Two regional housing projects are moving closer to ground breaking thanks to funding announcements made recently by the Iowa Economic Development Authority and the Iowa Finance Authority.
On September 14, Iowa Governor Reynolds' office announced that Center on Sixth will receive $3 million through the Nonprofit Innovation Fund. Funds for the program come from the federal American Rescue Plan Act. Planned for the 1714 6th Avenue on the Sixth Avenue Corridor in Des Moines, the Center on Sixth property will offer 12,000 square feet of retail space and 32 upper-story workforce housing apartments.
Developer Marquas Ashworth recently gave an interview where he shares his story and the origins of the project you can watch here where he describes his vision for the space as a black and brown-owned business incubator and live-work space. A recent update on the project in Axios says construction is anticipated to begin early in 2023.
Also recently, the Iowa Finance Authority announced awards that will support construction of almost 400 rental units statewide though its annual allocation of Low Income Housing Tax Credits (LIHTC). One Polk County project, The Crossing, received a $950,400 credit award, which amounts to about $9.5 million in value because credits are committed annually for ten years. The project, planned for Hawthorne Crossing Drive in Bondurant, will offer 40 apartments developed by Wisconsin-based developer The Commonwealth Companies.
Two other projects near Des Moines, CHI Adel Manor, a 68 unit senior property in Adel and the Historic Winterset High School Apartments, a 24 unit senior property in Winterset, also received awards, among 11 projects across the state.