Another apartment project is waiting to happen in the City of Jefferson.

An apartment building located at 215 South Wilson Avenue, known as “The White House Apartments” has been vacant for over a decade and one developer is interested in bringing the rental property back to life. Adam Sweers is the former Carroll Mayor and has developed two buildings in Carroll into apartment complexes and is looking to do the same in Jefferson. 

Sweers said at a previous city council meeting that the project would include not only renovating the building for 3-4 one bedroom apartments, along with one three bedroom and the rest as two bedrooms, but also include a common space in the front and a covered patio area in the back of the building. 

The City Council recently approved a letter of support for a workforce housing tax credit application to the Iowa Economic Development Authority and a facade improvement application through the City for $75,000 of the estimated $150,000 project that is also contingent upon the approval of the tax credits. City Administrator Mike Palmer explains why the Council gave approval, even though the tax credits have not been approved.

“It’s a piece of the pie to get the developer to say to make it feasible. If the project doesn’t happen because of the workforce tax credits then we’re not incumburned in anyway to have that $75,000 forwarded to him.”

Sweers affirmed that if he doesn’t get the tax credit funding the project will not move forward.

“Really our business plan is extremely tight. If I can’t get those tax credits and then get those tax credits sold, it’s going to be really, really hard for us to make that project a go. We’re right now as you look at our proforma even with assistance from the City and getting those tax credits, we pretty much have to have the place full in order to cash flow.”

The recipients of the tax credits will be announced by IEDA later this month.