Evergreen Meadows

Peosta Evergreen Meadows 110 Peterson Dr., Peosta, IA (Transfer of Tax Credit Property)

In March 2003, the Eastern Iowa Regional Housing Corporation (EIRHC) was awarded Low Income Housing Tax Credits (LIHTC) from the Iowa Finance Authority (IFA) and HOME funds from the Iowa Department of Economic Development to construct a 24 unit 2, 3, and 4 bedroom housing development for low to moderate income households at 110 Peterson Drive, Peosta, Iowa.

Peosta Evergreen Meadows – 110 Peterson Dr., Peosta, IA – 24 units – floor plans

A new for-profit entity was formed as a subsidiary of EIRHC, the Eastern Iowa Regional Partnership, LLLP, to act as the General Partner in the housing project. A for-profit entity, the Eastern Iowa Development Corporation (formerly known as Evergreen Meadows, Inc.), was also developed and is a wholly owned tenant occupying the units in June 2004.

The Syndicator, Enterprise Housing Partners XI Limited Partnership (EHP11), limited partner interest in the Eastern Iowa Regional Partnership LLLP was fulfilled on December 31, 2018 and transferred to the new General Partner, the Eastern Iowa Regional Housing Corporation.

On January 1, 2019, the Eastern Iowa Regional Partnership, L.L.L.P transferred the Limited Partnership interest for debt only, for the Evergreen Meadows Tax Credit property, to the Eastern Iowa Regional Housing Corporation (EIRHC). The EIRHC intends to maintain the property as affordable housing over the extended use period.

Evergreen Meadows Tax Credit Income Limits

County Median Household Size
  1 2 3 4 5 6 7 8
40% 22,080 25,240 28,400 31,520 34,080 36,600 49,120 41,640
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
Pub. 4/1/21