Evergreen Meadows

Peosta Evergreen Meadows 110 Peterson Dr., Peosta, IA (Transfer of Tax Credit Property)

In March 2003, the Eastern Iowa Regional Housing Corporation (EIRHC) was awarded Low Income Housing Tax Credits (LIHTC) from the Iowa Finance Authority (IFA) and HOME funds from the Iowa Department of Economic Development to construct a 24 unit 2, 3, and 4 bedroom housing development for low to moderate income households at 110 Peterson Drive, Peosta, Iowa.

Peosta Evergreen Meadows – 110 Peterson Dr., Peosta, IA – 24 units – floor plans

A new for-profit entity was formed as a subsidiary of EIRHC, the Eastern Iowa Regional Partnership, LLLP, to act as the General Partner in the housing project. A for-profit entity, the Eastern Iowa Development Corporation (formerly known as Evergreen Meadows, Inc.), was also developed and is a wholly owned tenant occupying the units in June 2004.

The Syndicator, Enterprise Housing Partners XI Limited Partnership (EHP11), limited partner interest in the Eastern Iowa Regional Partnership LLLP was fulfilled on December 31, 2018 and transferred to the new General Partner, the Eastern Iowa Regional Housing Corporation.

On January 1, 2019, the Eastern Iowa Regional Partnership, L.L.L.P transferred the Limited Partnership interest for debt only, for the Evergreen Meadows Tax Credit property, to the Eastern Iowa Regional Housing Corporation (EIRHC). The EIRHC intends to maintain the property as affordable housing over the extended use period.

Evergreen Meadows Tax Credit Income Limits
County Median Household Size
  1 2 3 4 5 6 7 8
40% 24,520 28,000 31,520 35,000 37,800 40,600 43,400 46,200
VLI – 50% (Home) 30,650 35,000 39,400 43,750 47,250 50,750 54,250 57,750
VLI – 50% (HERA) 30,800 35,200 39,600 43,950 47,500 51,000 54,500 58,050
Pub. 4/1/22