Charles City’s ‘Thriving Community’ Initiative Sparks Interest in Affordable Housing Development
Charles City Mayor Leads Efforts to Boost Affordable Housing Through Thriving Community’ Initiative
In Charles City, Mayor Dean Andrews is championing a program called the Thriving Community initiative which aims to bolster affordable housing in smaller towns like theirs. The Iowa Finance Authority (IFA) is injecting $1 million in Affordable Housing tax credit to entice developers to build in these communities. Last August, Charles City was honored as one of 11 cities to receive this designation sparking interest from three developers who proposed four apartment style projects. Mayor Andrews clarifies that the decision on which developer gets the tax credit rests with the IFA not the city.
Developers eager to take advantage of the tax credit must submit their proposals to the IFA by April 10th with a decision expected by June. While there is also a pressing need for more single family homes in Charles City, Mayor Andrews emphasizes the importance of rental properties in addressing the housing shortage. Additionally, as part of the Thriving Community distinction Charles City secured an additional $1 million in Iowa Workforce Housing tax credits for market-rate housing, with applications due in August, further boosting prospects for housing development in the area.
Tax Credit – Charles City Housing Application Deadline Nears for Developers – Check now! (PHOTO: Charles City Press)
Anticipation Builds as Charles City Envisions Housing Tax Credit
The Thriving Community program marks a significant opportunity for Charles City, as Mayor Andrews and local stakeholders eagerly await the outcome of the developer selection process. With the potential for multiple apartment style projects on the horizon coupled with the promise of market rate housing incentives the initiative aims to address the pressing housing needs of the community. As the deadline for developer submissions approaches, anticipation builds for the potential transformation these investments could bring to Charles City’s housing landscape.
