Charles City to Seek $1 Million in Tax Credits for Housing Development
The City of Charles City is applying for $1 million in tax credits to help spur the building of more apartment units.
During their regular meeting Wednesday (07.05) night, the City Council voted to apply for Federal Housing Tax Credits and Iowa Workforce Housing Tax Credits. If successful, City Administrator Steve Diers says it could mean up to a dozen new apartments.
The area targeted for construction is west of Floyd County Medical Center in the Southwest Development Park, on land donated by Charles City Area Development Corporation (CCADC).
It would likely mean building 13th Street to connect with Corporate Drive, which Diers noted that the estimated $375,000 cost could be covered by local option sales tax dollars freed up from other projects.
CCADC Executive Director Tim Fox said the City should know by August 7th whether their application is approved. Then, the City could set out to find a development partner.
