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|Local Housing Corporation Begins Construction on New Facility|
|News Releases - Not-for-Profit News|
|Written by Erin McConaughey|
|Monday, 22 March 2010 13:17|
DID YOU KNOW… that a major problem in our community is the lack of affordable housing for all low income households?
DID YOU KNOW ….recent studies have shown that an additional 2,300 rental units are needed for households at or below 30% of Area Median Income (AMI) which is $12,630 for a one person household? More specifically, nearly 800 low income persons with persistent mental illness struggle to find quality housing they can afford.
DID YOU KNOW …most people in this group are extremely poor, relying on monthly disability payments of $639 which is just under $7,700 per year or 18% AMI?
DID YOU KNOW … it is nearly impossible to find decent one-bedroom apartments that are affordable on this income. The average cost for a decent apartment is currently $425 plus utilities?
DID YOU KNOW … a local community Mental Health Center is set to break ground on a new 13-unit housing complex to help provide additional independent living opportunities for persons with mental illness? Please read the following press release for more information on how this organization is giving back to the Quad Cities.
Local Housing Corporation Begins Construction on New Facility
Groundbreaking Ceremony Scheduled for March 25, 2010 at 1:30 p.m.
Vera French is poised to begin construction on Vera French Court Apartments at 3465 Holiday Court in Bettendorf. The 13 unit complex will provide additional independent living opportunities for persons with mental illness.
Vera French Court will feature energy efficient one bedroom apartments, handicapped accessible units, a community room with kitchenette and computer center, laundry facilities and storage space. An outside patio, BBQ grill, picnic area and raised bed gardening area add to the amenities.
Residents living at Vera French Court have opportunities to participate in education classes and planned activities. Support services will be available on site.
Vera French’s Housing Corporation has been successful in developing 105 units of affordable housing by combining public and private low interest loans and grants all across the Quad Cities.
Funding for this $2.3 million dollar project combines Iowa Finance Authority’s Section 42 Low Income Housing Tax Credit with American Recovery and Reinvestment Act Funding. Additional funding sources include Iowa Department of Economic Development, Scott County Housing Council and Scott County Regional Authority and NAMI Scott County. Midwest Housing and Equity Group, Iowa Fund V is providing $1,365,000.00 of equity to the project.
For more information on Vera French, please visit their website at www.verafrenchmhc.org.
Russell Construction, located in Davenport, IA is serving as the General Contractor on this project. In the past Russell has constructed two 10 unit Low Income Housing Tax Credit (LIHTC) projects, Vera French Manor and Vera French Terrace. Robin Andrews, located in Huntley, IL will serve as the Architect.
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