A proposal to rehabilitate the Randolph Hotel at Fourth Street and Court Avenue received tax credits valued at $3.6 million today from the Iowa Finance Authority (IFA).

Harry Bookey’s BHE Acquisitions LLC plans to convert the eight-story hotel into a 36-unit apartment building. He outlined the idea last fall as a $13 million project.

The IFA today disbursed more than $60 million in funds from the federal Low-Income Housing Tax Credit program. The money will go toward projects creating 768 housing units in 15 Iowa communities.

Three other Central Iowa projects received tax credits:

* Conlin Development Group’s rehabilitation of 24 units at Willow Bend II Apartments at 6500 S.W. Ninth St. received a $1.2 million award.

* Conlin Development Group’s construction of 41 units at Deer Ridge VI Apartments at 6000 Creston Ave. received $3.3 million.

* The rehabilitation of 150 units at the Homes of Oakridge at 926-1236 Oakridge

Drive by ONS Ventures Inc. received $7 million.