DES MOINES — Ottumwa was certainly one of 4 communities in Iowa to obtain over $1 million in housing tax credit from the Iowa Finance Authority Board, the board introduced Wednesday.
Eleven complete awards have been handed out to assist development of inexpensive rental properties for Iowans. A complete of $10 million was distributed among the many communities.
Ottumwa’s tax credit will go towards development of the long-planned Asbury Heights advanced, situated off Quincy Avenue by South Hy-Vee. The developer is James Danaher, who plans to construct 30 complete low-income inside 5 years.
“Housing is foundational to the financial mobility of Iowans and the power of our communities,” Iowa Finance Authority Govt Director Debi Durham mentioned in a press launch. “The tax credit score awards introduced right this moment will present lots of of Iowa households and seniors with properties through which they will thrive in city and rural communities all all through the state.”
The Inner Income Service makes an annual per capita allocation of federal tax credit to every state for the Federal Housing Tax Credit score program. The Iowa Finance Authority is charged with allocating these credit to inexpensive housing builders. The builders who obtain tax credit promote them to buyers to generate fairness for the housing developments.
The Iowa Finance Authority obtained 24 functions requesting greater than $20 million in housing tax credit within the 2022 tax credit score spherical. IFA had a complete of roughly $10 million accessible to allocate.
The precise awards complete almost $100 million as a result of the credit are dedicated yearly for a 10-year interval.