(Des Moines) The Iowa Finance Authority has awarded more than $11.3 million in federal housing tax credits to help create 338 affordable rental homes in nine Iowa communities, including Council Bluffs and Greenfield.
In Council Bluffs, the new Spin Lofts development at 521 21st Avenue received $1.2 million in tax credits. The project, developed by Arch Icon Development Corporation and Lutheran Family Services of Nebraska, will create 45 affordable housing units for families.
In Greenfield, The Commons on First at 508 1st Street was awarded nearly $913,000 in tax credits. The Gratus Development project will add 24 affordable family housing units.
Iowa Finance Authority Director Debi Durham said the awards help expand housing opportunities and support Iowans who want to live and work in their local communities.
The federal housing tax credit program is one of the primary tools used nationwide to finance affordable rental housing developments. The awards represent nearly $113 million in total federal tax credit investment over the next 10 years.
