Full Circle Awarded Financing for Fifteenth Street Apartments in Dubuque, IA
CHICAGO, IL – The Iowa Finance Authority (IFA) awarded Low Income Housing Tax Credits to Full Circle Communities, a Chicago non-profit, for the development of 36 units of service-rich housing in Dubuque, IA that targets veterans and persons with a disability. With the strong support of City of Dubuque staff and officials, this three story, 36-unit development is an adaptive reuse of a former catholic school located at 180 West 15th Street, and construction is anticipated to start in winter 2017.
Dubuque is home to over 7,400 persons with a disability, of which approximately 1,000 have incomes below the poverty line. In addition, there are over 4,400 veterans in the city, of which 600 have a service-related disability and 200 have incomes below the poverty line. However, few accessible rental housing options are available, especially in the downtown area. These target populations make up 13% and 8% respectively of the overall population, but affordable, accessible housing with supportive services is undersupplied in Dubuque.
Located in downtown Dubuque, the project is in close proximity to Jackson Park, six bus routes, retail, service providers, and job opportunities. The redevelopment is designed by Cordogan, Clark & Associates and will add an elevator and accessibility features, allowing residents to live independently and better navigate the space. Additionally, the building will feature a video security system, storage units, community space, on-site property management, library, and computer room. Units will include a washer and dryer, dishwasher, and universal design features.
Through partnerships with local service providers, the project will offer voluntary services on-site at no additional cost to the residents. Services will include benefits assistance, guidance through the VA system, transportation assistance, medical screenings, health awareness, employment assistance, advocacy, and case management. Tenants will also be connected to other resources and services in the community.
IFA’s tax credits will be leveraged by additional funding from the Iowa Economic Development Authority, the City of Dubuque, and conventional debt. Of the 36 one- and two-bedroom units, 32 are reserved for households earning 30%, 40%, and 60% of Area Median Income and 4 units are market rate.