State awards housing tax credits for 112 affordable apartments in Dubuque's Wilmac project

Dubuque's Wilmac project will create 112 affordable rental homes after the Iowa Finance Authority awarded it federal housing tax credits, KWWL reports. The IFA announced Nov. 4 that it awarded nearly $9 million in federal housing tax credits to help create 595 affordable rental homes in Council Bluffs, Dubuque, Waterloo and West Des Moines. The Wilmac will provide 112 homes through the conversion of an existing building into apartments. Its developers are Hoppe & Son, LLC and Farley & Loetscher, LLC. The other project named in the announcement is Rath Fifteen in Waterloo, with 87 homes through conversion of an existing building, developed by 1515 Sycamore MM, LLC and Newbury Management Company. The four developments will provide affordable rental homes for income-qualified individuals and families through both new construction and the conversion of existing buildings into apartments. The awards are through the 4% program, which pairs tax credits with tax-exempt bonds; the selected developments will receive nearly $66 million in bond financing. IFA received six applications requesting more than $14 million in annual tax credits and nearly $104 million in tax-exempt bonds, exceeding the $90 million in bond capacity available for the round, and the four developments were selected through a competitive scoring process. "Housing needs look different across Iowa and the federal Housing Tax Credit program helps communities expand affordable rental options to meet those needs," IFA Director Debi Durham said. "These 595 homes add to our development pipeline and bring us closer to ensuring Iowans can afford to live where they work in every corner of the state." The federal Low-Income Housing Credit program celebrated its 40th anniversary in October and has supported the development of more than 36,000 rental homes in Iowa, according to the agency.