Tax Credits to help counties and residents recover from Iowa floods
¨Millions of dollars in federal tax credits will be set aside by the state of Iowa to aid the development of affordable multi-family housing in counties hit hard by this summer's flooding and severe weather, Gov. Chet Culver announced Thursday.
¨The Disaster Recovery Set-Aside program will be paid for with nearly $24 million in federal low-income housing tax credits from the Iowa Finance Authority and will be specifically for the construction or rehabilitation of housing in Linn, Louisa, Black Hawk, Johnson, Muscatine, Butler and Bremer counties.
The awards will be given in January 2009, and a remaining $40 million in tax credits will be announced in March 2009 and will fund development of multi-family housing not included in the Disaster Recovery Set-Aside program.
