TWG has started construction on Lillis Lofts, a $10 million development that will bring new housing options to Urbandale, Iowa.
The three-story, 43-unit project will be the area’s first affordable housing development in more than two decades, according to officials.
“The need for more affordable rental housing options has never been greater, especially in light of the ongoing pandemic,” says Urbandale mayor Bob Andeweg. “Lillis Lofts will have a transformative impact on our community, and we’re thrilled that construction has begun on this project.
Lillis Lofts will serve residents earning between 30% and 60% of the area median income (AMI) and will remain an affordable housing option for at least the next 15 years.
The Urbandale City Council has made it a priority to bring more diverse and affordable housing opportunities to the community and worked closely with TWG and partner Dreamcatcher to make the project a reality for the city.
This project “allows us to continue our mission of bringing affordable housing to those in need,” says William Hedlund, board president of Dreamcatcher, a Des Moines, Iowa-based nonprofit that helps build housing for low-income individuals and people with disabilities.
The development team assembled several sources of financing for the project, including low-income housing tax credit equity from NDC, permanent financing from Cedar Rapids Bank & Trust and a construction loan from Bank of the West. The Polk County Housing Trust Fund (PCHTF) also contributed a $250,000 loan.
“Polk County is about 12,000 affordable housing units short for residents who earn less than 60% of the AMI,” says Eric Burmeister, PCHTF president. “Lillis Lofts will be the start of the transition we need to see in Polk County.”
Indianapolis-based TWG has a strong presence in Iowa. Lillis Lofts is the firm’s fifth development in the Greater Des Moines area and will feature two- and three-bedroom units. Amenities include an on-site community room, a fitness center, and free internet connectivity. Each unit will include a washer and dryer. TWG partnered with local architecture firm ID8 Architects for the design of the community.
“We pride ourselves in designing and constructing safe, budget-friendly spaces and are honored to bring a new quality housing option to this community,” says TWG vice president of tax credit development John Sullivan. “Lillis Lofts could not have been possible without the support of the city of Urbandale, Polk County Housing Trust Fund, and our local nonprofit partner Dreamcatcher.”
