Des Moines — The Iowa Finance Authority (IFA) Board of Directors today awarded more than $11.3 million in federal housing tax credits to support the construction and rehabilitation of 338 affordable rental homes across nine Iowa communities.
The awards will support rental housing developments in Council Bluffs, Des Moines, Greenfield, Ottumwa, Perry, Sioux City, Story City, Urbandale and Washington.
“The awards announced today are an important piece of supporting Iowa’s full housing continuum, helping create affordable rental homes that allow Iowans to live, work and build their futures in the communities they call home,” said Iowa Finance Authority and Iowa Economic Development Authority Director Debi Durham. “We congratulate all nine communities receiving awards for their commitment to expanding housing opportunities for Iowans.”
The Federal Housing Tax Credit program is one of the primary tools used to expand affordable rental housing nationwide. The Internal Revenue Service allocates federal housing tax credits to each state annually and IFA administers Iowa’s allocation to qualified affordable housing developers. Developers then sell the credits to investors, generating equity to help finance the housing developments.
IFA received 16 applications requesting more than $21 million in housing tax credits during the 2026 tax credit round, with approximately $11.5 million available to allocate. Because the credits are awarded annually for a 10-year period, today’s awards represent nearly $113 million in total federal tax credit investment.
In addition to the housing tax credit awards, the projects received a total of $1 million in federal HOME program funds.
View a list of today’s awards.
