Two Marion Senior Living Projects Awarded Incentives
On Wednesday, March 11, the Iowa Finance Authority announced federal Housing Tax Credit and HOME program awards to 13 affordable rental projects in the state, two of the projects will be built in Marion.
The Blairs Ferry Senior project at 830 Blairs Ferry Road will include 57 affordable units for seniors 55 and older along with 3 market rate units. The Arbor at Lindale Trial, 1220 Blairs Ferry Road, will bring 60 affordable units for seniors 55 and older and 10 market rate units to Marion.
The Iowa Finance Authority awarded a $780,377 tax credit to Blairs Ferry Senior, co-developed by Landover Corporation and TWG Development, LLC and an $800,000 tax credit to The Arbor at Lindale Trail, co-developed by Full Circle Communities, Inc. and Iceberg Development Group. A $1 million award under the U.S. Department of Housing and Urban Development HOME program was also approved for The Arbor at Lindale Trail.
“We are thrilled to work with the developers of these projects and take them from concept to reality,” said Tom Treharne, planning and development director for the City of Marion. “The projects will expand the affordable housing options in Marion by nearly 130 units and allow us to meet a growing need among those over the age of 55.”
Construction is expected to begin late summer or early fall.
The combined awards announced Wednesday will help restore or build 523 living units in nine Iowa counties.