Iowa Finance Authority awards federal funds to Community Housing Initiatives Cottonwood Trail Apartments
CONSTRUCTION ON 30 NEW APARTMENTS EXPECTED TO BEGIN IN 2024
The Iowa Finance Authority on July 5th, 2023 announced it has allocated $675,000 in annual Low-Income Housing Tax Credits and $1,100,000 in state HOME funds to CHI to develop Cottonwood Trail Apartments in Mount Vernon.
Located at 208 Glenn Street, Cottonwood Trail Apartments will consist of 30 mixed-income apartments specifically designed for seniors. Construction for this eagerly anticipated project is expected to begin in Spring 2024, with an anticipated completion date in 2025.
Sarah Reilly, the Housing Production Director of Community Housing Initiatives, expressed heartfelt gratitude to the City of Mt Vernon and the Mt Vernon Housing Commission for their unwavering support in bringing this affordable housing initiative to fruition. "We are incredibly grateful for the partnership and support of the City of Mt Vernon and the Mt Vernon Housing Commission. Their commitment enables us to provide the community with high-quality, affordable housing solutions," said Reilly.
Cottonwood Trail Apartments will comprise 15 one-bedroom and 15 two-bedroom units, making a total of 30 units available for residents. Among them, 8 units will be designated for individuals with incomes at or below 40% of the area medium income, while the remaining 22 units will be designated for individuals with incomes at or below 60% of the area medium income.
Rental and leasing information for Cottonwood Trail Apartments will be announced by Community Housing Initiatives as construction nears completion in 2025. The property will be locally managed by CHI staff at their Cedar Rapids office located at 845 31st Avenue Southwest.
About Community Housing Initiatives, Inc. (CHI)
Community Housing Initiatives, Inc. (CHI) is Iowa's largest non-profit housing development and consulting group. Since its establishment in 1993, CHI has worked closely with various communities spanning a population range of 800 to 200,000. Their sole charitable purpose is to create housing solutions that align with community needs while providing comprehensive services for residents. As one of Iowa's most successful developers and managers of affordable rental housing, CHI has generated or preserved over 1,600 affordable housing units offered at below-market rates. Furthermore, CHI has actively collaborated with state and local governments, civic groups, and non-profit organizations across the state to foster the development of safe, affordable, and accessible rental housing.
The Iowa Finance Authority’s release on its July 5th 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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