The Iowa Finance Authority has allocated over $10.6 million in federal housing tax credits to support the construction and renovation of 404 affordable rental homes across Iowa, aiming to address housing needs and promote community development.
Iowa Finance Authority Boosts Affordable Housing with $10.6 Million in Tax Credits
According to the Our QC News, the Iowa Finance Authority has approved a plan to help build affordable housing across the state. They’re giving out over $10.6 million in federal housing tax credits to support the construction and renovation of 404 rental homes in places like Burlington, Davenport, and Des Moines. This funding will help projects like Timber Ridge in Davenport, which will create 52 units for seniors, and the Annie Wittenmeyer Family Apartments, which will turn 46 units into affordable housing in Davenport.
Director Debi Durham highlighted how important housing is for Iowa’s economy and communities. She praised cities like Charles City, Jefferson, Knoxville, and Oskaloosa for finding new ways to make more housing available for their workers. These tax credits are crucial because they attract investors who help pay for these housing projects. Additional funds from programs like HOME and the National Housing Trust Fund are also helping to make these projects possible.
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$10.6 Million Boost: Iowa Finance Authority Allocates Funds to Support 404 Affordable Rental Homes Across the State (PHOTO: Charles City Press)
Iowa Finance Authority Strategically Allocates Funds for Long-Term Housing Solution
Despite many funding applications, the Iowa Finance Authority managed to distribute funds wisely. They’re focusing on projects that will make a big impact over the next ten years, aiming to solve housing problems and support community growth across Iowa. This initiative is designed not only to provide affordable housing now but also to ensure that more people in Iowa have good housing options in the future.
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