Deadline for Developers to Apply for Charles City Housing Tax Credits Soon
The need for affordable housing in Charles City is no secret. But, solving the issue isn’t easy when the “numbers” aren’t in your favor.
That’s Charles City Mayor Dean Andrews, who says that’s why the Iowa Finance Authority’s (IFA) “Thriving Community” program is making $1 million in Affordable Housing tax credits to select developers to encourage building in smaller communities.
Last August, Charles City was named one of 11 cities to earn “Thriving Community” designation and three developers have come forth with four possible apartment-style projects. Andrews says which developer is selected for the $1 million in tax credits is not the City’s call.
Andrews says developers must submit their applications with the IFA by April 10th and a decision could come in June. And, while there’s also the need for more single-family homes in Charles City, Andrews says rental properties are an important part of the housing solution.
With the “Thriving Community” distinction, Charles City was also awarded $1 million in Iowa Workforce Housing tax credits for “market rate” housing, with those applications due in August.
