The City of Sioux City announced on Thursday the Iowa Finance Authority awarded $1.7 million in Low-Income Housing Tax Credits to WEB Apartments.
Web Apartments plans to create a new building and redevelop the former Lamb Theatre building into 54 affordable housing units. The housing project is located on 417 Market Street.
In February, the city council approved a HOME Investment Partnership Program loan of $600,000 for the project.
According to a city press release, the Commonwealth Development Corporation of America is investing about $18 million in the project.
The release says, the investment will preserve the historic property and expand affordable housing opportunities.
SPM – Why Support – Katie Colling
