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The Iowa Finance Authority Board of Directors awarded a project in Pella to support the construction of rental homes for families and seniors. The Reserves at Mill Farm II on West 16th Street is receiving just over $800,000 for new construction of 43 housing units for families. Statewide, more than $8.6 million in federal housing tax credits will support the construction of 552 rental homes. The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The Iowa Finance Authority is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity. The credits are committed annually for a 10-year period.