City of Mount Pleasant Seeking Proposals for Workforce HousingWritten by Theresa Rose on June 11, 2016
MOUNT PLEASANT— The City of Mount Pleasant is seeking proposals from developers for projects that create rental workforce housing for moderate income households in the City. Proposals are sought to increase the capacity of moderately priced, quality rental units serving current and future needs of city residents.
The successful proposal will receive use of a very low interest loan from the Iowa Finance Authority via the City upon successful application. The loan will be set at 1% amortized over 20 years or less, with a maximum award amount of $1,000,000. The Workforce Housing Loan cannot exceed 50 percent of the total project development budget. Additional rules and regulations apply.
Workforce housing is aimed at households earning up to 140% of the state median income. The Mount Pleasant Area Development Commission has identified workforce housing as significant need in Henry County, based on a Housing Needs Analysis study commissioned in 2014.
Developers are encouraged to contact Travis Kraus of the Mount Pleasant Area Development Commission regarding workforce housing and other housing funding programs, such as the Workforce Housing Loan Program through the Iowa Finance Authority and the Workforce Housing Tax Incentive Program through the Iowa Economic Development Authority.
Additional information, as well as the complete guidelines for the City’s request for proposals, can be obtained by contacting Travis Kraus, Executive Vice President of the Mount Pleasant Chamber Alliance at 319.385.3101 or firstname.lastname@example.org.