Iowa Finance Authority Tax Credit Award Supports Transformation of Former Fort Madison School into Senior Housing

July 1, 2026, Des Moines - The Iowa Finance Authority (IFA) Board of Directors today awarded more than $1.1 million in annual federal Housing Tax Credits and $500,000 in State HOME funds to support the redevelopment of the former Lincoln Elementary School in Fort Madison into 30 affordable rental homes for seniors. The tax credit award is expected to generate more than $8.7 million in private equity.

Following the withdrawal of a previously awarded project, 9% tax credits became available for reallocation. In accordance with its Qualified Allocation Plan, IFA reviewed the 2026 waiting list and identified Lincoln Elementary School as the next eligible project based on credit request, available credits and competitive scoring.

The federal Housing Tax Credit program is one of the primary tools used to expand affordable rental housing nationwide. The Internal Revenue Service allocates federal Housing Tax Credits to each state annually, and IFA administers Iowa's allocation to qualified affordable housing developers. Developers sell the credits to investors, generating private equity that helps finance affordable housing development.

In 2026, the Iowa Finance Authority awarded federal Housing Tax Credits to support the development or preservation of 368 affordable rental homes across the state.

View a list of today's awards.