The Affordable Housing Tax Credit Coalition (AHTCC) today announced that the Hotel Maytag Apartments in Newton, Iowa, is a 2020 recipient of the Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category, recognizing affordable housing developments and organizations that have demonstrated especially impactful use of the Low-Income Housing Tax Credit (Housing Credit).
Announced each year from the nation’s capital, the awards honor Housing Credit developments that are strengthening communities, improving residents’ opportunity and boosting economies in urban, suburban and rural areas across the country. The awards come at a time when the COVID-19 pandemic and its economic impact have intensified the need for affordable housing, compounding the challenge facing at-risk families and individuals already struggling to pay rent.
“The restoration of the Hotel Maytag would not have been possible without access to these federal tax credits,” said U.S. Rep. Dave Loebsack (D-Iowa, 02), in a video statement. “I’m proud to be a longtime supporter of these credits, which have helped buildings across Iowa get revitalized and preserved for future generations to enjoy. I want to congratulate and thank Jack Hatch and his company for all the work he did on the Hotel Maytag. Their work shows how a successful public-private partnership can transform a community and provide much-needed safe and stable affordable housing. Thank you to the Affordable Housing Tax Credit Coalition for recognizing the outstanding work using these tax credits that was done at the Hotel Maytag.”
“Congratulations to the Hotel Maytag Apartments,” said Sen. Joni Ernst (R-IA) in a congratulatory video. “They are the recipients of the 2020 Charles L. Edson Tax Credit Award. We want to thank you so much for the redevelopment of the beautiful space providing affordable housing in Newton, Iowa. We really, really appreciate your efforts. Thank you so much.”
“Congratulations to the Hatch Development Group on the presentation of the Charles L. Edson Tax Credit Award, presented by the Affordable Housing Tax Credit Coalition. Aside from providing more affordable housing, its project to renovate a historic hotel in Newtown, Iowa shows how existing, historic structures can be used for needs we have today, said U.S. Sen. Chuck Grassley (R-IA). “When the Hotel Maytag was built in 1926, I doubt anyone involved in its construction expected the building would be helping to meet affordable housing needs almost a hundred years later. This project, while providing more affordable housing, will further help to revitalize Newton’s historic town square while preserving Newton’s history. Once again, I want to congratulate the Hatch Development Group on this important achievement, and thank them for the work they are doing.”
“The Housing Credit continues to spur development of affordable homes that go above and beyond for the families they serve,” said AHTCC Executive Director Emily Cadik. “The Edson Award winners this year demonstrate how innovative and high-quality affordable housing can transform communities and help meet the need for education, child care, health care and other services vital to a community’s support system for at-risk families and individuals.”
Hotel Maytag Apartments, developed by Hatch Development Group, LLC, provides mixed-income housing in a vacant historic hotel, which was originally built in 1926 by the founder of Maytag Appliances and designed by architect Henry Raeder of Chicago. Through renovation, 110 hotel rooms were converted into 45 apartments, 36 of which are affordable to residents earning at or below 60 percent of area median income.
The 4 percent Housing Credit and Historic Tax Credit were used to finance the property, with syndication provided by WNC & Associates Inc. The property is key to the revitalization of Newton. It not only provides affordable and market rate housing for the city, the first floor also features approximately 16,000 square feet of commercial space, providing residents and the town with dining and entertainment through a renovated movie theater, cafe, nail salon, and wine bar, all within the historic structure.
Since 1986, the Housing Credit has financed more than three million homes for low-income households, including veterans, senior citizens, individuals with disabilities, essential workers, and families with children. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, decent affordable homes in communities where they are needed most.
“The Edson awardees highlight the creative and innovative solutions that exist to combat the nation’s lack of affordable housing,” said AHTCC President and WNC, Inc. Executive Vice President Michael Gaber. “As the impact of COVID-19 continues to create hardships for a growing number of families and working people across the country, now more than ever we need effective tools like the Housing Credit to provide stable, affordable homes.”
For more information about the 2020 Edson Awards, please visit taxcreditcoalition.org/edson-awards/.