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Polk housing projects will receive $2.2M in federal tax credits


Three housing projects in Polk County and one in Jasper County will receive a total of nearly $3 million in federal tax credits for each of the next 10 years. The Iowa Finance Authority board approved the allocations today among 12 projects statewide that will receive a total of $7.26 million in credits to build or preserve 514 units of rental housing. In Des Moines, Conlin Development Group and Barnes Realty will receive $820,000 for 64 units at Hilltop II, 3720 E. Douglas Ave., and Hubbell Realty Co. will receive $820,000 for 64 units available to people age 55 and older at the Melbourne IV, 5515 S.E. 14th St. In Grimes, CT Development will receive $559,852 for 30 units at Urban Crossing Apartments, 875 S.E. Gateway Drive. All three of the Polk County awards, totaling almost $2.2 million, are for new construction. In Newton, Zoom Developers will receive $733,184 for the rehabilitation of 80 units for seniors age 62 and older at McCann Village. All of the tax credits are committed every year for 10 years. In all, the Iowa Finance Authority received 29 applications requesting more than $19.2 million in tax credits. It was authorized by the Internal Revenue Service to issue $7.7 million. Projects in Black Hawk, Jefferson, Johnson, Linn, Muscatine and Woodbury counties also were approved.

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