AMES, IA - Community Housing Initiatives, Inc. (CHI) and Koester Construction Company, Inc., were joined on May 26 by representatives from Enterprise Community Investment, Inc., Iowa Finance Authority (IFA), the Mayor 's Green Team and others to celebrate the grand opening of Eastwood of Ames. A substantial rehabilitation, the property took more than a year to complete, and currently provides the residents of Ames a 60-unit green affordable apartment community. Offering a mixture of one- and two-bedroom apartments, along with three-bedroom townhomes, Eastwood of Ames is home to low-income families and provides healthy green homes to nearly 45 children. The property was placed into service in 2007.
"We are very proud of Eastwood of Ames as a property and as a member of the surrounding community," said Doug LaBounty, president of CHI. "A comfortable homes is the basis for a solid foundation, and it is with great pleasure that we open these doors to families working toward a brighter future."
As part of the $10.6 million renovation, CHI incorporated a number of energy-efficient measures to help the property reduce its energy consumption and support cost savings on utility bills. Each unit has been fitted with ENERGY STAR appliances, green certified carpets, energy-efficient windows and more. In recognition of the green retrofitting, Mayor Ann Campbell's Green Team provided CHI with more than $47,000 in rebates for energy improvements.
Located near downtown Ames, the property consists of four apartment buildings, which includes a community room, and opened a new playground in November 2010 for the younger residents.
"We are very excited to be part of this very special project," said Philip Porter, vice president of syndication, Enterprise Community Investment, Inc. "These past few years have been especially turbulent for the affordable housing industry, but with strong partners like Community Housing Initiatives, Inc., and other financial and community groups here today, we are able to help preserve and renovate homes that people can afford as well as thrive in."
Community Housing Initiatives, Inc. (CHI) was created in 1993 by a Northwest Iowa Community Action Agency, Upper Des Moines Opportunity. Over the past decade, CHI has established itself as one of the most successful developers and managers of affordable housing in Iowa. CHI has constructed or rehabilitated more than 1,000 affordable housing units and currently has 70 additional units under construction.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For nearly 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and other that share its vision. Enterprise has raised and invested $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities.
Source: Enterprise Community Investment