City of Iowa City Council Action Report Resolution approving the purchase agreement for 1002-1006 N. Summit Street 2026-06-16
City Conveys Summit Street Property to ICAH
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Description
The Iowa City Council approved a purchase and grant agreement to convey 1002–1006 N. Summit Street to Iowa City Affordable Housing Inc. for an estimated $750,000, structured as a 0% interest forgivable loan secured by a mortgage. ICAH will develop and operate a 36‑unit multifamily affordable housing project under a 30‑year affordability compliance period and assume obligations under the Housing Trust Fund of Johnson County agreement.
Contract Details
Contract Amount
$750,000
Vendor
IOWA CITY AFFORDABLE HOUSING INC (ICAH)
Agency
City of Iowa, IA
Contract Type
OTHER
Document Date
June 16, 2026
Contract Term
30-year affordability compliance period
Renewal Info
Forgivable loan of $750,000 at 0% interest secured by a mortgage on the property; loan is forgiven if ICAH complies with affordability and other agreement terms for 30 years.
More from IOWA CITY AFFORDABLE HOUSING INC (ICAH)
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Iowa City City Council Formal Agenda 2026-06-16
Iowa City City Council Formal Agenda 2026-06-16
Iowa City City Council Formal Agenda 2026-06-16
Iowa City City Council Formal Agenda 2026-06-16
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