Edited release
05/08/25
The Iowa Finance Authority Board of Directors today awarded a total of more than $9.5 million in federal housing tax credits to support the construction and rehabilitation of over 300 affordable rental homes for Iowans. The awards were made to ten rental housing projects, including one in Johnson County.
The Finance Authority is charged with allocating federal tax credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.
The Iowa Finance Authority received 23 applications requesting over $27 million in housing tax credits in the 2025 tax credit round. IFA had a total of approximately $9.8 million available to allocate. The actual awards total nearly $95 million because the credits are committed annually for a 10-year period.
In addition to the federal housing tax credit awards, the projects received a total of $2.5 million in HOME Investment Partnerships Program funds and a total of $1.5 million through the National Housing Trust Fund.
The Iris project on ACT Place in Iowa City was awarded $1.3 million by the Finance Authority. The 44-unit building is designed for persons 55 years and older. SJB Development LLC and the Housing Fellowship are listed as the developers for the project.