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Iowa Finance Authority awards federal funds to Community Housing
Initiatives’ Woodridge Apartments in Washington IA
REHABILATION OF 24 APARTMENTS EXPECTED TO BEGIN IN 2027.
On June 2nd, the Iowa Finance Authority announced it has allocated $697,535 in annual Housing Tax Credits and an additional $575,000 in federal HOME funds to Community Housing Initiatives, Inc. (CHI) to rehab Woodridge Apartments in Washington IA.
The project will offer 24 affordable apartments at 215 E Washington Street. Construction on the project is expected to begin early in 2027, although a specific date has not been set.
“Preserving quality, affordable housing is essential to the strength of this community, and it’s critical that to support its long-term sustainability. CHI is incredibly fortunate to be able to do that here in Washington, Iowa,” said Sarah Reilly, Housing Production Director at Community Housing Initiatives. “This project would not have been possible without the amazing partnership of the Eastern Iowa Housing Trust Fund. Their partnership has helped ensure that affordable housing in the Washington community is maintained to be both high-quality and long-lasting, and it’s a privilege to work with an organization that drives the same shared mission.”
CHI will announce leasing information for Woodridge as construction nears its end in 2027. The property will be managed locally by staff in CHI’s Cedar Rapids office at 845 31st Avenue Southwest.
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.
ADDITIONAL RESOURCES
The Iowa Finance Authority’s release on its June 2nd funding decision contains useful information about the Housing Tax Credit and HOME programs. It is available at www.iowafinance.com