Mt. Pleasant seeks proposals from developers for rental housing

The City of Mt. Pleasant is seeking proposals from developers for projects that create rental workforce housing for moderate-income households in the city.

Proposals are sought to increase the capacity of moderately priced, quality rental units serving current and future needs of city residents.

The successful proposal will receive a very low interest loan from the Iowa Finance Authority, via the city, upon successful application. The loan interest rate will be set at one percent amortized over 20 years or less, with a maximum amount of $1,000,000. The workforce housing loan cannot exceed 50 percent of the total project budget. Additional rules and regulations apply.

Workforce housing is aimed at households earning up to 140 percent of the state median income. The Mt. Pleasant Area Development Commission has identified workforce housing as a significant need in Henry County, based on a housing needs analysis study commissioned in 2014.

Interested developers are encouraged to contact Travis Kraus of the Mt. Pleasant Area Development Commission regarding workforce housing and other housing funding programs, such as the workforce housing loan program through the Iowa Finance Authority and the workforce housing tax incentive program through the Iowa Economic Development Authority.

Additional information, as well as the complete guidelines for the city?s request for proposals, can be obtained by contacting Travis Kraus, executive vice president of the Mt. Pleasant Chamber Alliance, at 319-385-3101 or tkraus@mountpleasantiowa.org.