Construction of Commonwealth Affordable Housing Project in Charles City Could Begin Soon

An affordable housing development in Charles City is ready to start taking shape.

On Wednesday (04.16), Commonwealth Development Corporation in partnership with the Charles City Area Development Corporation (CCADC) was able to advance the project through the successful acquisition of CCADC-owned land, which will serve as the future development site.

City Administrator Steve Diers says construction of “The Collective on 13th Street” should begin soon near the intersection of East Corporate Drive and 13th Street. 

Commonwealth says the multifamily development will comprise 40 residential units across two buildings, offering a mix of one-, two-, and three-bedroom floorplans. A clubhouse will offer residents a community room, exercise room and business center. There will also be an outdoor children’s play area and playground, and covered pavilion.

The $12 million project was initially made possible by Commonwealth securing 9% low-income housing tax credits (LIHTC) and additional funding from the Iowa Finance Authority (IFA) in July 2024, to help advance affordable housing and economic recovery in Iowa. In early 2024, Charles City was designated as a “Thriving Community” by the IFA and Iowa Economic Development Authority, with the goal to make city improvements focusing on health care, childcare, and housing.

Commonwealth officials say the property plans to open in Summer 2026, with apartment homes available to individuals and families making 30, 40, 60, and 80 percent of the area median income (AMI). 

*Pic is of Commonwealth rendering

**see complete press release below:

(Charles City, Iowa) – On Wednesday, April 16, 2025, Commonwealth Development Corporation (“Commonwealth”), in partnership with the Charles City Area Development Corporation (“CCADC”), was able to advance a local affordable housing project through the successful acquisition of CCADC-owned land, which will serve as the future development site.

Located along the intersection of E Corporate Drive and 13th Street, The Collective on 13th will be a multifamily development comprised of 40 residential units across two walk-up style buildings, offering a mix of one-, two-, and three-bedroom floorplans. A third clubhouse building will offer residents a community room, exercise room, business center, and property management office. Additionally, the property will have an outdoor children’s play area and playground, and covered pavilion.

This $12 million project was initially made possible by Commonwealth securing 9% low-income housing tax credits (LIHTC) and additional funding from the Iowa Finance Authority in July of 2024, to help advance affordable housing and economic recovery in Iowa. In early 2024, Charles City was designated as a “Thriving Community” by the Iowa Finance Authority and Iowa Economic Development Authority, with the goal to make city improvements focusing on health care, childcare, and housing. Five significant projects in the city are splitting $143 million in capital investments, one being The Collective on 13th.

“This development was made possible through a partnership with the local redevelopment agency, CCADC, which took the initiative to address the community’s housing needs,” said Tyler Sheeran, Vice President of Development at Commonwealth Development Corporation. “They secured the land and engaged Commonwealth to help bring the vision to life—a catalytic step that municipalities can take—and they remained a valued partner throughout the entire process.”

Commonwealth Development Corporation will lead as the project developer, with M+A Design, Inc. the architectural design firm, and Accurate Commercial as the general contractor. Additional partners and lenders involved include WNC, Legacy Bank & Trust, Snyder and Associates, Reinhart, and Iowa Title Guarantee. Indigo Living will serve as the property management firm.

“CCADC’s strategy of adaptively reusing industrial park ground as housing property has paid dividends with this project announcement,” said Tim Fox, CEO, Charles City Area Development Corporation. “Commonwealth has proven to be a solid developmental partner, and we are exceedingly pleased and fortunate that they are investing in Charles City’s southwest side and bringing more working-class individuals and families to our appealing community.”

The property plans to open in Summer of 2026 and the apartment homes will be available to individuals and families making 30, 40, 60, and 80 percent of the area median income (AMI). Additional leasing information will be available closer to the opening date.

###

About Commonwealth: Since its founding in 2001, Commonwealth’s core focus has been to improve lives and enhance communities by developing, designing, and constructing high-quality housing that is affordable. Commonwealth is one of the nation’s largest, majority woman-owned (a WBENC-Certified WBE), affordable housing development companies, being cited as a top 20 national producer of affordable housing for the past five years (Affordable Housing Finance). Visit www.commonwealthco.net for more information.