IOWA — The Iowa Finance Authority has awarded almost $10 million in federal housing tax credits to build 385 affordable rental homes in the state.

Rental housing projects across Iowa are benefitting from the tax credits. The 11 projects chosen are planned in Adel, Audubon, Bondurant, Boone, Carroll, Cedar Rapids, Davenport, Grinnell, Hiawatha, Ottumwa, and Winterset.

“Housing is foundational to the economic mobility of Iowans and the strength of our communities,” said Iowa Finance Authority Executive Director Debi Durham. She also said the tax credit awards will allow for hundreds of families and seniors to thrive in urban and rural communities around the state.

Three of the approved projects are getting just over $1 million each, those are located in Audobon, Carroll, and Ottumwa.

The tax credits are allocated from the Internal Revenue Service to states annually and the IFA gets to determine which Iowa projects receive the credits. These credits will continue to pay annually for the next 10 years, meaning the actual awards add up to almost $100 million.