By WES KAPPELMAN
The Oskaloosa Herald
OSKALOOSA
Tue, May 13 2008
—
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.
Erickson said former Oskaloosa Community Development Director and current Housing Trust Fund board member Randy Irwin was important to making the project happen. She said Irwin had called CHI and pulled them into the community and had kept everything moving forward.
“This project is really his baby,” Erickson said. “He was really wonderful.”
Irwin said those on the Housing Trust Fund had made the project happen, with backing from the Oskaloosa Historic Preservation Commission.
“I’m excited for the community that we’re going to have a couple of very nice facilities in town that everybody can be proud of,” Irwin said.
The proceeds from the sale of the Lincoln building, after expenses, will be split between the Oskaloosa school district and Oskaloosa, as part of an earlier agreement. All of the proceeds from the Grant building sale will go to the city, Irwin said.
According to the option to purchase agreement, the Oskaloosa Housing Trust Fund will also provide $28,000 for the Grant building and $30,000 for the Lincoln building as a local contribution.
The Grant and Lincoln buildings purchase was discussed at the March 6 Oskaloosa Housing Trust Fund meeting. Interim Community Development Director Laura Russell said the purchase may take place in June.
Also during the meeting, Russell said the HTF did not receive a grant for the tenant based rental assistance program. The board will decide at a later meeting how to proceed.
Herald Staff Writer Wes Kappelman can be reached by e-mail at news2@oskyherald.com
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