Iowa Finance Authority awards housing tax credits to renovate North Bay Apartments in Fairfield

The Iowa Finance Authority on March 14 announced it has allocated $266,087 in annual Housing Tax Credits to Community Housing Initiatives, Inc. (CHI) to acquire and renovate North Bay Apartments in Fairfield. Construction will take place in 2019. When renovations are complete, the property will offer 24 rent-assisted two and three bedroom apartments and townhomes.

All of the apartments at North Bay are eligible for HUD rental assistance making housing available to North Bay Residents at 30% of their income.  Renovations to the property will focus on energy efficiency, improving accessibility, and other improvements needed to keep this housing resource in service to the community.

Founded in 1994, Community Housing Initiatives is a nonprofit provider of affordable housing based in Spencer, Iowa.  North Bay Apartments is CHI’s first residential property in Fairfield and Jefferson County, but the organization owns or manages affordable rental properties in nearby communities including Ottumwa, Oskaloosa, Washington, and Columbus Junction.