(Des Moines)– 19 housing projects across Iowa, including ones in Spirit Lake and Storm Lake, will receive more than 40 million dollars in tax credits approved by the Iowa Finance Authority Board.
Under the programs, developers are given a federal tax credit if they build affordable housing projects.
Statewide, this year’s awards will result in 533 housing units, including 211 for people with disabilities and 120 for the elderly.
The project in Spirit Lake consists of the rehabilitation of 14 units in the former Antler’s Hotel building. Community Housing Initiatives of Spencer is carrying out the project, which was awarded 1.4 million dollars in Low Income Housing Tax Credits.
The Spirit Lake city council voted back in November of last year for the city to contribute 115-thousand dollars toward the project.
In addition to the 14 residential units on the upper floors, plans call for retail spaces on the first two floors of the building.
Copyright GCI. All rights reserved.
