State awards tax credits to Goldfinch Lofts; more multifamily funding decisions expected soon

Funding announcements are occurring or expected soon for several new affordable multifamily projects planned for Des Moines.

At its March Board meeting, the Iowa Finance Authority (IFA) approved awards of $1,000,000 in low income housing tax credits (annually for 10 years) as well as a $500,000 HOME program Award for Goldfinch Lofts In Des Moines.

Goldfinch Lofts, which is being developed by Cutler Development LLC and Arch Icon Development Corp., won the state’s second-annual Housing Innovation Pitch Competition at the HousingIowa Conference in 2025, giving the project a priority lane to receive this housing tax credit award.

Rendering of Goldfinch Lofts courtesy of the developers.

Goldfinch Lofts is planned for 3404 Ingersoll Avenue in Des Moines (across from Price Chopper). The property is planned to be Iowa’s first Low Income Housing Tax Credit project to use mass timber construction, a method the developers have used previously including on Star Lofts a few blocks to the east. The property will feature 28 income-restricted apartments.

Anticipating IFA’s award of credits, the Polk County Housing Trust Fund’s board in February awarded $459,000 in new rental development funds to support Goldfinch Lofts.

IFA is expected to announce the remaining Housing Tax Credit awards in this year’s 9% credit round in early May. PCHTF’s board also approved $250,000 awards for two projects with applications pending in this round, provided they are successful in receiving credits. Those projects include Newbury Commons and Foundry Lofts, both planned for the Market District (along Martin Luther King, Jr. Parkway just east of the Des Moines River) in Des Moines.

Both of those projects could be the beneficiary of the Thriving Communities designation awarded to Des Moines in 2024 to encourage multifamily affordable development in communities that demonstrate development readiness.