A downtown Davenport loft housing project is among nearly two dozen multi-family housing projects across Iowa to receive federal funds through the Community Development Block Grant program.
The Iowa Economic Development Authority announced that $52 million in block grants has been awarded to 19 communities in support of 26 new housing projects. The federally funded awards are assisting communities to recover housing lost during the catastrophic flooding in 2008.
The 5th Street Lofts received $2.94 million in block grants. The project is being developed by Madison, Wis.-based Alexander Co. The project will create 37 new housing units at 500 Iowa St. Of those units, 24 will be one-bedroom and 13 will be two-bedroom. Fewer than half will be income-restricted for 10 years.
The recipients were selected from 67 applicants, who requested a total of more than $112.2 million. Grants are awarded based on the project's potential benefit to low- and moderate-income people as well as the commitment by the developer and local resources.
The grant program is funded through the U.S. Department of Housing and Urban Development. Funds for disaster recovery are administered by the development authority.