Iowa Finance Authority approves grants for new Washington housing units
The Iowa Finance Authority (IFA) Board of directors announced today that Washington is among 15 locations for affordable rental projects totaling over $82.4 million that was approved during its meeting today. According to a press release, Overland Property Group will receive a $389,335 tax credit and a $999,000 HOME award to build a 30-unit apartment complex in the 900 block of West Monroe Street.
In December, the Washington City Council approved allowing the Kansas-based developer $350,000 in Tax Increment Finance (TIF) funds toward the project.
The total project is expected to cost about $5.8 million. The units will be housed in two buildings. A layout of the proposed Washington site can be found online at <http://vimeo.com/78373407.>
For more information on the project, see the March 13 edition of The Washington Evening Journal.