The Iowa Finance Authority Board of Directors recently awarded a total of more than $15 million in federal housing tax credits and HOME program loans to support the construction and rehabilitation of a total of 410 affordable rental homes for Iowans. The awards were made to 11 rental housing projects, notably in Burlington, West Burlington, and Keokuk.
“Housing is foundational to the economic mobility of Iowans and the strength of our communities,” said Iowa Finance Authority Executive Director Debi Durham. “The financing announced today will provide hundreds of Iowa families and seniors with homes in which they can thrive in communities all throughout the state.”
“Not only will the new Keokuk Family Flats provide an additional 47 rental homes in our community, but it will also be a tremendous catalyst for economic ripple effects as more of our workforce will be able to live near where they work,” said City of Keokuk Mayor Kathie Mahoney.
Housing Tax Credits
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.