What's Happening in Davenport, IA…

Loan financing has been approved by the Davenport City Council for the Annie Wittenmyer Family Housing Project.

Part of the Wittenmyer campus will be converted into 46 apartments. Some of the apartments will be offered at market rate while most units will be for low-to moderate-income families. Such sites can benefit from banner printing to inform residents of such projects and their benefit for a community.

The Council approved a loan of $724,000 to fill the last gap in financing for the project. The project, at a cost of $19 million, will renovate the entire campus which was built in the 1800s. Costs to maintain the campus were increasing and so the Council looked for outside developers to renovate the site. The sale of the property was approved by the Council in January 2024.

The Iowa Finance Authority awarded the project Low Income Housing Tax Credits. Agreements from investors will provide over half of the funding which the project needs. A conventional mortgage was also secured by the developer, with additional equity commitments from an allocation of State and Federal Historic Tax Credits. This will cover 40 percent of the funding needed for the project.

Senior housing is part of the long-term plans for the east half of the campus. The property is expected to transfer the property this month and completion of the project is required by December 2026.