FOR IMMEDIATE USE
February 1st, 2023
Iowa Finance Authority awards HOME funds to Community Housing Initiatives
The Iowa Finance Authority on February 1st announced it has allocated $1,030,488 in HOME funding to Community Housing Initiatives, Inc. (CHI) for Evergreen Trail and Tulip Tree.
Evergreen Trail was awarded $533,319. The project is located in Des Moines, Iowa, and is a rehabilitation of a scattered site housing project creating 26 HOME units. Twenty of the units are reserved for persons aged 62 or older. Preservation of this important affordable housing stock will include upgrades to appliances, flooring, HVAC systems, and enhanced handicapped accessibility features.
Tulip Tree was awarded $497,169. This new construction project is in Marion, Iowa, and is new construction of 3 HOME units with a total of 40 units reserved for seniors aged 55 and over.
Funds awarded by the Iowa Finance Authority will help the non-profit CHDO organization offset substantial increases in costs to complete these projects. CHDO organizations are private nonprofit, community-based organization that has staff with the capacity to develop affordable housing for the community it serves.
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 February 1st funding decision contains useful information about the HOME program. It is available at www.iowafinance.com.
More information about CHI can be found on its website, www.chihousing.com.
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