September 3, 2009 by ggackle
The Iowa Finance Authority (IFA) is re-evaluating its tax credit allocation for the Hometown Harbor housing project after learning the developer had not included a 10-year, $650,000 Tax Increment Financing (TIF) incentive from the city of Bettendorf in its financial projections.
The IFA first learned of the project receiving the city TIF from an inquiry by bettendorf.com.
Carla Pope, director of Affordable Rental Production for the IFA, said the authority "expressed our displeasure that we hadn't been made aware of the TIF" during a recent conference call with Hometown developer Jim Bergman and his consultant, Tom Monico, of Thomas & Thomas Associates, Inc., Glenview, Illinois.
The city approved the 10-year TIF incentive for the project June 2.