Community Housing Initiatives has obtained funding, allowing the group to purchase both the Grant and Lincoln former school buildings from Oskaloosa.

Sam Erickson, CHI vice-president, said the non-profit company received two major sources of funding for both projects.

CHI received more than $2.1 million in low income housing tax credits from the Iowa Finance Authority for Grant Terrace and more than $1.9 million for Lincoln Terrace, according to March 5 IFA press release.

The Iowa Department of Economic Development also awarded both projects $750,000 each through the HOME Fund, Erickson said.

In previous years, CHI did not receive the funding needed to start the project twice. With the funding from IFA and IDED, the CHI is ready to exercise their option to purchase agreement with Oskaloosa and purchase each building for $80,000 each.

Erickson said in Lincoln there will be 13 one-bedroom apartments with roughly 900 square feet each in the Lincoln building and two two-bedroom apartments with approximately 1,115 square feet each. The total development cost for the Lincoln project is estimated at $3,150,000, Erickson said.

The Grand building will have 10 one-bedroom apartments with approximately 900 square feet each and five two-bedroom apartments with 1,110 square feet each. The total development cost for Grant is expected to be $3,450,000, Erickson said.

Construction is expected to take 10 to 12 months, Erickson said. She said she hopes for construction to begin on Aug. 1.

Every unit will have a washer and dryer and its own central air and heating. Each building will also have a community room, an exercise room, a computer room and storage.

The Grant building is also attached to the building that will house the Agency on Aging’s new senior center.

The Lincoln building is on the National Register of Historic Places and Erickson said CHI is planning to try and place the Grant building on the Registry. In two weeks, a CHI architect will look over both buildings.

“We’ll be preserving whatever we can,” Erickson said.

She said the exteriors of both buildings will be restored.

One of the biggest challenges in the project will be adding an elevator in the Grant building, Erickson said.

CHI has restored several historic buildings across Iowa, but this will be its first project involving two schools, Erickson said.