In March 2005, the Corporation was awarded Low Income Housing Tax Credits (LIHTC) from IFA and HOME funds from the Iowa Department of Economic Development to construct a 32-unit 2, 3 and 4 bedroom housing development for low to moderate income households in Asbury.
The new for-profit entity was formed as a subsidiary of EIRHC, the Asbury E.I.R.P., L.L.L.P., is the General Partner in the housing project. The for profit entity, Eastern Iowa Development Corporation (formerly known as Evergreen Meadows, Inc.), was also developed and is a wholly owned subsidiary of the EIRHC. Lease-up of the units began July, 2006 with final lease-up October 2006.
The Syndicators, Enterprise Housing Partners XI Limited Partnership (EHPII), limited partner interest in the Asbury E.I.R.P., L.L.L.P. was fulfilled on December 31, 2020 and transferred to the new General Partner, the Eastern Iowa Regional Housing Corporation (EIRHC).On January 1, 2021, the Asbury E.I.R.P., L.L.LP. transferred the Limited Partnership interest for debt only, for the Asbury Meadows Tax Credit property to the Eastern Iowa Regional Housing Corporation. The EIRHC intends to maintain the property as affordable housing over the extended use period.
Asbury Meadows – 2325 Radford Rd, Asbury, IA – 32 units – floor plans
Amenities for both properties include central air conditioning, garbage disposal, washer/dryer hookups in units, coin operated washers/dryers located in the Community Room, dishwasher, microwave, ceiling fans, off-street parking, storage, computer center with internet, playground and pavilion area, maintenance staff (on-call) and a Site Manager is available Monday-Friday during office hours.
Asbury Meadows Tax Credit Income Limits
|County Median||Household Size|
|VLI – 50% (Home)||27,600||31,550||35,500||39,400||42,600||45,750||48,900||52,050|
|VLI – 50% (HERA)||29,600||33,800||38,050||42,250||45,650||49,050||52,400||55,800|
After the application is received, applicants are placed on a waiting list. When the applicant reaches the top of the waiting list they are then mailed a preliminary briefing packet which they need to complete and return to the office. After the screening process is completed, applicants are then offered a unit.