A new 52-unit affordable housing complex in northwest Davenport, geared to seniors, held a ribbon-cutting Wednesday, Oct. 28.
Timber Ridge is a three-story, $15.4-million development at 2345 W. 54th St., Davenport, designed to serve residents age 62 and older.
It includes 32 one-bedroom and 20 two-bedroom apartments. Monthly rents will range from approximately $557 to $850 for a one-bedroom unit, and $663 to $1,000 for a two-bedroom unit.
The average median income mix will be between 40% and 60%. This energy-efficient building features a community room, elevator, BBQ/picnic area, upgraded LVT flooring, and in-unit washers and dryers.
Timber Ridge is developer Woda Cooper Companies’ ninth affordable-living community in Iowa and the first in Davenport.
The closest one is in Wilton, and the ninth is under construction in Newton, said Barry Accountius, vice president for development. Woda Cooper is based in Columbus, Ohio, and has about 400 properties nationwide, with over 20,000 housing units.
“The finishes just came out terrific,” he said Wednesday morning of Timber Ridge. “You have this high-quality LVT flooring. fully equipped kitchens. Everyone has their own HVAC system, and every one of these apartments has their own washer and dryer inside the unit, which we think is just a terrific feature.”
“We appreciate that this is Woda’s first project in Davenport,” said Davenport Mayor Jason Gordon. “We know that we do have affordability challenges, not only in Davenport, not only in the Quad Cities, but I would say in multiple places all over the country. And that affordability challenge in housing is really from what we think of as traditional low-income all the way to owner-occupied options that there are folks that can afford homes, but they can't afford homes at price points that maybe builders are wanting to build at.”
“We appreciate very much in Davenport that Woda is helping us chip away at that challenge and provide affordable housing, for our young folks 62 and older,” he said.
“Anytime that we can add housing, and more specifically affordable housing, to our housing stock in Davenport, that is something special and that's a day to celebrate,” Davenport Ald. Kyle Gripp said. “And that's what we're here to do today is celebrate Woda Cooper, the Timber Ridge development, and then all of the partners who are here that made this happen.”
“When we did the groundbreaking, we talked a lot about partnership and all of the different organizations that came together to make that happen,” he said. “And now you get to see the fruits of everyone's labor,” he said. “I want to thank everyone under this tent and around this tent for bringing high-quality, affordable housing to the city of Davenport.”
“Timber Ridge is a great example of what we can accomplish when public and private sectors work together towards a common goal,” said U.S Rep. Mariannette Miller-Meeks (R-Iowa). “This development is about more than housing. It's about providing seniors with stability, dignity, and peace of mind.
"It also strengthens the Northwest Davenport corridor by bringing new investment to this neighborhood and ensuring more residents live near local businesses, healthcare, and other essential services.”
In Congress, Miller-Meeks she’s worked on policies and funding that make projects like Timber Ridge possible, including the 21st Century Road to Housing Act, the Working Families Tax Cut, and Low-Income Housing Tax Credit, to make financing available to developers like Woda Cooper.
“It helps developers secure the financing necessary to build and preserve homes for families, seniors, and other Americans who need affordable housing option,” Miller-Meeks said. “As Iowa continues to grow, we must ensure that affordable housing supplies keep pace with demand. That means reducing barriers to construction, which we need to get our federal permitting reform passed— it passed through the Senate— encouraging private investment, and working with state and local partners to find solutions that meet the needs of our communities.
“Timber Ridge, which is a beautiful complex, demonstrates what is possible when those efforts come together,” she said. "I'm grateful to everyone who helped bring this project to Davenport, and I look forward to helping to see the positive difference it makes in the lives of its residents.”
Making dreams a reality
Among other speakers was Marina Miller, assistant vice president of KeyBank’s Community Development Lending & Investment division, which is the No. 2 affordable housing lender in the U.S., raising $6.5 billion in capital last year.
