On Tuesday, the Iowa City Council unanimously voted (6 to 0) to make a $600k contribution to the building of affordable senior housing.Â The development is located in an east side vacant building in the Towncrest Urban Renewal Area.
The contribution will be used to fill the funding gap for the $7.5 million development and will assist the developer , 3 Diamond Development LLC based in Skokie, IL.Â It will allow for the application for low income housing tax credits through the Iowa Finance Authority.
~ Neighborhood Services Coordinator Tracy Hightshoe said,
This is our third application to the state for funding for senior housing at this location in the last three yearsâ€¦We’re going back for tax credits now, and we’re maxing out our local contribution so that they can score better on the application.
The new three-story development will be called Diamond Senior Apartments and provide 41 units for seniors.Â 20 one-bedroom units and 21 two-bedroom units.Â The units will also be split among the percentages of the community who rank below a specific household income level, making most of them affordable for 70% of the community’s elder residents.
We have a huge need for affordable housing, and by working with developers to apply forÂ the tax credit project, and with our contribution, it helps us get a lot more affordable units than we would ever get on our own.
~ Tracy Hightshoe