The Iowa Finance Authority (IFA) Board of Directors today announced federal Housing Tax Credit and HOME program awards to thirteen affordable rental projects totaling more than $83.7 million to build and preserve 523 affordable housing units in nine Iowa counties. Iowa Finance Authority Executive Director Dave Jamison said “The tax credit and HOME program awards announced today (Wednesday) will improve affordable housing options in communities all across Iowa, ultimately enhancing the quality of life for thousands of Iowans. [The] projects have leveraged an additional $8 million in local contributions….”

The U.S. Department of Housing and Urban Development allocates HOME program funding among states and hundreds of localities nationwide. IFA allocates Iowa’s allocation of HOME funds to eligible entities to build and preserve affordable housing.  The IFA Board of Directors approved more than $4.9 million in state HOME funds to support six rental housing tax credit projects.

Among them was the Lincoln School Apartments, in Creston, which received a tax credit award amounting to $412,731 for a project that incorporates Adaptive Reuse and New Construction of 24 affordable units for families. Developer for the project is the Seldin Affordable Housing Program, LLC.