Up until the end of 2021, the city of Urbandale, Iowa was suffering from a severe lack of affordable housing and little was changing to fix it. The last affordable housing project previously built in the city was created in 1996, and the area had the fewest affordable housing units of any Iowa city over 20,000 residents.
According to the Polk County Housing Trust Fund, a study conducted in 2019 found that Polk County was short nearly 12,000 affordable housing units for residents who earn less than 60% of the area’s median income (AMI).
The need for more affordable rental housing options has never been greater, especially in light of the ongoing pandemic
Bob Andeweg
Mayor, Urbandale, Iowa
“The need for more affordable rental housing options has never been greater, especially in light of the ongoing pandemic,” said Urbandale mayor Bob Andeweg in 2021. “Lillis Lofts will have a transformative impact on our community, and we’re thrilled that construction has begun on this project.”
Lillis Lofts, a project undertaken by TWG Development working alongside Dream Catcher and Grow America, may not fix the housing problem by itself, but is a great step in the right direction.
[The project] allows us to continue our mission of bringing affordable housing to those in need,” says William Hedlund, board president of Dream Catcher, a Des Moines, Iowa-based nonprofit that helps build affordable housing for low-income and handicapped residents. Dream Catcher is the long-term owner of the property, taking control of it once construction was completed.
Lillis Lofts, which opened on December 14, 2021, now serves general occupancy households and contains 43 units in total, including 24 two-bedroom units and 19 three-bedroom units.
$6.7
Million
Provided by Grow America
Grow America provided $6,795,026 of the $10 million project, which included low-income housing tax credit equity. Permanent financing also came from Cedar Rapids Bank & Trust, and Bank of the West provided a construction loan. The PCHTF added a $250,000 loan to the financing.
“There’s a bus route close. There are employment opportunities close, and we have a range of income levels that will qualify to live here,” said Joe O’Hern, president of Dream Catcher. “And I fully expect that virtually all of those different income levels will be working people that can take advantage of the employment opportunities very close by.”
Although TWG is based in Indianapolis, this is their fifth development built in the Greater Des Moines area. It includes a spacious community room, a fitness center, playground, and free internet, as well as laundry machines and storage spaces within each unit.
“We pride ourselves in designing and constructing safe, budget-friendly spaces and are honored to bring a new quality housing option to this community,” said John Sullivan, TWG vice president of tax credit development. “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.”
“Lillis Lofts will be the start of the transition we need to see in Polk County,” said Eric Burmeister, president of the Polk County Housing Trust Fund. It’s a transition still underway, but Lillis Lofts was a great start.
From the ground
