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Tax Credits Awarded to Court Avenue Partners

DES MOINES, Iowa (October 5, 2005) – The Iowa Finance Authority awarded tax credits today to the Court Avenue Partners, a joint venture between Hubbell Realty Company and BH Equities, in the amount of $279,126 per year over the next ten years. These funds will allow the group to develop a 52-unit apartment building at 4th Street and Court Avenue in Des Moines. The Court Avenue Partners submitted for low income housing tax credits in 2004 for the 52-unit apartment complex at the SE Corner of 4th & Court and were not initially successful in their request. The decision was appealed in April of 2005. With adequate low-income housing tax credits still available, the Iowa Finance Authority placed the project on a waiting list and today granted the request for full funding. The building will consist of approximately 30 one-bedroom units and 22 two-bedroom units, that will range in size from 650 – 950 square feet. Fifty percent of these apartments will be income restricted. Over 8,500 square feet of commercial space will be available on the ground floor. Environmental work is expected to begin on the 52-unit apartment building on Court Avenue yet this fall, with actual construction slated for Spring of 2006. The 52-unit apartment building on Court Avenue is part of a larger project being developed by the Court Avenue Partners consisting of three buildings: the 52-unit apartment building at 4th and Court, 51 apartments above the Spaghetti Works building, and a 40-unit condominium building to be constructed on 4th Street directly behind the 4th and Court Apartments. Construction is currently underway for the mixed income apartments being developed on the second, third and fourth floors of the Spaghetti Works Building at 308 Court Avenue and is expected to be completed in October 2006. Construction is slated to begin in Spring of 2006 for the condominium units.

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