- PCHTF
- May 21, 2024
- 4 min read
At a special meeting in May the Polk County Housing Trust Fund’s (PCHTF’s) board of directors approved just under $1.6 million in funding to support 3 proposed Low Income Housing Tax Credit developments planned for Polk County. Each project is awaiting a key funding decision in the Iowa Finance Authority’s competitive housing tax credit round with decisions expected in late summer. If all three projects receive full funding, they would collectively bring an additional 127 units of affordable housing to the Des Moines metro.
“Adding to the region’s supply of quality, affordable rental housing is one of the most important roles we play,” said Toby O’Berry, executive director of the Polk County Housing Trust Fund. “These projects provide housing that people truly need, close to transit and jobs, and they will play a big role in revitalizing the areas in which they are planned to be built.”
PCHTF will utilize two sources of funds to make its allocations. PCHTF New Rental Development Program funds will be awarded to all three projects which are drawn from the State Housing Trust Fund. In addition, PCHTF has awarded American Rescue Plan Act funds to Healey Pointe and The Townhall that were originally part of a special fund for new housing development entrusted to PCHTF by the Polk County Board of Supervisors in 2022.
Projects awarded in this round
Valley Ridge, 1245 8th Street, West Des Moines, IA
Valley Ridge is focused on expanding the affordable units, specifically for families, by expanding the availability with 8 one-bedroom and 24 two-bedroom units as well as introducing 20 three-bedroom units to the 8th Street Corridor in West Des Moines. The 52-unit property will include amenities like in-unit laundry and shared patio space and playscape for children. (Developer: Hubbell Realty Company)
PCHTF awards: $300,000 from PCHTF New Rental Development Program.
Affordability: All apartments are income restricted 39 at or below 60% of area median income and 13 at or below 40% of AMI
Transit: Property is served by DART 96 EP True Express route with service to downtown; Local 72 West Des Moines Circulator route is nearby.
A previous phase of this development was built by JCG Holdings and Benchmark Real Estate Group and is open and occupied next door. If awarded housing tax credits, construction on this $11.8m phase is expected to begin in spring 2025 with completion in spring 2026.
The Townhall, 1609 6th Avenue, Des Moines
The Townhall project is a multifaceted $12.3 million development planned for the Sixth Avenue Corridor in Des Moines with an anticipated completion date in late 2026. This project includes two adjacent buildings with 29 units. One building will involve the new construction of a three-story building containing affordable apartment units plus a first-floor food hall. The second building will involve the rehabilitation of the historic North Des Moines City Hall building, listed on the National Historic Register, to include additional affordable apartment units plus a first-floor coffee shop. Altogether, the project's primary objectives include the creation of much-needed affordable housing, economic empowerment through the innovative Food Hall concept, and the enhancement of community engagement in the River Bend neighborhood. (Developers: Ntontan RE and Newbury Living.)
PCHTF awards: Total of $700,000. Includes $300,000 from PCHTF New Rental Development Program and $400,000 from American Rescue Plan Act funds.
Affordability: All units are income restricted. 26 units are restricted at or below 60% of area median income and 3 units at or below 30% of AMI.
Transit access: Property is served by DART Local 15 (6th Avenue) route and On Demand service in River Bend neighborhood.
This project was the winner of the Iowa Finance Authority’s first-ever innovation competition at the Iowa Finance Authority’s HousingIowa in Cedar Rapids in 2023. Project innovations include sustainable design, a vibrant community space, equitable partnerships, and a resident rewards program.
Healey Pointe, 1350 East Douglas Avenue, Des Moines
Healey Pointe is a planned 46-unit development offering independent living apartments for seniors 62+. The project will consist of 30 1- bedroom and 16 2-bedroom units. The project will consist of one 4-story elevator building with adequate off-street parking for all households. Each unit will feature energy efficient appliances, HVAC systems, and in-unit washer and dryers. Project amenities will feature community gathering spaces, a controlled access building, and a fenced dog park. (Developer: Woda Cooper Development, Inc.)
PCHTF awards: Total of $596,874. Includes $200,000 from PCHTF New Rental Development Program and $396,874 from American Rescue Plan Act funds.
Affordability: All units income restricted; 34 are restricted at or below 60% of area median income and 12 are restricted at or below 40% of AMI.
Special population: Age restricted 62+
Transit: Property is served by DART Local 4 14th Street route on select trips. Route 50 Euclid Crosstown route operates nearby.
If awarded housing tax credits, construction for this $13.6 million project is anticipated to begin in spring 2025 with completion in early summer 2026.
“Through these projects, you can see that multiple levels of government together with private businesses are working together to meet the area’s housing need. Ultimately thousands of residents in our community are paying more than they can afford for homes they rent, so there is a significant continued need to invest in affordable housing,” said O’Berry.
Previously awarded, but announced today
In addition to the three projects awarded funds this month, today PCHTF is also announcing a $762,416 American Rescue Plan Act allocation that was made previously to Evergreen Trail, a group of affordable rental properties in Des Moines locally owned and managed by Community Housing Initiatives.
Evergreen Trail is composed of two smaller independent senior living properties on Forest Avenue (King Irving Neighborhood) and Indianola Ave.in Des Moines as well as 2 and 3-bedroom apartments with no age restrictions located on SE 6th Street in Des Moines (South Central DSM Neighborhood). In total, these buildings offer 26 apartment homes which are income-restricted at 60% of AMI. Funds will support needed upgrades to mechanical systems, appliances, and finishes to preserve the affordability of these units. Evergreen Terrace buildings were originally constructed between 1980 and 1985 and have significant improvement needs. (Developer: Community Housing Initiatives)
Together with the three new announcements, this means the $12 million American Rescue Plan Act fund for affordable housing set aside by the Polk County Board of Supervisors in April 2022 is currently fully awarded. Details about all PCHTF’s funding programs for housing can be found at www.pchtf.org/apply.
