FOR IMMEDIATE USE
Iowa Finance Authority awards federal funds to Community Housing Initiatives’ Adel Manor Apartments
REHABILITATION OF 68 UNITS EXPECTED TO BEGIN IN 2023.
The Iowa Finance Authority on August 31st announced it has allocated $750,922 in annual Housing Tax Credits to Community Housing Initiatives, Inc. (CHI) to update Adel Manor in Adel.
The property, located at 500 Van Fossen Lane, offers 68, 1-bedroom apartments for seniors and persons with disabilities. Adel Manor offers project-based rental assistance, meaning rents are based on 30% of the individual monthly income.
Funds awarded by the Iowa Finance Authority for rehabilitation will help the non-profit organization to update handicapped accessibility features, modernize amenities, enhance energy efficiency, update HVAC, and add in-unit washers and dryers. “CHI and Adel Manor have worked together for nearly two decades, starting with the development of Van Fossen Square. It has been our pleasure to work alongside the Adel Manor Board of Directors to secure funding to preserve this wonderful community asset,” said Sam Erickson, CEO.
“We look forward to investing resources into Adel Manor to assure it continues to provide high-quality housing for the Adel community for the next 40 years.” Construction on the project is expected to begin in 2023, although a specific date has not been set.
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.
The Iowa Finance Authority’s release on its August 31st 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.
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