Construction on 40 new apartments is expected to begin in 2022 after the Iowa Finance Authority awarded federal funds to develop mixed-income senior apartments in Marion.
The Iowa Finance Authority is allocating $708,412 in annual Housing Tax Credits and an additional $500,000 in federal HOME funds to Community Housing Initiatives. A date in 2022 has not been specified at this time.
“Successful funding for this project is a big win for community leaders in Marion who were extremely supportive,” said Sarah Reilly, housing production director for Community Housing Initiatives, in a press release. “From the selection of the site, to the design and development of the project, city leaders and staff at Marion Economic Development Corp. (MEDCO) have helped us shape a project that will provide spacious and well-appointed units for people aged 55 and over.”
Tulip Tree apartments will offer income restrictions on 36 of its 40 units, while four units will be at market rate. Each unit will is expected to hold two bedrooms.
Rent and leasing information will be released in 2023 when construction is near completion.
The Community Housing Initiative is Iowa’s largest non-profit housing development and consulting group that attempts to meet community needs and provide comprehensive services for residents. They boast of having generated or preserved more than 1,600 affordable housing units at below-market rates.