November 30, 2023

AHEPA Senior Living Closes on $23.5 Million Deal to Build Fifth Iowa Community

FISHERS, IND.— AHEPA Senior Living, a nationwide nonprofit provider of affordable multifamily housing for older adults, is pleased to announce the closing of a $23.5 million agreement on Nov. 30, 2023, to build AHEPA 192 IV Apartments in Des Moines, Iowa, AHEPA Senior Living President and CEO Steve Beck announced.

Ceremonial first shovel dig. Photo credit: Joe Crimmings Creative Media

AHEPA 192 IV will be a three-story, 90-unit affordable senior housing community located on 4.4 acres of the old Southridge Mall site. It will be the fifth Des Moines-area affordable senior housing community managed by AHEPA Senior Living and administered by the U.S. Department of Housing and Urban Development Section 202 program.

The project’s financing is comprised of a $8.3 million HUD Section 202 capital advance, a $9.4 million low-income housing tax credit allocation, a $1.25 million Polk County Housing Trust Fund award, a $3.7 million HUD 223(f) mortgage loan, and $400,000 from the City of Des Moines.

“Thanks to our financing partners and the support we received from HUD, we will be able to provide much needed additional safe and dignified affordable housing and quality aging services to seniors in Des Moines,” Beck said.

AHEPA Senior Living held a groundbreaking ceremony for AHEPA 192 IV on Aug. 18, 2023.

AHEPA Senior Living operates four affordable senior housing communities in the Des Moines area, totaling 196 units.

AHEPA Senior Living affordable independent living communities offer very low-income older adults, 62 and over, residential apartment-home living with the voluntary supportive services they may need to continue to live independently as they age. Through service coordination, the services may include meal services, case management, transportation assistance, public benefits programs enrollment assistance, fitness and wellness programs, housekeeping assistance, and health services. As HUD Section 202 developments, they are subsidized and provide rental assistance for very low-income seniors.

About AHEPA Senior Living

Serving more than 5,000 older adults across the United States, AHEPA Senior Living is a mission-driven, nationwide provider of affordable independent and assisted senior living communities. Since 1980, it has developed and managed more than 90 affordable senior housing communities in 21 states administered by the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program.

Through its subsidiaries, ASL owns and manages four affordable assisted living communities with 532 units in Indiana.

The mission of ASL is to provide older adults with safe, healthy, and enriching affordable residential communities and quality services that allow them to thrive and enjoy peace of mind.

ASL is based in Fishers, Ind.