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FOR IMMEDIATE USE
July 25th, 2024
Iowa Finance Authority awards federal funds to Community Housing Initiatives
On July 3rd, 2024, the Iowa Finance Authority announced the allocation of $660,000 in annual Low-Income Housing Tax Credits and $953,456 in state HOME funds to Community Housing Initiatives (CHI) for the Summerfield Park Apartments project in Spirit Lake, Iowa.
These funds will support the renovation of the property built in 2001, aiming to improve handicapped accessibility, modernize amenities, and enhance energy efficiency. Located at 2300 Sunner Avenue, the current property consists of twenty units, including eight 1-bedroom and twelve 2-bedroom apartments. The project will also add storage and construct eight additional 2-bedroom and two 3-bedroom apartments.
Community Housing Initiatives, (CHI) is Iowa’s largest non-profit housing provider. 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. CHI has invested over $270 million in Iowa communities. For 30 years, CHI has re-invested all income from development and rental properties directly back into Iowa communities.
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 to promote the development of safe, affordable, and accessible rental housing.
ADDITIONAL RESOURCES
For more information on the Iowa Finance Authority’s July 3rd funding decision and details about the Housing Tax Credit and HOME programs, visit www.iowafinance.com. Learn more about CHI at www.chihousing.com.
CONTACT INFORMATION:
Savannah Minnick
Director of Marketing and Communications
515-350-8164 | [email protected]