“We bankers love our numbers. We all know what it costs to build this building, but the most important number today is 52. That's 52 units that were added to the city of Davenport,” she said Wednesday. “52 local seniors will have beautiful, affordable place to live that they can call their home. That's what today is all about. Projects like this don't happen on their own. They happen when developers, lenders, and government agencies all get together and make this dream a reality. KeyBank is proud to be named number-two affordable housing lender in the nation.”
“Today is all about the people who live at Timber Ridge. It's about creating a place that offers stability, opportunity, and affordable place to live,” Miller said. “We are honored to have been a small part of this project. On behalf of KeyBank, congratulations to all of you that made this dream a reality.”
“This would not be possible without all the partnerships, starting with the city of Davenport, who has worked so hard in getting housing built,” said Bernadette Beck, compliance officer for the Iowa Finance Authority, another project funder. Michael Goerdt, senior vice president for Cedar Rapids Bank & Trust, also spoke at the ribbon-cutting.
Woda Cooper president David Cooper thanked the Congresswoman, on behalf of federal affordable housing tax credits that made Timber Ridge possible.
“What it says is we can, in essence, through a tax credit, recover 70% of the present value of the cost of this building over a 10-year period,” he said, noting that is what makes their rents affordable. “What we have here is equity through KeyBank. And what that does for us is it lets us charge much lower rents.
"That's what we promise in return for that credit. And without it, we couldn't deliver the rents that we've got today. And we really do appreciate the federal support that this program gets.”
“One of the things that makes us a little bit different maybe than some others in our business or other businesses. We never sell a property,” Cooper said. “So we make a very long-term commitment. When you take a tour of the building, you will see that we build to a standard that's probably above what's required.”
And Woda Cooper properties average below 15% turnover of residents every year, he noted.
“That's important to us and it gives us a lot of stability in the community. So people worry about what are you going to bring to our community? We're going to bring a lot of stability through these units that are here,” Cooper said.
Woda Cooper consistently ranks among the top affordable housing developers and owners in the country by Affordable Housing Finance, according to the company. The firm operates in 19 states -- in the Midwest, Mid-Atlantic and Southeast, and has a development portfolio of $3.25 billion.
Meeting affordable housing needs
Leslie Kilgannon of the Quad Cities Housing Council, praised the development for adding more needed safe, decent and affordable housing to the area.
“It's critical as we are experiencing a nationwide crisis. There's just a lack of safe, decent housing that is affordable for people, especially at the extremely low to low-income categories,” she said. “We need to celebrate the wins, and this project is definitely a win. 76% of extremely low-income households in the Quad Cities are cost-burdened. That means they're spending above 30% of their income on their housing. So these units are desperately needed, and I couldn't be more tickled to be here today.”
“Why does affordable housing matter? Because housing is more than just a building. It's the foundation of our community, impacting everything from education, politics, and public health to workforce development, tourism, and more,” Kilgannon said.
“This initiative really does highlight the intersection and forces meaningful conversations about how we can all work together, the different stakeholders in the community, to create housing— sustainable housing solutions.
“And it's very exciting and inspiring to see how many partners came together. I hope that the Housing Council is a partner with Woda Cooper; it didn't work out the last time we spoke, but we hope to be along for that journey next time,” she said. “I look forward to partnering with Woda Cooper and others in the future as we look to address the housing needs of our nation and our community.”
More than half the 52 apartments have been rented, and the first resident to move in soon spoke at Wednesday’s ceremony. Maryanne (who declined to give her last name) said she’s very excited to be moving from another apartment to the new complex.
“First of all, it's brand new. I like that, that it's brand new,” she said. “I also like the fact that it's got extremely wonderful security. There's security cameras everywhere. I have to use a fob to get into the building. Anybody who comes to see me has to punch a button, and I have to answer them and let them in. I really like that. I feel secure in that. I like the parking. Look at all this handicapped parking. And that's one thing that I think is wonderful.”
“I just want to say that I'm so excited about moving in here,” Maryanne added. “And numbers were said this morning and everything, but one thing that stuck to me was that Mr. Cooper said that they longed for a 15% or less turnaround. Well, I'm going to be one of these. I will be here forever.”
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