(June 25, 2026) The Davenport City Council voted unanimously to approve a resolution providing loan financing to the Annie Wittenmyer Family Housing Project.
The development team plans to turn part of the Wittenmyer campus into 46 apartments. Most units would be for low-to moderate-income families, while a handful will be offered at market rate.
The $724,000 loan approved by the Council fills the final financing gap for the project.
The $19-million project overhauls the historic campus, dating back to the 1800s. The City looked for outside developers as maintenance costs increased, and work to stabilize the buildings was estimated at five to seven million dollars. The Council approved the sale in January 2024.
The project was awarded Low Income Housing Tax Credits (LIHTC) by the Iowa Finance Authority, along with investor agreements, will provide over half of the funding needed for the project. The developer team also secured a conventional mortgage and expects equity commitments this summer from an allocation of Federal and State Historic Tax Credits. Together, these sources cover an additional 40% of the necessary funding.
The resolution allows the use of a loan from the Heritage Proceeds Fund if the project timing does not allow City HOME funds to be used. The Heritage Fund loan documents would include similar terms to the HOME loan, with protections for the City if the project should fail.
Long-term plans include senior housing for the east half of the campus, dependent on the developer securing more federal and state funding to complete.
The City will likely transfer the property in early August, and the developer is required to complete the project by December 2026.