Senator Joni Ernst (R-IA) recently toured Hotel Maytag Apartments in Newton, Iowa where she saw firsthand the impact of the Low-Income Housing Tax Credit (Housing Credit) and emphasized the importance of providing affordable rental housing in rural communities.
“Many of our rural communities, they want to attract workers, but you can’t attract workers and expand businesses if you don’t have somewhere for them to live,” Sen. Ernst shared, according to the Newton Daily News. “Some of our communities have aging housing stock … This is one of those tools in the toolbox.”
Hotel Maytag Apartments won the Affordable Housing Tax Credit Coalition’s 2020 Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category. Developed by Hatch Development Group, LLC, this property demonstrates how the Housing Credit provides much-needed affordable housing while also revitalizing communities. In the video below, Sen. Ernst congratulates the property developers on their award.
The building was originally constructed in 1926 by the founder of Maytag Appliances, F. L. Maytag, and designed by architect Henry Raeder of Chicago. Although it was once the main attraction of downtown Newton, the building was vacant for many years until it was renovated to its current state in 2018 and 2019. The rehabilitation of this historic hotel represents a collaboration between Hatch Development Group, LLC, the Newton Historical Society, and local, state, and federal governments.
Hotel Maytag Apartments provides 45 total homes, 36 of which are affordable to residents earning at or below 60 percent of the area’s median income. The first level of the building features 16,000 square feet of commercial space occupied by local businesses including a movie theater, a restaurant, a nail salon, and a wine bar. The historic ballroom is also available to rent for events. Plus, the building’s central location provides residents with ample access to employment opportunities, public transportation, and community amenities like grocery stores.
The Affordable Housing Tax Credit Coalition thanks Sen. Ernst for highlighting the benefits of expanding affordable housing using tools like the Housing Credit, particularly in rural communities.
Learn more about Hotel Maytag Apartments on the AHTCC’s Property Gallery page.