IFA Approves Over $2 Million in Tax Credits, Awards for Charles City Housing Project

The Iowa Finance Authority Wednesday approved more than $10.6 Million in Federal Housing Tax Credits for the construction of more than 400 rental units in nine communities across the state, including over $2 million for about 40 apartments in Charles City.

The IFA officially gives the green light for Commonwealth Development Corporation of America to proceed with the “Carrie Lane Place” project along 13th Street, just southwest of Floyd County Medical Center. The $1 million in affordable housing tax credits for the construction became available when Charles City was named a Thriving Community last year. The City was also approved for $500,000 in State HOME funds and a $500,000 National Housing Trust Fund award. 

City Administrator Steve Diers says getting the IFA approval is the result of a committed effort by City officials to submit a thorough application.

The City has already been preparing for the apartment complex by rezoning the land. The City Council has also approved extending 13th Street to Corporate Drive.

Diers says that work should be completed this year, but when Commonwealth might be able to begin construction is still uncertain.

As a Thriving Community,  Charles City was also awarded $1 million in federal tax credits towards market-rate housing. Diers says they continue to “court” developers for possible construction, which will include a visit from Kading Properties of Urbandale on August 1st.