MLK Brickstone: 48-unit, 2-phase apartment complex in Des Moines, Iowa

The MLK Brickstone is a 48-unit, 2-phase apartment complex that was assisted through a variety of funding sources. Financing for the $8 million dollar Low-Income Housing Tax Credit project includes a combination of public and private financing. 

Federal stimulus funds were used from the American Recovery and Reinvestment Act by the Iowa Finance Authority.  This allowed a combination of HOME and Tax Credit Assistance Program funds.   The Iowa Department of Economic Development provided the necessary gap financing through Community Development Block Grant-Disaster Recovery funds. 

 The investors for this project were the Iowa Finance Authority, Midwest Housing Equity Group, Iowa Department of Economic Development, City of Des Moines and Horizon Bank.

 The design is inspired by the early 20th century Baltimore rowhouse with a pedestrian-friendly brick facade that frames the sidewalk.  The Baltimore rowhouse design origins are in our country’s early history. This style of housing was used to provide affordable housing for immigrants. 

Today it is being pioneered across the country to help reclaim urban parcels and revitalize cities. The building utilizes an energy efficient geothermal heating and cooling system and residents can use eco-friendly washers and dryers in community laundry rooms.

HOME program: $1.1 million

Low-Income Housing Tax Credits: $3.5 million

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