Construction has begun on a new senior housing project named the NEX Senior project in northeast Iowa City by Belisle Development, LLC. The project at 4643 Herbert Hoover Highway received approximately $1 million in federal housing tax credits from the Iowa Finance Authority.
For people 55 and older, the new development project contains 40 two-bedroom apartments. The project will cost $11.3 million in total. There will be four homes available at market price in addition to the 36 affordable units. Ten of the 36 affordable apartments will be available for 40% of the yearly median income. 18 units for 50%, and eight for 60%.
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The two-bedroom flats’ suggested starting rent per month is $916. The maximum rent will be $981 for a 40% median income and $1,226 for a 50% median income. Furthermore, $1,471 for a 60% median income is under the limits.
According to Sand Development’s Megan Carr, construction is scheduled to begin in the summer or early fall of 2023. She is working on the project alongside the other developers. The project could be finished by the fall of 2024 after a 12-month construction period.
More on the NEX Senior housing in Iowa
The housing tax credits for 2022 were first given out by the Iowa Finance Authority in August, but one project decided not to take the award. The project that received the next-highest rating was NEX Senior.
According to Ellen McCabe, executive director of the Housing Trust Fund of Johnson County, the NEX Senior project has been brought to the authority three times in the last three years.
“Regardless of income, age, or ZIP code, all Johnson County residents should have access to safe and affordable housing. Although there is still more work to be done, NEX Senior will assist numerous Johnson County seniors in achieving this goal, according to Sara Barron, executive director of the Johnson County Affordable Housing Coalition.