From The Gazette:
CEDAR RAPIDS — The Affordable House Network, an affiliate of Four Oaks Family and Children Services, sold two low-income apartment properties in Cedar Rapids as part of a strategic plan to focus more resources on family housing, according to Debbie Craig, Four Oaks’ chief advocacy officer.
The sale of Geneva Tower, 310 Fifth Ave. SE, and Hawthorne Hills, 2283 C St. SW, to Edgemark Communities, the affordable housing division of Denver-based Edgemark Development, was finalized Friday.
Financial terms were not disclosed.
Both apartment buildings are income-based properties partially funded through the U.S. Department of Housing and Urban Development. Edgemark has experience with managing affordable housing properties, according to it website, and has renewed the properties’ Housing Assistance Payments Contracts for the next 20 years, according to a news release from the Affordable Housing Network.
Craig said that because Geneva Tower is specifically designed for low-income seniors and adults with disabilities, and Hawthorne Hills is mostly single bedroom apartments occupied by single adults, the housing network leadership believed its resources could be better used in ways that more closely fulfill the network’s values.
“We just evaluated the current portfolio of all of our properties, and we wanted to ensure that it fit our mission and vision and values,” Craig said.
The housing network’s “mission statement is to provide decent, safe and sustainable housing that promotes stability for families. Because (the housing network) is an affiliate with Four Oaks, and our mission is to ensure children become successful adults, we really feel like all of our services … are focused and rooted on the family,” she said.
Craig said final decisions haven’t been made regarding new projects in which the housing network could invest to better support families, such as single-family homes or apartment properties with limited units and more space in each unit.
All the housing network staff at Geneva Tower and Hawthorne Hills have stayed with the network, Craig said, and will be working at the network’s other properties.