DES MOINES —
The Iowa Finance Authority Board of Directors today announced awards of nearly $100 million to build or rehabilitate nearly 1,300 units of affordable housing in 23 counties throughout the state. The awards were granted from the federal Housing Tax Credit program and the HOME program.
“The Housing Tax Credit and HOME program awards announced today will not only provide thousands of Iowans in 23 Iowa counties with a safe and affordable home, but the economic benefits of the new and revived housing will in-turn support healthy neighborhoods and communities,” said Iowa Finance Authority Executive Director Dave Jamison. “Partnerships are key to the Iowa Finance Authority’s ability to advance affordable housing throughout the state and I commend the developers and housing organizations that received awards today for their shared commitment to moving outstanding affordable housing projects forward.”
Housing Tax Credits
The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Housing Tax Credit program. IFA is charged with allocating those credits to developers of affordable housing in Iowa. IFA has more than $9.7 million to allocate in the 2012 Tax Credit Round. Developers who receive tax credits sell them to investors to generate equity for the housing developments. The tax credits provide a dollar-for-dollar reduction to the investor’s federal tax liability on ordinary income.
IFA received 46 applications requesting more than $23.7 million in housing tax credits. The IFA Board of Directors today awarded more than $9.67 million in housing tax credits to seventeen projects. The actual awards exceed $96 million because the credits are committed annually for a 10-year period. The remaining 2012 credits will be used to assist current housing tax credit projects that are under construction and have incurred cost increases.
HOME Program
The U.S. Department of Housing and Urban Development allocates approximately $2 billion in HOME program funding among states and hundreds of localities nationwide. The IFA Board of Directors today approved more than $4.4 million in State HOME funds to support a combined total of 19 initiatives to assist both housing tax credit projects, and non-housing tax credit projects such as homeownership, rental and tenant-based rental assistance initiatives. These awards leveraged an additional $3.5 million in local contributions.
HOME PROGRAM HOME BUYER SUBRECIPIENT AWARDS
Habitat for Humanity of Iowa
Project: Home Buyer Assistance
Service area: Appanoose, Audubon, Boone, Carroll, Cedar, Cerro Gordo, Clay, Crawford, Greene, Humboldt, Johnson, Lee, Linn, Mahaska, Marshall, Mitchell, Monona, Poweshiek, Shelby, Sioux, Union and Webster counties
Households to be assisted: 11
HOME awards: $423,500
Business
Iowa Finance Authority awards more than $100 million to build, preserve and support nearly 1,300 affordable housing units in 23 iowa counties
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