52-unit affordable housing project may begin in October
Nearly $9 million investment for downtown
A nearly $9 million apartment building is set to be built in downtown Marshalltown.
In October, construction begins on a 52-unit, four-story apartment building with 33-one bedroom units, eight-two bedroom units and 11-three bedroom units. The new building will have a community room, fitness room and outdoor playground. The estimated cost of the project located at 20 E. State St. including parking is $8.9 million.
Finding quality, affordable low-income housing had been an issue for some residents pre-tornado. The July 19 EF-3 twister made matters worse, as an untold number of affordable apartments and structures were made uninhabitable.
While some have been repaired or replaced with new, others were or will be demolished, meaning an affordable housing gap remains.
The building, including parking, will be in an area currently occupied by the city-owned Senior Citizen Center building, city-owned properties at 12 E. State St. and 20 East State St., and two privately-owned properties under contract to the developer at 28 E. State St. and 106 N. First Ave.
Landover Corp. of Lake Barrington, Ill. has agreed to pay the city $10,000 for the city-owned properties. As part of the agreement with Landover, the city will demolish the 99-year-old, 21,600-square foot Senior Citizens Center building.
Developer Richard Sova with Landover said he is excited to begin.
“We were thrilled to receive the award, since we were competing against two other experienced applicants,” he said. “Of course, we have significant housing development experience too.”
Sova said his company has developed 13 housing projects over a five-year period.
“In addition to Marshalltown, we were awarded projects in Dubuque and Marion this year,” he said.
Marshalltown’s Housing and Community Development Director Michelle Spohnheimer was one of a number of city officials thrilled to hear Landover was approved this month.
“We are excited the company will be developing the project in the central business district, which was especially hard-hit by the tornado,” she said.
Nearly all the buildings in the area were impacted in some way.
“The Marshalltown Lofts will bring critically-needed affordable housing to our community, which is of special importance as we continue our tornado recovery efforts,” Marshalltown Mayor Joel Greer said. “This additional housing is an essential piece of our revitalization and it will help us move forward as a community stronger than ever.”
The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program.
Landover’s project was one of 12 in Iowa receiving federal housing tax credits to advance affordable housing, according to a press release from Iowa Housing Finance Authority.
That agency is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.
For more information, contact Landover at 847-55-8500, firstname.lastname@example.org, or visit Landovercorp.com.
Contact Mike Donahey at