Vice President Barry Accountius says the company has been looking for places in eastern Iowa to build affordable housing. And Wilton officials were open to the idea but did their homework before whole-heartedly supporting the project. They visited one of Woda Cooper's housing developments in Indiana and were impressed by its management and maintenance.
Four apartments will be rented at market rates. The rest will be affordable for people who earn up to 80% of the area median income.
Accountius says the pandemic has exacerbated the housing crisis across the US and in eastern Iowa. For example, when it announced a second housing project in Cedar Rapids, the company had to create a waiting list before it broke ground.
Financing for the $6.9 million development includes Iowa Finance Authority housing tax credits.
Woda Cooper is also working with a nonprofit based in Pennsylvania called the Housing Services Alliance as the co-developer of Chandler Pointe in Wilton.
Construction will take about a year, and the complex will include a community room and solarium.
