Hunter
11/08/22
A new senior housing development in Iowa City will mostly consist of affordable units for individuals 55 and older.
The NEX senior housing development project on Herbert Hoover Highway was awarded nearly a million dollars in federal housing tax credits last week. As part of the award, the income and rent restrictions will remain in place for 30 years. The Housing Trust fund of Johnson County is kicking in $720,000 while the city of Iowa City pledged $380,000. Those figures are 30-year loans.
The over $11 million project will include 40 two-bedroom units. 36 of them will be categorized as affordable housing. Based on income guidelines, rents will be between $916 and $1471. Costs to renters will be based on 40% to 60% of annual median income in the area.
Construction is projected to start no later than next fall and is expected to take about 12 months.