The Iowa City City Council approved a resolution 7-0 Tuesday night committing $330,000 from funds set aside in fiscal 2017 and 2018 to the Del Ray Ridge’s application for 2018 Low Income Housing Tax Credit.
Tracy Hightshoe, the Neighborhood Services coordinator, said the city approved affordable-housing steps that budgeted annually for affordable housing in June 2016, and since then, officials decided they’d commit 25 percent to low-income housing projects.
“Last year, we didn’t receive any functional [Low Income Housing Tax Credit Project] applications, so that money rolled over to this year,” she said. “So we have $30,000 more available for projects.”
City officials received two applications, one of which was for Del Rey Ridge, which provides 20 units of one- and two-bedroom units on Dubuque Street. It was approved at council meeting.
“The Housing Committee … did review these proposals; they recommended $330,000 to the Del Rey Ridge partnership, mostly because it was located downtown closest to amenities and in proximity to downtown,” Hightshoe said.
She said when Del Rey goes to apply for a tax-credit system in November, it will need a resolution of support from the city.
Maryann Dennis, the executive director of the housing fellowship, said this would leverage more than $4.68 million in the community.
Councilors supported the resolution, with numerous saying, “Great project; this is a no-brainer.”
— by Naomi Hofferber