Before & After
Bloomsbury and Stewart Park Townhomes
In 2007 CommonBond acquired 100 units of affordable housing in the distressed Capitol East neighborhood of downtown Des Moines from a for-profit developer to preserve these much needed units as affordable. The rehabilitation of 60 units was completed in 2011. Of the remaining 40 units, Stewart Park Townhomes is fully funded and will begin construction Spring 2013. Bloomsbury Village is awaiting final funding approval from the Iowa Finance Authority and will likely begin the rehabilitation in late spring 2013.
These properties are over leveraged and distressed. This rehabilitation will relieve the properties from the unsustainable debt and allow for these units to remain affordable for the next 30 years. The rehabilitation will include: new roofs, siding, windows, an updated HVAC system and an overall unit overhaul including new kitchens, bathrooms, and flooring.
Bloomsbury Village is a core piece in the refinance of the 100 units as it will house the nationally recognized outcome-based Advantage Services Program. Once in place, these services will help youth succeed academically, support adults to achieve greater economic self-sufficiency and help residents with disabilities maintain independence. Specifically, CommonBond will offer and coordinate services such as: medical and psychological services; benefits advocacy and income support assistance; money management services; nutritional counseling; assistance in obtaining resources such as child care, transportation, job training and placement; access to programs addressing language and cultural barriers; academic enrichment programs; summer recreation activities; a computer lab; a resident association; and other services that actively promote positive and supportive housing environments for people with lower incomes.
With the financial support from the Polk County Housing Trust Fund, IFA, and City and State HOME Funds, Bloomsbury Village and Stewart Park Townhomes will provide a dignified, affordable home that supports independence and advancement within a flourishing community.
For more information on renting at Bloomsbury and Stewart Park contact Jen Oscarson at Jen.Oscarson@commonbond.org