DUBUQUE, Iowa (KCRG) -- On Monday night, the Dubuque city council approved more than $500,000 in tax increment financing (TIF) to help with affordable housing development.
The Cohen-Esrey development company is renovating the former Sacred Heart school on 2222 Queen St. in Dubuque. (Allison Wong, KCRG)
It approved $450,000 to Chris Richard for the rehabilitation of 278 West 17th Street.
It has 30, one-bedroom rental units, which are all considered affordable by the city. According to a city document, Richard says the rehab will cost $1,300,000.
Housing Director Alexis Steger says the city invests in these projects because it's filling a need.
"These are buildings that if let go will continue to go into disrepair, and so this is a way to keep them affordable because they're affordable today," she said. "Otherwise a developer wouldn't want to take on that project."
The council is giving another project up to 10 years of TIF rebates of property tax increases of up to $179,830. It awarded that to the Cohen-Esrey development group for renovating the former Sacred Heart school. It will have 28 units for seniors, 24 of which will be affordable.