City Council in Mason City to consider grant application to convert upper level space at 13-15 South Federal into apartments
MASON CITY — The City Council in Mason City tonight will hold a public hearing on an application for a Community Development Block Grant to convert the upper story of a downtown building into apartments.
Foxtrot Properties is asking for the $500,000 grant, which if awarded would be received and administered by the city, to help fund the conversion of the vacant upper stories and 13 and 15 South Federal Avenue into four apartment units. The total project is expected to cost about $1 million. The matching funds would come from private sources and no city funds would be involved.
City Director of Development Services Steven Van Steenhuyse says in a memo to the council that three of the units would be available for rent by families meeting the low-to-moderate income threshold, or no more than 80% of the area median income. The maximum annual low-to-moderate income for a two-person household in Cerro Gordo County currently is $47,2000. That would comply with the primary Community Development Block Grant program goal of assisting low-to-moderate income families.
The council holds the public hearing about the application during their meeting tonight at 7 o’clock in the Mason City Room of the Public Library.