At just slightly over a month after the Carroll City Council approved a zoning change for a parcel of land on the east side of Bella Vista Drive from multi-family to a low-density residential district, a new project has been proposed for the site. Christopher Lenz, Development Director for Excel Development Group of Central City, Neb. presented the plan to the council Monday night, seeking their support for participation in the Low-Income Housing Tax Credit Program through the Iowa Finance Authority (IFA). Carroll Senior Estates would start with 10 duplex buildings (20 units total) designed for low-income seniors, 55 and older. Council member, Carolyn Siemann, asked if these would be classified as Section 42 and/or Section 8 housing. Lenz explained.
Your browser doesn’t support HTML5 audio
Lenz said all applicants, including Section 8 eligible, must meet the requirements of the housing development.
Your browser doesn’t support HTML5 audio
Fourteen will be at the highest tier renting for $600, two in the middle at $550 and four at $485. Three of the units will be full American with Disability Act (ADA) compliant and the rest will be handicap adaptable. Carroll city staff recently toured one of the Excel Development Group senior living properties in Orange City, and report their city staff were all pleased with the development and are in full support of another being constructed. The total project cost is estimated at $4.9 million, and with a cap from the IFA of a per-unit cost of $348,160, the developers are asking the City of Carroll to pledge $150,000 toward installation of the infrastructure needed at the site. After development, it is estimated they will generate approximately $112,000 in Tax Increment Financing (TIF) funds. Lenz expects construction to start in the spring of 2021 and said this is a benefit for the city as a whole as it will open up other viable housing options. Lenz added they typically end up with a waiting list.
Your browser doesn’t support HTML5 audio
The units are maintenance free, with water, sewer, trash, lawn care and snow removal all built into the rent. Electric and entertainment utilities will be at the renter’s expense. Lenz says they also put out bids for work and materials to be sourced locally. Future plans would have the development expanded by another 10 duplexes once the first phase is filled. Renderings of the buildings and site can be found below.
________________________________
Click on images two times to bring to full size.