$12 million investment planned in Marion senior housing
The 70-unit Arbor at Lindale Trail will be constructed at 1220 Blairs Ferry Road by Full Circle Communities and Iceberg Development. The project became financially feasible on March 11, after the Iowa Finance Authority approved Housing Tax Credits of $800,000, in addition to a $1 million award from the U.S. Department of Housing and Urban Development HOME program. 60 units will be income restricted to seniors 55 and older earning less than 60% of Area Median Income as defined by HUD.
Programming will be one of the distinguishing features at the Arbor at Lindale Trail, according to Lindsey Haines, project manager at Full Circle Communities. She said Full Circle returns 75% of project’s free cash flow to provide on site services through community-based providers. The services are expected to include onsite case management to help residents coordinate services such as medical care, housekeeping and wellness programs.
“Because we’re right on the trail, we might have things like a bike club or a walking group.” Ms. Haines said.
The Arbor at Lindale Trail will also have 10-market-rate units that can be leased to senior tenants who are not income-eligible, according to Ms.Haines.
Studies have identified a strong need fore more senior housing, and the area is seeing new projects emerge to meet the demand. Development demand for senior housing in the Cedar Rapids market was pegged at 239-276 units in a 2013 study by Maxfield Research of Minneapolis.
In the affordable senior housing category, applicants seeking to lease units must meet both age and income thresholds. The study identified two such apartment communities in Cedar Rapids, but only one offered both affordable and market rate units. The difference in rents between the types of units was about $300 per month.
The study found no vacancies and waiting lists among the affordable senior properties, indicating significant pent-up demand for senior rentals.