McCann Village was one of 12 properties to receive federal housing tax credit from the Iowa Finance Authority. IFA announced Wednesday the senior apartment complex would receive $733,184 to rehabilitate the residence.
Wishrock Housing Partners, of Portland, Maine, is the developer behind the renovation at McCann Village. The developer is looking to conduct an extensive renovation project to modernize the building and grounds and improve the quality and accessibility of the complex.
“We think Newton is a great community and we are excited to bring some updates and a better place for the residents to live,” Wishrock Development Associate Rosanne Sheridan said.
McCann Village is an 80-unit apartment complex at 1105 E. 12th St. S. and is currently a nonprofit, income-based property that serves those ages 62 and above. Sheridan said now that the project has received the tax credits, they will start working in earnest with their architect to complete the final plans for the renovation. An end of year closing date is anticipated for the project.
“As we dig in and get more involved in assessing the physical needs and seeing the true age of needs of the systems, we will get a better idea of the overall costs for the budget,” Sheridan said. “We’re still excited about it and looking forward to getting starting.”
McCann Village was selected out of 29 applications that requested more than $19.2 million in housing tax credits. The residence also tried for the credits in 2017 for a $4 million renovation but were not selected that round.
Each year the Internal Revenue Service makes a per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The IFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.
“The housing tax credits awarded will provide hundreds of Iowa families and seniors with a place they will be proud to call home,” IFA Executive Director Dave Jamison said. “These projects have leveraged an additional $7.2 million in local contributions, and each of these communities will see the far-reaching benefits of these developments for many years to come.”
In total, 514 rental homes for families and seniors received funding in eight counties including Black Hawk, Jefferson, Johnson, Linn, Muscatine, Polk and Woodbury.
Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or firstname.lastname@example.org