The Washington City Council approved the resolution of intent for the section 42 housing project, which will provide low to moderate income housing. The project will include 32-units with 2, 3 and 4 bedroom dwellings with rent between $400 and $650.
The total estimate for the project is $5.8 million and the city has to match 6-percent of the total for the project to be approved by the Iowa Finance Authority. The matching funds will be provided through TIF dollars and the installation of a lift station if needed. The developer, Overland Property Group, was approved by the IFA for the only two complexes in rural Iowa last year. It will not be known for a couple of months if the developer is selected by IFA for this project.
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