BOONE, Iowa—Ground was officially broken on the first phase of a low to moderate income housing project on the north side of Boone Thursday morning. The city has been working with Brian Fritz, Pioneer Property Management on the project for more than a year. The development group successfully secured federal tax credits for the individual housing project over a year ago and most recently secured credits for the the second phase which will be an apartment setting focusing on those 55 and over.
The city acquired the property following flooding in 1993 and created a detention basin. In 2010, the city began the mandated multi-million dollar reconstruction of the Honey Creek storm sewer project which lessened the need for the detention basin. The City Council annexed the property into the city and then this year created the Urban Revitalization designation for the area to fund the development agreement. The related development agreement and other action on the second phase is not expected until after the first of the year.
Attached is the City of Boone press release:
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