(Des Moines, Iowa) – 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 a total of 331 affordable rental homes for Iowans. The awards were made to ten rental housing projects located in Cerro Gordo, Jasper, Johnson, Polk, Pottawattamie, Scott, Sioux and Webster counties.

In Pottawattamie County, The Residence at Carter Lake, being developed by the Overland Property Group, LLC, was awarded a $1.3-million tax credit for the development of 54 new, low income older persons (55+) housing units at the northeast corner of N. 9th Street and Avenue K, in Carter Lake.

Iowa Finance Authority Director Debi Durham said “Housing is a critical pillar in fostering strong, thriving communities across the state of Iowa. Congratulations to all nine communities receiving tax credits today, with a special recognition to the four designated as Iowa Thriving Communities — Des Moines, Fort Dodge, Mason City and Newton — for their outstanding efforts in leveraging innovative practices to attract housing opportunities for their workforce.”

The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The Iowa Finance Authority is charged with allocating those 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 program funds and a total of $1.5 million through the National Housing Trust Fund.