Iowa Affordable Housing News, HUD Alerts & Deals

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Iowa Awards Nearly $9 Million in Tax Credits for 595 Affordable Homes

The Iowa Finance Authority Board awarded nearly $9 million in federal housing tax credits on November 4 to create 595 affordable rental homes in Council Bluffs, Dubuque, Waterloo, and West Des Moines. The four developments will combine new construction with the conversion of existing buildings into apartments for income-qualified individuals and families. IFA Director Debi Durham said the awards add to the state's development pipeline and help ensure Iowans can afford to live where they work across the state. The Low-Income Housing Tax Credit program, which marked its 40th anniversary last month, has supported more than 36,000 rental homes in Iowa. The awarded projects now enter final financing and pre-construction, with occupancy typically following eighteen months to three years after award.

Bluffs Run Opens 192 Affordable Homes in Council Bluffs

Union at Bluffs Run has opened 192 one-, two- and three-bedroom apartments for households at or below 60% AMI in Council Bluffs. The $58.2 million community’s opening announcement predates the October 7 trade recap. Some residents already lived there at the celebration. Equity, construction financing and permanent debt cover different stages and are not summed as the project cost. Iowa Finance Authority credits and bonds are identified. The release’s leasing statement is dated, not a current vacancy guarantee. Vouchers and income-based rents are not established for every household. Amenities and portfolio resident support are described without inventing individual service entitlements. Current qualification and management instructions remain the route for families.