DES MOINES – The Iowa Finance Authority Board of Directors today awarded federal housing tax credits to twelve rental developments. The awards total more than $7.26 million in equity to build and preserve 514 rental homes for families and seniors in Black Hawk, Jasper, Jefferson, Johnson, Linn, Muscatine, Polk and Woodbury Counties.
Among those receiving tax credits is Urban Crossing Apartments in Grimes, which received a $559,852 tax credit. The developer of Urban Crossing Apartments is Curly Top, LLC dba CT Development and it will consist of 30 homes for families.
“The housing tax credits awarded today will provide hundreds of Iowa families and seniors with a place they will be proud to call home,” said Iowa Finance Authority Executive Director Dave Jamison. “These projects have leveraged an additional $7.2 million in local contributions, and each of these communities will see the far-reaching benefits of these developments for many years to come.”
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) received 29 applications requesting more than $19.2 million in housing tax credits in the 2018 tax credit round and IFA had approximately $7.7 million available to allocate.
The Iowa Finance Authority Board of Directors today awarded more than $7.2 million in housing tax credits to twelve developments. The actual awards exceed $72.6 million because the credits are committed annually for a 10-year period. These projects have leveraged an additional $7.2 million in local contributions, as determined by the scoring criteria within the 2018 program plan.
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.