Gov. Chet Culver this week announced awards of more than $181.6 million that will help fund the construction of 1,597 affordable housing units.

The Iowa Finance Authority (IFA) allocated $160.7 million in low-income housing tax credits, payable annually over a 10-year period.

The credits, which are typically sold by developers to investors to generate equity in projects, provide a dollar-for-dollar reduction to the investor’s federal tax liability on ordinary income.

According to a release, the IFA has more than $310 million to allocate this year.

The Iowa Department of Economic Development also awarded $20.9 million through the Community Development Block Grant program to support disaster recovery efforts.

The projects that received awards in Greater Des Moines include a 60-unit Hubbell Realty Co. project in Norwalk, a 31-unit Hubbell Realty Co. senior- housing project in Johnston, a 60-unit St. Paul, Minn.-based CommonBond Communities project in Des Moines, a 119-unit Des Moines Leased Housing Development IX project in Des Moines, a 40-unit National Affordable Housing Foundation project in Grimes, a 56-unit Midwest Development Opportunities senior-housing project in Norwalk, a 71-unit Des Moines Developer VII LLC project in Des Moines, a 59-unit MV Residential Development LLC project in Altoona, a 91-unit Hubbell Realty Co. project in Des Moines, a 95-unit Des Moines Leased Housing Development IX LLC project in Des Moines, a 59-unit Des Moines Developer VIII LLC project in Des Moines, and a 90-unit Jim Bergman project in Waukee.“

Affordable housing is a vital component of the local and state economy,” Culver said.