapids

• Address: 214 7th Avenue SW
• Units/Eligibility: 46 affordable units for families
• Project Type: New Construction
• Tax Credit Award: $820,000
• Developers:
• TWG Development, LLC: 317-983-6597
• Anawim: 515-244-8308

Sonoma Square, Cedar Rapids

• Address: 5650 Muirfield Drive SW
• Units/Eligibility: 32 affordable units for families
• Project Type: New Construction
• Tax Credit Award: $545,087

Developers:

• High Development Corporation: 319-363-3900
• Hatch Development Group, LLC: 515-243-4675