- PCHTF
- Sep 19, 2023
- 3 min read
Updated: Sep 21, 2023
The Polk County Housing Trust Fund (PCHTF) has announced 2 new agreements totaling $3.1 million in allocations for affordable housing in Polk County using federal American Rescue Plan Act funds allocated to PCHTF by the Polk County Board of Supervisors.
Today’s announcement comes as community members gathered along Merle Hay Road on Des Moines’ north side to celebrate the groundbreaking of Monarch Apartments, a new permanent supportive housing community which is receiving $1.6 million in ARPA funding from PCHTF. Additionally, the Polk County Board of Supervisors allocated $1 million in ARPA funds to the project directly.
Polk County Supervisor Angela Connolly explained why the partnership to support Monarch Apartments is a win for the region. “Polk County is proud to lead the way on supporting the Monarch Apartments because it will combine critically needed housing units and evidence-based wrap around services to help homeless individuals make long term, positive changes in their lives. The ‘permanent supportive housing’ approach that Monarch uses offers a home first, and voluntary supportive services that empower residents to find their footing and reach their goals,” Supervisor Connolly said.
The 42-unit Monarch apartments will offer permanent supportive housing apartments in a converted hotel property. The property will offer rent-assisted units serving people experiencing homelessness who are referred by Centralized Intake which serves as Polk County’s entry point to homeless services.
Permanent supportive housing means that Monarch will follow housing first principles – where success for residents is measured as maintaining stable housing. Residents receive supportive services focused on harm reduction, trauma informed care, and strengths-based case management that connects them to other services and supports. Monarch Apartments will be staffed 24/7 and have two live-in peer support staff.
Ahead of today’s groundbreaking, Cynthia Latcham, president of Anawim Housing, summarized the impact Monarch Apartments will have. “Homelessness is a complex issue best solved with permanent supportive housing. For more than 25 years Anawim has been providing permanent supportive housing on a scattered site basis throughout Polk County. The Monarch Apartments will offer this critical intervention for people who have a history of homelessness by pairing housing with onsite evidence based services such as trauma informed care and motivational interviewing,” Latcham said.
Hawthorne Pointe apartments in Bondurant also to receive funds
Today, PCHTF also announced a recently completed ARPA funding agreement for Hawthorne Pointe, a new apartment community planned for Bondurant, Iowa. Developer Commonwealth Development Corporation of Middleton, Wisconsin, will receive $1.5 million to support that 40-apartment project.
Hawthorne Pointe will offer 1, 2, and 4 bedroom apartments and townhomes in Bondurant, Iowa, a rapidly growing community that has seen a large increase in nearby warehouse and logistics jobs offering wages that align well to support residents who will be able to live in this new apartment community. The property offers in-demand features like in-unit laundry and ample storage space as well as an on-site community room and playground. Apartments will be available primarily at 40% and 60% of the area median income with a few available at market rate. Occupancy is expected in mid-2024.
About this funding program
Funds PCHTF is allocating to this project come from Polk County’s landmark $15+ million allocation of American Rescue Plan Act funds announced in April 2022, which includes $12 million for housing development. This agreement brings the total allocated through this fund to $10.4 million committed to support 319 units of affordable housing at or below 60% of the area median income within properties that offer a total of 416 housing units.
Funds in this program are awarded through a competitive application process in which applications are reviewed by the Polk County Housing Trust Fund’s development committee and approved by its board of directors. PCHTF held a first round of applications in July of 2022, a second round of applications in September, and a third round of applications in February.
Investments from this fund are available to support rental housing affordable to people earning under 60% of the area median income, currently $63,350 for a family of four. The Trust Fund is placing additional prioritization on serving extremely low-income households earning at or under 30% of area median income, or $31,300 for a family of four. These income guidelines vary by number of people in the household and are updated annually by the federal government. (The 2023 annual update was released in May.)
The Polk County Housing Trust Fund (PCHTF) congratulates AHEPA Senior Living on celebrating the groundbreaking for their new AHEPA 192-IV community earlier today. The property will offer 90 senior apartments at 6705 SE 5th Street in Des Moines, next to Southridge Mall. PCHTF has committed $1.125 million of federal American Rescue Plan Act (ARPA) funds to support the project.
“This project is a win-win for Des Moines. It continues to transform the area around Southridge Mall by adding additional housing, and it provides an outstanding opportunity for some of the most vulnerable seniors living in our community,” said Toby O’Berry, Executive Director of the Polk County Housing Trust Fund.
AHEPA management company is a non-profit developer of affordable senior housing across the United States founded in 1991. Like many others this organization manages, AHEPA 192-IV is part of the federal HUD 202 program, meaning the property serves extremely low income seniors age 62+. It will offer income-based rental assistance as well as a robust program of supportive services to assist residents with needs of daily living and provide social engagement.
The investment PCHTF has committed uses federal ARPA funds allocated to PCHTF by the Polk County Board of Supervisors in April 2022. Today’s announcement brings the total committed from this $12 million fund to $7.3 million to support 243 units of affordable housing at or below 60% of the area median income within properties that offer a total of 336 housing units.