FOR IMMEDIATE USE
August 7th, 2023
Iowa Finance Authority awards federal funds to Community Housing Initiatives
The Iowa Finance Authority on July 5th, 2023 announced it has allocated $545,971 in annual Low-Income Housing Tax Credits and $500,000 in state HOME funds to CHI to update the Frank Smith Center in Des Moines.
Funds awarded by the Iowa Finance Authority for rehabilitation will help the non-profit organization to update handicapped accessibility features, modernize amenities, and enhance energy efficiency. Located at 2100 Beaver Ave, this property offers 44, 1-bedroom apartments for seniors and persons with disabilities. Frank Smith Center offers project-based rental assistance, meaning rents are based on 30% of the individual’s monthly income.
Community Housing Initiatives, Inc. (CHI) is Iowa’s largest non-profit housing development and consulting group. Since 1993, CHI has worked closely with communities ranging in population from 800 to 200,000 serving the sole charitable purpose of creating housing solutions that meet community needs and provide comprehensive services for residents. As one of the most successful developers and managers of affordable rental housing in Iowa, CHI has generated or preserved over 1,600 affordable housing units offered at below-market rates. CHI has also worked with state and local governments, civic groups, and non-profit organizations across the state to promote the development of safe, affordable, and accessible rental housing.
ADDITIONAL RESOURCES The Iowa Finance Authority’s release on its July 5th funding decision contains useful information about the Housing Tax Credit and HOME programs. It is available at www.iowafinance.com More information about CHI can be found on its website, www.chihousing.com.
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