Des Moines, Iowa, (reposted November 15, 2024) Woda Cooper Companies, Inc. (Woda Cooper) hosted a groundbreaking ceremony on Monday, October 28, at 2 PM, to celebrate the construction start of Alley Landing, a newaffordable housing community the company is developing in Des Moines. The event was held at the construction site at 2701 Douglas Avenue.
Alley Landing will offer 40 affordable rental homes including one, two, and three-bedroom apartments. The apartments will be rented at rates affordable for residents up to 50% and 60% area median income, with eight units set aside as Permanent Supportive Housing (PSH) with rental assistance for households experiencing homelessness, with a veteran priority.
“Alley Landing will provide a new quality affordable homes for moderate and lower income residents, including individuals who have struggled with homelessness.” said Woda Cooper’s Barry Accountius, Vice President – Development. “We appreciate the support from the City of Des Moines, the Iowa Finance Authority, and all the partners who are making Alley Landing possible.”
Alley Landing’s 40 units will have energy efficient doors, windows, and HVAC systems, plus quality finishes, neutral paint colors, and energy efficient appliances, including dishwashers and in-unit washers and dryers. The property will also provide a multipurpose room with kitchenette, an on-site manager’s office, and supportive services office. Outdoor amenities include a fenced dog-park, playground, and there will be controlled building access.
The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan, and housing vouchers to provide rental assistance for the PSH units. “The Alley Landing Development will bring life back to an otherwise vacant lot, while providing additional affordable housing options for our residents,” said Des Moines Mayor Connie Boesen. “Developments like Alley Landing are exactly what we’re looking for to revitalize our urban core for all of Des Moines.”
The Iowa Finance Authority (IFA) provided a second HOME loan and allocated critical housing tax credits. “This groundbreaking symbolizes more than just a future apartment building location, said IFA Director Debi Durham. “It represents a brighter future for many Des Moines families, opening doors to better opportunities while strengthening the community as a whole.”
Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. “Bank of America is committed to strengthening community vitality by tackling critical challenges such as affordable housing,” said Annie Brandt, Senior Vice President and Iowa Market Executive for Bank of America. “Through our support for initiatives like Alley Landing, we’re not just making a commitment; we’re actively working to help our communities thrive by providing the resources and support needed to address homelessness and the pressing need for affordable homes.”
Cedar Rapids Bank & Trust is providing the first permanent mortgage. “Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities. We are pleased to provide financial support to Woda Companies’ Alley Landing in Des Moines,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Other partners include Families Forward who will provide supportive services to the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness.
Architect is Hooker DeJong, Inc. with general contracting by Woda Construction, Inc. Woda Cooper’s management affiliate Woda Management & Real Estate will perform leasing and property management. For more information, call 515-675-3846.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units operating or under construction. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 8th in nation among Developers and 22nd among Owners in 2024.
