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 $2.64 million in 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 Income Limits
County Median Household Size
  1 2 3 4 5 6 7 8
40% 25,960 29,640 33,360 37,040 40,040 43,000 45,960 48,920
VLI – 50% (Home) 32,450 37,050 41,700 46,300 50,050 53,750 57,450 61,150
VLI – 50% (HERA) 36,300 41,500 46,700 51,850 56,000 60,150 64,300 68,450
Pub. 5/17/23