SIOUX CITY -- A local businessman plans to construct two multi-family developments in Sioux City, one on the city's east side and the other on its north side.
According to city documents, Dan Hiserote, of Aftershock Ventures, LLC, plans to submit an application to the Iowa Workforce Housing Tax Credit Program for funding to assist with the construction of developments at 3800 Glen Ellen Road and 4205 Denise Court.
The Sioux City Council will be asked Monday to approve resolutions supporting the submission of tax credit applications from The Ridge SC, LLC and The Woods SC, LLC. A local match would be provided through the city’s City-Wide Urban Revitalization Program, according to the documents.
The first phase of the project on Glen Ellen Road will contain 48 market-rate residential units. It is anticipated that future phases of the project will contain as many as 19 buildings and 230 units.
According to the documents, for phase 1, Hiserote plans to invest $7,025,725 in the project and is applying for a combined total of $887,240 in investment tax credits and sales tax refunds.
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The first phase of the multi-family development at 4205 Denise Court, near Outer Drive, will contain 48 market-rate residential units. It is anticipated that future phases of the project will contain as many as 10 buildings and 120 units.
For phase 1 of that project, Hiserote plans to invest $7,048,200. He is applying for a combined total of $885,888 in investment tax credits and sales tax refunds.
The goal of the Workforce Housing Tax Credit Program is to spur new housing growth that will help address the state's pending workforce shortage.