City gets big assist in drive for more housing

BY BROOKS TAYLOR

Mt. Pleasant News

Mt. Pleasant has the jobs but needs more housing if it hopes to keep expanding the employment numbers.

A big step toward the creation of additional housing was realized Friday when it was announced the city will receive a $1 million low-interest loan from the Iowa Finance Authority. The funds will be used in the construction of Heather Branch Estates, a 24-unit complex (two 12-plexes) in Linden Heights.

Developers for the project are Mt. Pleasant residents Ryan Matheney and Tony Fedler.

?I think this is fabulous,? said City Administrator Brent Schleisman concerning the loan. ?We?re very excited and pleased. We have the jobs but need the housing. This is another way of getting there (adding more housing).?

Schleisman said the program is relatively new, and when the city heard about it, request for proposals were sent to area developers. Matheney and Fedler answered the call.

The $1 million loan is a one-percent, 20-year note, Schleisman added.

He also pointed to a county housing study compiled several years ago, which said the county needs 900 additional housing units in the next five years to meet the demand of an ever-increasing workforce.

Mt. Pleasant?s award was made through the Workforce Housing Loan program, which provides financial assistance in the form of low-cost repayable loans to cities and counties.

?Iowa has one of the lowest unemployment rates in the country, which often translates to an increased demand for workforce housing in Iowa communities,? said Iowa Finance Authority Executive Director Dave Jamison in a press release. ?The Iowa Finance Authority created the Workforce Housing Loan program to provide communities with an affordable and flexible financing option to allow them to meet these growing needs. I commend the City of Mt. Pleasant for using the program to provide additional homes for the workforce.?

Tentative plans call for the 12-plexes to include one, two and three bedroom units. Rents are anticipated to be $625 for one-bedroom units, $750 for two-bedroom units, and $900 per month for three-bedroom units.

The Iowa Finance Authority accepts Workforce Housing Loan program applications on an on-going basis until funds are exhausted. Some of the application considerations include annual job growth, local contributing financial effort and employer investment in the proposed workforce housing project.

Schleisman said this is the first time the city has applied for the loan. ?We were looking for ways to meet the (housing) demand. This is just another piece of the puzzle,? he noted. ?We are excited that we have an opportunity to make this happen.?