Two Cedar Rapids housing projects receive tax credits

Two Cedar Rapids housing projects will obtain tax credits to put toward 78 new apartments.

The Iowa Fianance Authority awarded more than $7.3 million in housing tax credits to 11 affordable rental projects around the state this week.

The projects to receive the federal credits in Cedar Rapids are:

l Kingston Family Apartments, 214 Seventh Ave. SW by TWG Development. The project will have 46 affordable units and received $820,000 in tax credits.

l Sonoma Square, 5650 Murifield Dr. S.W by High Development Corp. and Hatch Development Group. The project will include 32 affordable units and received $545,087 in tax credits.

Outside Cedar Rapids, the Iowa Finance Authority also awarded tax credits to projects in Boone, Des Moines, Dubuque, Ottumwa, Sioux City, Spencer and Waverly.

Altogether, the 11 projects are expected to produce or preserve 513 affordable units in those cities.

The state agency said it had more than $7.6 million in tax credits available for the 2017 awards. It received 25 applications seeking more than $17.1 million in housing tax credits, according to a statement.

As the awards are committed each year over a 10-year period, the total awards for the 11 projects will exceed $73 million, the agency said.

l Comments: (319) 398-8366; matthew.patane@thegazette.com