|
|
|
|
School Infrastructure
Preservation and Adaptive Re-use
of Iowa's Historic School Buildings by
Conversion to Affordable Rental Housing
School districts who are contemplating closing a building are often faced
with the question of what to do with the building. Demolition can be
expensive especially when asbestos or lead-based paint might be present.
An alternative that some districts in Iowa and around the nation have
used is to sell or give the building to a housing developer for
conversion to affordable rental apartments. Some successful examples
in Iowa include: the former Emerson and Whittier Elementary Schools
in Waterloo; the former Central High School in Sioux City is now
Castle on the Hill Apartments; St. Katherine's Girls School in
Davenport is now Senior Apartments and the entire campus of Marycrest
College in Davenport is being converted to a senior housing campus
with independent and assisted living options.
Affordable housing financing is available to housing developers
through the Iowa Finance Authority using federal Low-Income Housing
Tax Credits (LIHTC). Developers apply for the credits through an
annual competitive process. The apartments are restricted to persons
whose incomes are below 60 percent Area Median Income and rent levels
are similarly restricted to keep the units affordable. Many times
when buildings are in older neighborhoods, the income and rent
restrictions are not very different then the current market for
the neighborhood. However, the redevelopment project can bring
investment to these neighborhoods for the first time in many years.
Further the preservation of an historic building is often the spark
that results in reinvestment in the housing stock of an older
neighborhood.
If a district is interested in this process and would like to
contact prospective developers with experience using the credits
and managing such apartments, contact:
The Iowa Finance Authority
East Grand Office Park
100 East Grand Avenue, Suite 250
Des Moines IA 50309
(515) 242-4990
http://www.ifahome.com
At the home page, select Housing Programs and then Low Income
Housing Tax Credits for more information.
|
|
|
,
Excel
, and
PowerPoint
files.
files.
indicates a link which leaves the IDOE site