Hilldale Estates, use of Denison's LMI money

Councilmember Nathan Mahrt wants the city to solicit development companies like Laborers’ Home Development Corporation which opened its 50-unit Hilldale Estates (at right) along North 10th Street in Denison in December 2016. He said money in the city’s low- to moderate-income housing fund could be use for similar projects. File photo by Gordon Wolf

Since opening two and one-half years ago, the 50-unit Hilldale Estates located along North 10th Street in Denison has been working well for the developer, Laborer’s Home Development Corporation (LHDC), headquartered in Springfield, Illinois.

The LHDC assistant director who put the time in the community to help make Hilldale Estates a reality said the project has also worked well for Denison.

Next month, Jayne Lourash will return to Denison to explore affordable opportunities for an additional LHDC project.

She said LHDC is in the very beginning stages of the exploratory process and that the size of any potential project is still to be determined.

Louriash did say she is looking at a project that would seek the same funding source that was used for Hilldale Estates – the federal tax credit project administered through the Iowa Finance Authority. Investors purchase the housing tax credits which creates equity for the housing developer.

Hilldale Estates was the first and so far the only LHDC developed project in Iowa.

Lourash had explored a similar project in Jefferson more than two years ago.

That project has been abandoned, said Lourash, but she added LHDC is looking at a development in Newton.

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