The Decorah Woolen Mill ready for residents

Ribbon cutting takes place for historical building turned apartments
 
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Heartland Properties, Inc., Alliant Energy's affordable housing subsidiary, and Northeast Iowa Community Action Corp., unveiled today the newly renovated Decorah Woolen Mill. The three-story building, originally constructed in 1867, offers 15 one- and two-bedroom affordable apartment homes.
"This ribbon cutting represents nearly a $1.9 million investment in Decorah and its residents," said John Stoneman, vice president - Real Estate and Finance at Heartland Properties. "Preserving this landmark building and developing affordable housing strikes at the core of our mission and we are delighted to bring this opportunity for local revitalization."
Vic Fye, Decorah Mayor, talked about the restoration process and recognized the importance of this investment to the city. "This development was greatly needed in our downtown area," added Fye. "It provided a perfect opportunity to preserve a piece of Decorah's history and meet our community's increasing need for affordable housing."
The Decorah Woolen Mill is listed on the National Register of Historic Places. The development will open its doors to residents on Nov. 1, 2002. Restoration of the building took almost a year to complete. The building houses nine one-bedroom and six two-bedroom apartment homes. Through the years the building served as a woolen mill, mitten factory, pharmaceutical company and a tire store before reopening its doors as apartment homes.
Redevelopment of The Decorah Woolen Mill was made possible through a $1.2 million investment by Alliant Energy through its affordable housing subsidiary, Heartland Properties, Inc. and the Northeast Iowa Community Action Corp., a nonprofit community action agency.
Mary Ann Humpal, executive director of Northeast Iowa Community Action Corp., complimented Heartland Properties for their participation in recognizing the importance of this project. "Our mission has always been to have people be self-sufficient, and one of the biggest barriers to that mission is affordable housing," said Humpal. "We are proud to partner with Heartland Properties to create a project that meets those needs."
Additional funding was provided by the Iowa Department of Economic Development, Iowa Finance Authority, Community First Bank, State Historical Society of Iowa, Federal Home Loan Bank of Des Moines and the city of Decorah.
Gardner Architecture of Strawberry Point, Iowa, supervised the Woolen Mill restoration; Finholt Construction of Decorah was the general contractor. The Woolen Mill is Heartland Properties' 16th investment in Iowa, and one of more than 129 developments developed by Heartland Properties since 1988. Through those properties, $367 million has been infused in local economies throughout America's heartland.
Northeast Iowa Community Action Corporation is a not-for-profit community action agency serving seven counties in northeast Iowa. Their mission is to help meet the primary needs of people and create opportunities for basic self-sufficiency through community partnerships, education and the provision of services.
Heartland Properties, Inc., is a sponsor of high-quality affordable housing for people in the Midwest. Since its founding in 1988, it has sponsored real estate developments in local communities valued at more than $350 million, representing more than 5,700 high-quality affordable apartment homes. Heartland Properties is a subsidiary of Alliant Energy Resources with a commitment to pursuing financial, economic development and community partnerships.

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