The Iowa Finance Authority on September 8th announced it has allocated $708,412 in annual Housing Tax Credits and an additional $500,000 in federal HOME funds to Community Housing Initiatives, Inc. (CHI) to develop Tulip Tree Apartments in Marion.
The project will offer 40 mixed-income senior apartments at 1330 East Post Road. Construction on the project is expected to begin early in 2022, although a specific date has not been set.
“Successful funding for this project is a big win for community leaders in Marion who were extremely supportive,” said Sarah Reilly, Housing Production Director of Community Housing Initiatives. “From the selection of the site through 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 at a glance
CHI will announce rents and leasing information for Tulip Tree as construction nears its end in 2023. The property will be managed locally by staff in CHI’s Cedar Rapids office at 845 31st Avenue Southwest.
Community Housing Initiatives, Inc. (CHI) is Iowa’s largest non-profit housing development and consulting group. Since 1993, CHI has worked closely with communities ranging in population from 800 to 200,000 serving the sole charitable purpose of creating housing solutions that meet community needs and provide comprehensive services for residents. As one of the most successful developers and managers of affordable rental housing in Iowa, CHI has generated or preserved over 1,600 affordable housing units offered at below market rates. CHI has also worked with state and local governments, civic groups, and non-profit organizations across the state to promote the development of safe, affordable, and accessible rental housing.
ADDITIONAL RESOURCES
The Iowa Finance Authority’s release on its September 8th funding decision contains useful information about the Housing Tax Credit and HOME programs. It is available at www.iowafinance.com
More information about CHI can be found on its website, www.CHIhousing.com.