Iowa Finance Authority awards housing tax credits to renovate Penn Oaks Apartments in North Liberty

  |     |   In Development

Penn Oaks shown prior to renovation.

The Iowa Finance Authority on March 14 announced it has allocated $453,446 in annual Housing Tax Credits to Community Housing Initiatives, Inc. (CHI) to acquire and renovate Penn Oaks Apartments in North Liberty.

The project also received a loan from the Housing Trust Fund of Johnson County. Tracey Achenbach, the trust fund’s executive director, said her organization is pleased to support affordable housing in North Liberty, a growing community with strong housing demand.

“It can be very difficult for low and moderate income people to find a place in our local rental housing market.  It’s important for us to invest in preserving quality affordable housing so that everyone here has access to safe, well-maintained housing,” she said.

To that end, work at Penn Oaks will include a range of updates to apartments focused on energy efficiency and adding resident-focused features like in-unit laundry. Construction will take place in 2019. When renovations are complete, the property will offer 38 three bedroom apartments.

Founded in 1994, Community Housing Initiatives is a nonprofit provider of affordable housing based in Spencer, Iowa.  Penn Oaks is CHI’s first residential property in North Liberty and Johnson County, but the organization owns or manages affordable rental properties in nearby communities including Cedar Rapids, Mount Vernon, Washington, and Columbus Junction.

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