Foundation Being Laid for Charles City Housing Projects
Six months after being designated a “Thriving Community,” Charles City officials continue to lay the foundation for new housing developments.
With the “Thriving Community” distinction last August from the Iowa Finance Authority (IFA), Charles City was awarded $1 million in Affordable Housing tax credits. The City hopes that will pay off soon.
During this week’s meeting of the Area Development Corporation, Mayor Dean Andrews unveiled one possible project being proposed.
City Administrator Steve Diers says other options are also on the table.
Diers adds that with the deadline for developers to apply for affordable housing tax credits approaching in April, the City has seen an increased interest from developers. Still, only one will be selected for the $1 million in affordable tax credits.
However, the IFA also awarded Charles City $1 million in Iowa Workforce Housing tax credits, which Diers says, in theory, those who don’t get the affordable housing tax credit could also apply for.
Andrews and Diers also acknowledge that the City’s new tax abatement program on new residential and commercial construction is also getting more developers to consider building in Charles City.
