Partner: TWG Development
NDC Equity Investment: $6,795,026
Lillis Lofts will be the new construction of forty‐three (43) housing rental units in Urbandale, Iowa. Thirty‐eight (38) units will be affordable to families earning 30%, 40%, and 60% of the AMI, there will also be five (5) market-rate units. The project will be located north of Douglas Avenue in close proximity to the Merle Hay Mall. The project will serve general occupancy households and will contain twenty‐four (24) 2 bedroom units and nineteen (19) 3 bedroom units. This project is going to provide much-needed housing for this community. The last affordable housing project built in the city of Urbandale was built in 1996 and according to housing stats, the city of Urbandale has the fewest affordable housing units of any Iowa city with more than 20,000 residents. In addition, according to the Polk County Housing Trust Fund, a study conducted in 2019 found that Polk County is short nearly 12,000 affordable housing units for residents who earn less than 60% of the area’s median income. The property is being jointly developed by the TWG Group as well as a local non-profit, Dream Catchers Inc. The property is expected to be completed in September 2021 and leased up before the end of 2021. The property will be managed by the TWG Group. Construction financing is being provided by Bank of the West, with long term perm debt provided by Cedar Rapids Bank and Trust. The Polk County Housing Trust Fund is providing a $250,000 low-interest loan to further assist the project.