Charles City Housing Projects Could be Edging Closer to Reality
About six months after being designated a “Thriving Community,” Charles City may be on the doorstep of new housing developments.
After getting the “Thriving Community” distinction in August by the Iowa Finance Authority, Charles City was awarded $1 million in Iowa Workforce Housing tax credits and $1 million in Affordable Housing tax credits.
City Administrator Steve Diers says with the deadline for developers to apply for housing tax credits approaching in April, the City is starting to see some movement on possible housing projects.
Diers adds that a variety of potential projects are on the table.
Housing tax credits aside, Diers noted during a City Council meeting last month that some developers appeared to be waiting to move forward with potential projects once the City Council approved the entire town as an “urban revitalization area.”
City officials hope that distinction will also spur housing development by offering 100% tax abatement for 10 years on new residential housing construction or upgrades of existing properties by 10% or more. Commercial businesses can get 100% tax abatement for three years or opt for a “stepped” tax abatement over 10 years.
