The City of Davenport is opening up Timber Ridge Apartments for renters over the age of 62 with the help of developer Woda Cooper Companies and nonprofit Parallel Housing.
Woda Cooper Companies Vice President of Development, Barry Accountius, said that after breaking ground on a housing project in Muscatine County, in the city of Wilton, in 2020, they decided to keep looking for new opportunities in southeast Iowa.
“Our eyes stayed on this corner of the state since then. When an opportunity came up in 2024, we found a very suitable site," Accountius said. "We approached the city of Davenport. They were very generous and welcomed us with open arms. They've supported the project through the home funds, and the project came together at that point. We designed a 52-unit, 3-story L-shaped building fully accessible for households 62 and older.”
Woda Cooper’s eighth affordable housing community will cost $15.4 million to construct.
Funding includes the Iowa Finance Authority allocation of 9% housing tax credits.
Additional contributions come from KeyBank Community Development Lending and Investment (KeyBank CDLI)’s construction loan and equity tax credit, Cedar Rapids Bank & Trust’s permanent mortgage, and the City of Davenport’s home loan.
Accountius said Timber Ridge Apartments will benefit seniors aged 62 and older who tend to sell their homes.
“They don't want to have to take care of the maintenance, and they want to move somewhere where they can live with no maintenance worries and just have that part of their lives worry-free. What that'll do is it will create openings in the housing market itself, and families can come fill those,” Accountius said.
This energy-efficient, 52-unit housing community of 3 stories will house 32 one-bedrooms, 20 two-bedrooms, and an elevator.
Tenants’ rent will be $825 a month for one-bedrooms, and the price lowers to $565 for lower targeted income units.
The two-bedrooms will range from $670 to $975, and both rooms are targeted for a mix of incomes up to 40 to 60% of the area's median income.
The apartments on West 54th Street are expected to accept lease applications in the fall of 2026.
For more information, call Woda Cooper Companies or go to their website.
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