1 Main Street Iowa- Downtown Summit Mason City, Iowa August 20-21, 2002

2 Goodnight my Someone – People Living Downtown n Who is Heartland Properties, Inc (HPI) n What is the role of HPI in a Development n Why Downtown? n The Benefits n The Challenges n Excellent Examples of Downtown Housing n Conclusion

3 Mission Heartland Properties, Inc. provides QUALITY AFFORDABLE HOUSING in the Alliant Energy service territory

4 There are many excellent examples!

5 Heartland Properties, Inc.  Formed in 1988  Alliant Energy subsidiary  Offices in Cedar Rapids and Madison

6 HPI Since 1988  126 Developments  5,689 Apartment Homes  $356 Million Community Investment

7 19 Developme nts Since Merger Clinton Dubuque Fort Madison (2) Carroll (2) Knoxville Fairfield Jefferson Atlantic Decorah Albert Lea Fond du Lac Keokuk Maquoketa Reedsburg Montello Richland Center Sun Prairie

8 Special Needs Older Adults Families Housing Types

9 Why Downtown? - the Benefits n Unique living spaces n Non-traditional Units n Cultural Heritage n Urban Environment n Character n Proximity to Services n Seniors n Young Adults n Local Involvement

10 Why Downtown? – the Challenges n Parking n Green Space n Community Space n Street Level Commercial Space n Proximity to Services n Local Involvement

11 Wagon Wheel Apartment s n Burns & Burns, L.C. n New Construction n 33 Apartments n Older Adults ( 55+) n 3 story w/ Elevator n Located across the street from the Senior Center

12 Wagon Wheel Apartment s n Financing Sources: n HPI - Equity n IFA - LIHTC program n IDED - HOME program n FHLB-DM - Community Investment Program

13 Decorah Woolen Mill n Northeast Iowa Community Action Corp. n Adaptive Re-use n 15 Apartments n Persons w/ Special Needs

14 Decorah Woolen Mill n Financing Sources: n HPI Equity n IFA-LIHTC program n National Park Service-Historic Rehabilitation Tax Credit n State Historical Society of Iowa-State Rehabilitation Tax Credit n Federal Home Loan Bank-AHP Funds

15 Henry Stout Senior Apartments n MetroPlains Development n Historic Adaptive Re-use n 33 Apartments n Older Adults (55+) n 4 Story w/ new elevator added n Historically significant features retained

16 Henry Stout Senior Apartments n Financing Sources: n HPI Equity n IFA-LIHTC Program n National Park Service- Historic Rehabilitation Tax Credit n State Historical Society of Iowa- State Rehabilitation Tax Credit n IDED-Enterprise Zone Tax Credits n City of Dubuque-CDBG Loan

17 The Van Allen n Community Housing Initiatives n Historic Adaptive Re-use n 19 Apartments n General Occupancy n 4 story w/ elevator n Roof-top deck to be added

18 The Van Allen n Financing Sources: n HPI Equity n IFA-LIHTC program n National Park Service- Historic Rehabilitation Tax Credit n IDED-HOME and Enterprise Zone Tax Credits n Federal Home Loan Bank-AHP Funds

19 River City Apartments n Community Housing Initiatives n Historic Adaptive Re-use n 46 Apartments n General Occupancy n 4 Story w/ elevator n Indoor parking available

20 River City Apartments n Financing Sources: n HPI Equity n IFA LIHTC program n National Park Service-Historic Rehabilitation Tax Credit n State Historical of Iowa-State Rehabilitation Tax Credit n IDED Home and Enterprise Zone Tax Credit

21 Conclusion People need a reason to live downtown n Entertainment n Arts n Unique living space

22 Remember… n Location - Important n Does Market Need It ? n Can Residents Afford It? n Will Community Support it? n Can the Financing be Arranged? n Are You Willing to Invest Time?

23 Housing Spoken Here