DES MOINES, Iowa (AP) -

A state agency is giving over $70 million in federal tax credits to 12 affordable housing projects in Iowa.

Officials from the Iowa Finance Authority say the credits will help build and preserve 635 housing units in the state.

Gov. Terry Branstad says seniors, students and families in Iowa need more affordable housing options.

The Finance Authority is responsible for giving federal housing tax credits to developers. Developers sell the credits to investors to raise funding for their projects. The Finance Authority received 38 applications for the credits. The awards total about $7 million in credits per year for ten years.

Locations for the projects include Des Moines, Newton, Waukee and Storm Lake.