HOTEL MAYTAG APARTMENTS
Hotel Maytag Apartments in Newton, IA, has won a 2020 Charles L. Edson Tax Credit Excellence Award in the Historic Tax Credit Category.
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 Low-Income Housing Tax Credit (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, IA. It not only provides affordable and market-rate housing for the city, but the first floor also features 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, and a 2,200 square foot ballroom with intricate architectural details that can be rented to the public. Located on the town square, the residents have easy access to job opportunities, groceries, and public transportation. Residents also benefit from an on-site exercise facility, and three homes are ADA accessible.
The developer worked closely with the city and state governments to preserve a historic landmark and benefit the region. Designed in the Renaissance Revival style, the variegated brown brick upper core is framed and accentuated by a broad terra cotta entablature above, with the glazed ground floor storefronts also clad and detailed in custom terra cotta, and Art Nouveau influences in the clay and cast iron details.
The interior public spaces, including the theater, dining room, lobby, and ballroom, feature extensive decorative plaster detailing, in the form of wall moldings, reliefs, and cornices. The interior columns and pilasters are finished in the Ionic and Composite orders, and the large open spaces are a sign of the technologically advanced structure. The terrazzo flooring and sweeping twin staircases impart a sense of retrained luxury to this otherwise rational, businesslike midwestern building.
Statement from U.S. Senator Chuck Grassley (R-IA)
“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 Senator 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.”
Remarks from U.S. Senator Joni Ernst (R-IA)
“Congratulations to the Hotel Maytag Apartments,” said Senator 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.”
Remarks from U.S. Representative Dave Loebsack (D-IA-02)
In a congratulatory video, Representative Dave Loebsack (D-IA-02) stated, “The restoration of the Hotel Maytag would not have been possible without access to these federal tax credits…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.”