Another apartment project in Jefferson is officially moving forward, following the final piece of financial support from a state organization.

Developer Adam Sweers says the White House Apartment project – located at 215 South Wilson Avenue – was approved for a workforce housing tax credit from Iowa Economic Development Authority. He explains why receiving these tax credits was an important aspect to the project.

“We wanted the building to remain a market-rent type of a building and we wanted to be able to make the building very new and modern to attract people of all ages. At the same time be able to keep our rent rates at a rate that we felt (the) workforce or even retirees could afford.”

Sweers points out there will be 12 apartments ranging from one to three bedrooms, along with a community room, on-site laundry and maintenance. The monthly rates for a one bedroom is $650, two bedrooms is $750 and the three bedroom unit is $900, with garbage and water included. Sweers says he received financial support from two other entities, including Greene County Development Corporation and the City of Jefferson. 

GCDC provided some of its grant funds from Grow Greene County Gaming Corporation to set up the purchase agreement for the property, while the City Council approved a $75,000 facade improvement grant, as well as pending approval of a ten-year, 100% tax abatement for multi-residential housing. Sweers explains how the tax abatement will work with his project.

“We continue to pay the existing (property) taxes that have always been paid on the building. We just don’t have to pay the added value that we put into the building for ten years.”

Sweers anticipates closing on the property next month, with construction to start soon after. He hopes to have the renovation completed by next July.