Jefferson School Lofts: Oskaloosa’s New Affordable Housing Initiative for Seniors
Jefferson School Lofts (image from City of Oskaloosa Facebook)
Oskaloosa, IA – The historic Jefferson School is set to embark on a new journey as it transforms into the Jefferson School Lofts, a significant affordable housing project dedicated to senior citizens. This development, spearheaded by Cottage Hill Development under the name North Arrow Development, will bring 42 Low-Income Housing Tax Credit (LIHTC) units to the community, providing much-needed affordable living options for residents aged 55 and older.
A Blend of History and Modernity
The Jefferson School Lofts project is a prime example of adaptive reuse, where the historic structure of Jefferson School will be preserved and integrated with new construction elements. This blend of old and new not only maintains the architectural heritage of the building but also introduces modern amenities, ensuring a comfortable living environment for its future residents.
Financial Backbone
The project’s financial structure highlights a collaborative effort between public and private entities. The total development cost is estimated at $12.5 million. The Iowa Finance Authority has awarded $1,133,999 in federal housing tax credits to support this endeavor. Additionally, the project has received a $500,000 HOME award, further supplemented by a $500,000 Senior Living Revolving Loan. These financial inputs underscore the commitment to enhancing affordable housing availability in Oskaloosa.
Community Impact
The Jefferson School Lofts are poised to have a substantial positive impact on the Oskaloosa community. By providing affordable housing options tailored specifically for seniors, the project addresses a critical need for this demographic. The availability of affordable housing can significantly alleviate financial burdens on older adults, allowing them to live comfortably within their means.
Moreover, the project’s adaptive reuse approach breathes new life into a historic building, preserving a piece of Oskaloosa’s heritage while meeting contemporary housing needs. This initiative not only enhances the physical landscape of the area but also fosters a sense of continuity and community pride.
Broader Initiative
The Jefferson School Lofts project is part of a larger statewide initiative led by the Iowa Finance Authority. This initiative aims to improve housing opportunities and promote economic mobility across various communities in Iowa. The allocation of more than $10.6 million in federal housing tax credits for the construction of over 400 rental homes in nine communities, including Oskaloosa.
