Mason City senior living project awarded almost $2.3 million in tax credits and other funds
MASON CITY — A senior living project in Mason City is one of several statewide recipients of federal tax credits to support the construction and rehabilitation of a total of 331 affordable rental homes for Iowans.
The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The Iowa Finance Authority 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.
Out of the nine communities receiving tax credits, four of them, including Mason City, are designated as Iowa Thriving Communities for their efforts in leveraging innovative practices to attract housing opportunities for their workforce.
Horizon Development Group is receiving a total credit award of over $2.2 million for their Encore Senior Living development at 508 North Delaware Avenue in Mason City, which will have a total of 45 units.
$1,293,687 of the award is from the Federal Housing Tax Credit program, $500,000 is in state HOME investment partnership funds, and $500,000 more from the National Housing Trust Fund.
