A SIOUX CITY HOUSING PROJECT HAS BEEN AWARDED $1,700,000 IN TAX CREDITS BY THE IOWA FINANCE AUTHORITY’S BOARD OF DIRECTORS.
THE PROJECT KNOWN AS “THE WEB” IS A 54 UNIT PROJECT AT THE SITE OF THE BUILDING THAT WAS THE OLD WEBSTER ELEMENTARY SCHOOL AT COOK PARK ON THE WEST SIDE OF SIOUX CITY AND LATER SERVED AS THE LAMB ARTS THEATRE BUILDING.
THE PROJECT’S DEVELOPER IS THE COMMONWEALTH DEVELOPMENT CORPORATION OF AMERICA.
IOWA FINANCE AUTHORITY AND STATE ECONOMIC DEVELOPMENT AUTHORITY DIRECTOR DEBI DURHAM SAYS THE TAX CREDIT AWARD WILL HELP CREATE AFFORDABLE RENTAL HOMES THAT ALLOW IOWANS TO LIVE, WORK AND BUILD THEIR FUTURES IN THE COMMUNITIES THEY CALL HOME
IT WAS PART OF MORE THAN $11.3 MILLION IN FEDERAL HOUSING TAX CREDITS AWARDED TO SUPPORT THE CONSTRUCTION AND REHABILITATION OF 338 AFFORDABLE RENTAL HOMES ACROSS NINE IOWA COMMUNITIES.
IN ADDITION TO THE HOUSING TAX CREDIT AWARDS, THE PROJECTS RECEIVED A TOTAL OF $1 MILLION IN FEDERAL HOME PROGRAM FUNDS.
