11

Main Street Main Street Iowa-Iowa-Downtown Downtown Summit Summit Mason City, IowaMason City, Iowa

August 20-21, 2002August 20-21, 2002

22

Goodnight my Someone – Goodnight my Someone –

People Living People Living DowntownDowntown Who is Heartland Properties, Inc (HPI)Who is Heartland Properties, Inc (HPI) What is the role of HPI in a What is the role of HPI in a

DevelopmentDevelopment Why Downtown?Why Downtown?

The BenefitsThe Benefits The ChallengesThe Challenges

Excellent Examples of Downtown Excellent Examples of Downtown HousingHousing

ConclusionConclusion

33

MissionMission

Heartland Properties, Inc. providesHeartland Properties, Inc. provides QUALITY AFFORDABLE HOUSINGQUALITY AFFORDABLE HOUSING

in the Alliant Energy service in the Alliant Energy service territoryterritory

44

There are many excellent There are many excellent examples!examples!

55

Heartland Properties, Heartland Properties, Inc.Inc. Formed in 1988Formed in 1988 Alliant Energy subsidiaryAlliant Energy subsidiary Offices in Cedar Rapids and Offices in Cedar Rapids and

MadisonMadison

66

HPI Since 1988HPI Since 1988 126 Developments126 Developments 5,689 Apartment Homes5,689 Apartment Homes $356 Million Community Investment$356 Million Community Investment

77

19 19 DevelopmDevelopm

entsentsSince Since

MergerMerger Clinton

Dubuque

Fort Madison (2)

Carroll (2)

KnoxvilleFairfield

Jefferson

Atlantic

Decorah

Albert Lea

Fond du Lac

Keokuk

Maquoketa

Reedsburg Montello

Richland Center

Sun Prairie

88

Special Needs

Older Adults

Families

HousingHousingTypesTypes

99

Why Downtown? - the Why Downtown? - the BenefitsBenefits

Unique living spacesUnique living spaces Non-traditional UnitsNon-traditional Units Cultural HeritageCultural Heritage

Urban EnvironmentUrban Environment CharacterCharacter

Proximity to ServicesProximity to Services SeniorsSeniors Young AdultsYoung Adults

Local InvolvementLocal Involvement

1010

Why Downtown? – the Why Downtown? – the ChallengesChallenges

ParkingParking Green SpaceGreen Space Community SpaceCommunity Space Street Level Commercial SpaceStreet Level Commercial Space Proximity to ServicesProximity to Services Local InvolvementLocal Involvement

1111

Wagon Wagon Wheel Wheel

ApartmeApartmentsnts

Burns & Burns, Burns & Burns, L.C.L.C.

New ConstructionNew Construction 33 Apartments33 Apartments Older Adults Older Adults

( 55+)( 55+) 3 story w/ Elevator3 story w/ Elevator Located across the Located across the

street from the street from the Senior Center Senior Center

1212

Wagon Wagon Wheel Wheel ApartmeApartmentsnts Financing Financing

Sources:Sources: HPI - EquityHPI - Equity IFA - LIHTCIFA - LIHTC

programprogram IDED - HOME IDED - HOME

programprogram FHLB-DM - FHLB-DM -

CommunityCommunityInvestmentInvestmentProgramProgram

1313

Decorah Woolen MillDecorah Woolen Mill

Northeast Northeast Iowa Iowa Community Community Action Corp.Action Corp.

Adaptive Re-Adaptive Re-useuse

15 15 ApartmentsApartments

Persons w/ Persons w/ Special Special NeedsNeeds

1414

Decorah Woolen MillDecorah Woolen Mill

Financing Financing Sources:Sources:

HPI EquityHPI Equity IFA-LIHTC programIFA-LIHTC program National Park National Park

Service-Historic Service-Historic Rehabilitation Tax Rehabilitation Tax CreditCredit

State Historical State Historical Society of Iowa-Society of Iowa-State Rehabilitation State Rehabilitation Tax CreditTax Credit

Federal Home Loan Federal Home Loan Bank-AHP FundsBank-AHP Funds

1515

Henry Stout Senior Henry Stout Senior ApartmentsApartments

MetroPlains MetroPlains DevelopmentDevelopment

Historic Adaptive Historic Adaptive Re-useRe-use

33 Apartments33 Apartments Older Adults Older Adults

(55+)(55+) 4 Story w/ new 4 Story w/ new

elevator addedelevator added Historically Historically

significant significant features retainedfeatures retained

1616

Henry Stout Senior Henry Stout Senior ApartmentsApartments Financing Sources:Financing Sources: HPI EquityHPI Equity IFA-LIHTC ProgramIFA-LIHTC Program National Park Service-National Park Service-

Historic Rehabilitation Historic Rehabilitation Tax CreditTax Credit

State Historical Society State Historical Society of Iowa- State of Iowa- State Rehabilitation Tax Rehabilitation Tax CreditCredit

IDED-Enterprise Zone IDED-Enterprise Zone Tax CreditsTax Credits

City of Dubuque-CDBG City of Dubuque-CDBG LoanLoan

1717

The Van AllenThe Van Allen

Community Community Housing Housing InitiativesInitiatives

Historic Historic Adaptive Re-useAdaptive Re-use

19 Apartments19 Apartments General General

OccupancyOccupancy 4 story w/ 4 story w/

elevatorelevator Roof-top deck Roof-top deck

to be addedto be added

1818

The Van Allen The Van Allen

Financing Financing Sources:Sources:

HPI EquityHPI Equity IFA-LIHTC programIFA-LIHTC program National Park National Park

Service-Historic Service-Historic Rehabilitation Tax Rehabilitation Tax CreditCredit

IDED-HOME and IDED-HOME and Enterprise Zone Enterprise Zone Tax CreditsTax Credits

Federal Home Loan Federal Home Loan Bank-AHP FundsBank-AHP Funds

1919

River City ApartmentsRiver City Apartments

Community Community HousingHousingInitiativesInitiatives

HistoricHistoricAdaptive Re-useAdaptive Re-use

46 Apartments46 Apartments General General

OccupancyOccupancy 4 Story w/ 4 Story w/

elevatorelevator Indoor parkingIndoor parking

availableavailable

2020

River City Apartments River City Apartments

Financing Financing SourcesSources::

HPI EquityHPI Equity IFA LIHTC programIFA LIHTC program National Park National Park

Service-Historic Service-Historic Rehabilitation Tax Rehabilitation Tax CreditCredit

State Historical of State Historical of Iowa-State Iowa-State Rehabilitation Tax Rehabilitation Tax CreditCredit

IDED Home and IDED Home and Enterprise Zone TaxEnterprise Zone Tax CreditCredit

2121

ConclusionConclusion

People need a reason to live downtownPeople need a reason to live downtown EntertainmentEntertainment ArtsArts Unique living spaceUnique living space

2222

RememberRemember……

Location - ImportantLocation - Important Does Market Need It ?Does Market Need It ? Can Residents Afford It?Can Residents Afford It? Will Community Support it?Will Community Support it? Can the Financing be Arranged?Can the Financing be Arranged? Are You Willing to Invest Time?Are You Willing to Invest Time?

2323

Housing Spoken HereHousing Spoken Here

1-800-942-45221-800-942-4522www.Heartland-www.Heartland-

Properties.comProperties.com