DAVENPORT, Iowa — Woda Cooper Cos. Inc. and nonprofit Parallel Housing Inc. have broken ground on a new 52-unit affordable housing development located in Davenport.
Units at the community, dubbed Timber Ridge, will be reserved for seniors age 62 and older earning at or below 40 and 60 percent of the area median income. Monthly rental rates for the one- and two-bedroom apartments are expected to range from $565 to $975.
Financing for the project includes a HOME loan from the City of Davenport and the allocation of nine percent housing tax credits by the Iowa Finance Authority (IFA). KeyBank Community Development Lending and Investment provided a construction loan and tax credit equity investment. Cedar Rapids Bank & Trust is providing a permanent mortgage.
Hooker DeJong Inc. is the architect for the development, and Woda Construction and IMEG Corp. are serving as the general contractor and civil engineer, respectively.
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