Charles City’s Application for $1 Million in Tax Credits for Housing Development Due Monday
The City of Charles City is applying for $1 million in tax credits to help spur the building of more apartment units.
Applications for the Thrive Communities grant are due Monday with funding coming through Federal Housing Tax Credits and Iowa Workforce Housing Tax Credits.Â
If successful, Mayor Dean Andrews says the City is targeting new apartments just west of Floyd County Medical Center in the Southwest Development Park.
Andrews says land would be donated by Charles City Area Development Corporation (CCADC) and it would mean connecting 13th Street with Corporate Drive.
Even if their grant is approved, Andrews says, due to the smaller size of Charles City’s project, there’s still the challenge of getting a developer to sign on.
Andrews adds that most local contractors are booked two years out, it limits their developer options even more.
The City should know by August 7th whether their application is approved.Â
