Aron Anderson chose to live at the Roosevelt Lofts because of its affordability and its location in the heart of downtown Cedar Rapids. He wanted to be a part of the downtown’s dramatic revitalization after it was devastated by floods in 2008. If not for the Iowa Finance Authority (IFA) he might not have been able to make that choice. The Roosevelt, a historic multi-family housing property in Cedar Rapids, was closed due to the devastating floods of 2008.
IFA has served as the tax credit allocating agency for the state of Iowa since 1986, through the federal Low Income Housing Tax Credit program. After the floods of 2008, IFA received an additional allocation of more than $600 million in disaster tax credits provided by the Heartland Disaster Tax Relief Act of 2008 to help Iowa recover.
In fiscal year 2010 alone, more than $205 million in housing tax credits were awarded to 26 projects throughout the state. This means 1,477 new or rehabilitated affordable rental units for hard-working Iowa families, including Aron’s home at the historic Roosevelt.
A combined total of more than $14.4 million was invested in The Roosevelt through federal disaster housing tax credits, American Recovery & Reinvestment Act funds and the Multifamily Loan Program to rehabilitate the 97-unit property for families. The property held its grand re-opening in October of 2010 thanks to these investments.
To learn more about Iowa Finance Authority, please visit their website.
For more information on Housing Credits, see our advocacy page.
Printer-friendly version
