WATERLOO — An apartment building under construction is looking to provide more than a home to its tenants.
Greenhill Point, a $9.65 million project being built at Greenhill and South Hackett roads, will partner with local community organizations to provide support services and programs to its lower-income tenants.
“Those services can really differ from family to family,” said Justin Eilers, senior project manager for CommonBond Communities, the St. Paul, Minn.-based nonprofit company developing Greenhill Point. “It’s just a matter of helping people enter housing successfully.”
CommonBond Communities has linked up with Cedar Valley Friends of the Family to help with those support services and to identify families transitioning from homelessness who can occupy certain apartments in the new building.
Greenhill Point will have 47 one-, two- and three-bedroom apartments spread across three floors. Five of those units are reserved for tenants coming out of homelessness, five are market rate apartments, and the rest are restricted for tenants earning 60 percent or less than the area’s median household income.
Those income guidelines are tied to affordable housing tax credits awarded by the Iowa Finance Authority in 2018 to subsidize the construction costs.
Eilers said the city helped CommonBond Communities find the location for Greenhill Point, but said the site is ideally located near Central Middle School, the YMCA and a bus stop, all important to the tenants.
“In the building there will be a community room for gatherings and other events,” he said. “There will be a computer lab for people to use.”
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The Waterloo Housing Authority is providing five housing vouchers to the project for the families or individuals occupying the units reserved for those coming out of homelessness.
Julie Dawson, WHA executive director, said the agency is committed to helping the homeless in Waterloo.
“I believe that there is a definite need for newer affordable housing in our community, especially as Greenhill Point is located in a low-poverty area with easy access to shopping, bus routes, etc.,” Dawson said. “The supportive services which will be provided to all residents by CommonBond are also much needed, including referral assistance to other agencies in our community.”
CommonBond Communities is a nonprofit developer and manager of affordable housing that started in the early 1970s. It’s portfolio includes more than 7,000 affordable rental homes and townhomes in more than 50 cities in Minnesota, Iowa and Wisconsin.
The agency has been in Waterloo since 2010, when it opened Unity Square Townhomes at the intersection of Newell and Mobile streets near KBBG Radio.
“I think everything is going pretty well over there,” Eilers said of Unity Square. “I think that’s been a great property for us, one we’re really proud of, and we’re really excited to do another one in Waterloo.”
Greenhill Point is expected to open in May or June, and CommonBond Communities typically begins taking tenant applications about three months before opening. Potential tenants wishing to inquire about the property can call (877) 302-6228 or email GreenhillPoint@CommonBond.org.
Monthly rents will range from $325 to $560 for one-bedroom apartments; $663 to $725 for two bedrooms; and $770 to $830 for three bedrooms. As noted, income guidelines apply on most units. For reference, 60 percent of the area median income in Black Hawk County for a family of four currently is $44,700 a year.