In a Statewide announcement made Friday, August 11th the following Ames MSA housing projects were awarded Workforce Housing Tax Credits from the Iowa Economic Development Authority.
Awarded $1.0 M in state funding assistance, Nevada Flats, LLC will add sixty market rate apartments in the Nevada community when complete. The proposed phased project will support the rehabilitation of the Story County Medical Center North Campus as the Senior Care aspect of their business is relocated to new facilities being constructed south of the Story County Medical Center. The first phase of the project could begin later this year in the vacated clinic facility.
Empire Reality, LLC will be constructing eight market rate rental units on four infill lots in West Boone. The Ringold Estates project will consist of four twin homes. Josh and Heidi Walters, owners of Empire Realty, LLC said, “This State of Iowa funding is critical to move our Ringold Estates project forward. We wish to extend our gratitude to the City of Boone, Boone County Economic Growth Corporation, and the team at the Ames Economic Development Commission for providing us the support we needed at all phases of project planning to submit a successful application.” Empire Reality, LLC was awarded $303,330 in state funding.
Gateway Cottages is an 18-unit expansion of the existing Kading Development in Madrid. Awarded $584,641 in funding, this rental project will assist in meeting the growing residential needs in this Boone County community.
“Our team has been pleased to work with the communities and housing developers involved with these workforce housing tax credit projects,” said Dan Culhane, President & CEO of the Ames Economic Development Commission. “These successful applications will bring $1.8 M in State funding to our region, which is truly fantastic news for the communities involved. The 86 units of rental housing to be created, as a result of these projects, will further assist our efforts to attract and retain people to the Ames MSA.”
The Workforce Housing Tax Credit program has a focus on projects that redevelop abandoned, empty, or dilapidated properties. For more program information, please contact Brenda Dryer, Ames Economic Development Commission Sr. Vice President at brenda@ameschamber.com
