REAL ESTATE

Iowa Finance Authority (IFA) announced earlier this month awards of over $10.6 million in federal housing tax credits, with a new apartment complex in Jefferson one of the recipients. The Wheldon, a 50-unit apartment building being developed by KCG Development, will receive $1,281,139 in federal tax credits over ten years, made available by the Internal Revenue Service (IRS) from the Federal Housing Tax Credit Program. The IFA then allocates the available credits to developers who can sell to investors to generate equity for the new housing development. IFA Director Debi Durham says, “Housing is fundamental to the economic mobility of Iowans and the vitality of our communities. Congratulations to all nine communities receiving tax credits today, with special recognition to the four designated as Iowa Thriving Communities, Charles City, Jefferson, Knoxville, and Oskaloosa, for their exceptional efforts in leveraging innovative practices to attract housing opportunities for their workforce.” With the tax credits now secure, The Wheldon will officially be constructed, as KCG representative CJ Lintner said the building of the complex was contingent on receiving the federal tax credits. KCG Development’s The Wheldon complex was a controversial topic earlier this year. Concerned residents addressed the Jefferson City Council on multiple occasions, stating the flood plain area for the proposed location would not support the low-income housing development, reports from other KCG properties in different cities of increased crime and law enforcement calls and the influx of job opportunities that would be needed to support the individuals residing in the complex. A list of all the federal tax credit recipients has been included below.