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Oskaloosa council approves loan from housing trust to fill financing gap for Jefferson School senior apartments
Summary
The City of Oskaloosa approved a loan from its Housing Trust Fund to help fill a $1.4 million financing shortfall for the Jefferson School Lofts senior-housing project after developers said equity values dropped since their tax-credit award.
The Oskaloosa City Council voted on May 5 to authorize a loan from the Oskaloosa Housing Trust Fund to help close a financing gap for the Jefferson School Lofts, a proposed conversion of the former Jefferson School into 42 senior rental apartments.
City staff, the developer and the council said the $13 million project now faces a roughly $1.4 million shortfall caused primarily by lower-than-expected tax-credit equity prices since the project's application and award. Developer representatives told the council they were seeking a combination of contributions and loans to fill the gap: $400,000 from developer equity, a requested $250,000 loan from the city housing trust fund, a $250,000 loan from the Mahaska County revolving loan fund and a $500,000 grant request to the George Veil Trust.
Why it matters: The project targets seniors and aims to preserve a historic building while adding affordable rental housing. Developers and…
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