Today, Rep. Cindy Axne (IA-03) announced $8,862,875 in advanced capital from the U.S. Department of Housing and Urban Development’s (HUD) Section 202 Supportive Housing For the Elderly Program to expand affordable housing options for older Iowans in Des Moines.

AHEPA Affordable Housing Management Company, Inc. is receiving the HUD funding to facilitate the construction of 100 new affordable housing units in Des Moines for low-income older Iowans.

“As Vice Chair of the Financial Services Committee’s Housing Subcommittee, I have been fighting to bring more affordable housing options to central and southwest Iowa. This new funding, facilitated by the federal budget that I voted to approve last year, will help fill an existing gap in housing options for low-income seniors by providing 100 new units in Des Moines,” said Rep. Axne. “I am thankful that more folks will have a roof over their heads and a dignified place they can call home once this project is complete. Reliable housing is the bedrock on which all comfort and prosperity is built – and that makes this a critical investment in Iowa’s Third District.”

The Section 202 Housing for the Elderly program provides capital advances to private, nonprofit sponsors to finance the development of housing for very low-income elderly residents.

“The need for affordable housing, especially for very low-income seniors, is great. Each of our four existing affordable elderly housing communities in the district have significant waitlists,” said AHEPA Affordable Housing Management Company President and CEO Steve Beck. “We are excited and proud to be able to help meet this need with the addition of 100 new units in Des Moines administered by the HUD Section 202 program. We look forward to working with HUD, Congresswoman Axne’s office, city officials, and our financing partners to complete this vital project that will bring safe and dignified affordable housing to Des Moines’ vulnerable seniors.”

Earlier this week, Rep. Axne voted to advance an additional $2.5 billion for the Section 202 program in the Financial Services Committee.

That funding is part of the portion of the Build Back Better Act that is projected to bring more than $1 billion in affordable housing investments back to Iowa.