We provide funding to developers to construct new affordable rental units or acquire and rehabilitate affordable rental units. Both options provide a gap subsidy. The subsidy helps developers build or rehab units that may have greater financial risk.
NCS funding is structured as a below-market-rate loan. The funding includes income and rent restrictions. These requirements are monitored annually for up to 20 years. Many rental projects use the City’s funding in conjunction with Low Income Housing Tax Credits (LIHTC) administered by the Iowa Finance Authority.