Proposals are now being accepted for City funds in partnership with Low Income Housing Tax Credit (LIHTC) developments. The City of Iowa City has up to $330,000 in local funds for rehabilitation or new construction of affordable rental housing to be matched with tax credit funds.
The Housing and Community Development Commission (HCDC) and the City Council will review all applications and conduct a public allocation process to determine which projects will receive funding. Funds are awarded according to the needs outlined in the City’s 2016-2020 Consolidated Plan called City Steps, as well as compliance with the Affordable Housing Location Model, which are available at icgov.org/actionplan.
The commission and City staff strongly encourage all applicants to attend its meeting scheduled for Thursday, Sept. 21, 2017, at 6:30 p.m. in room 202 of the Senior Center, 28 South Linn St. The City Council is tentatively scheduled to consider funding commitments on Tuesday, Oct. 3, in Emma Harvat Hall, City Hall, 410 E. Washington St., Iowa City.
Proposals are due electronically to Neighborhoods@iowa-city.org by noon on Thursday, Aug. 31, 2017. Project proposals cannot exceed ten pages and must include:
- One-page project summary (must identify location)
- Sources and uses statement
- Financial statement (i.e. pro forma)
Questions about the funding process may be directed to Neighborhood Services staff at 319-356-5230 or Tracy-Hightshoe@Iowa-City.org.