Wabash Landing, a 61-unit housing development in Malvern, will have 20 homes available to buyers with moderate-to-low incomes. It’s part of the 2019 flood recovery money from the State of Iowa. Mills County is considered part of the Omaha-Council Bluffs metropolitan area, which means income caps for these subsidized homes range from about $61,000 for a single person to $79,000 for a family of three people.
- Homes will be built for approximately $315,000, but sold for $175,000.
- With additional down payment assistance, buyers could ultimately spend $140,000 to $150,000. A price tag not often seen on a newly built home nowadays.
- Wabash Landing Developer Heath Paulsen says it’s hard to build anything for less than $275,000 and existing smaller homes are either being purchased as rental properties or not being sold at all because owners are hanging onto home mortgages with lower interest rates.
- TO APPLY: SWIPCO.ORG
BROADCAST TRANSCRIPT:
We hear the term “affordable housing” a lot these days, but what is it and what does it really mean? I’m your southwest Iowa neighborhood reporter, Katrina Markel, in Malvern and I’m here because this is the site of Wabash Landing – a 61 unit housing development that’s intended to meet some of this county’s affordable housing needs.