Newly renovated Hotel Maytag Apartments win national affordable housing award
The conversion of a historic hotel in Newton into an affordable apartment complex has received national
The conversion of a historic hotel in Newton into an affordable apartment complex has received national recognition.
The Affordable Housing Tax Credit Coalition, a trade organization that advocates for low-income housing, chose the Hotel Maytag Apartments on Monday as a 2020 recipient of the Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category.
The award recognizes properties that effectively used the Low-Income Housing Tax Credit, a tax incentive meant to encourage developers to create affordable housing options.
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The Hatch Development Group renovated the historic Hotel Maytag into a mixed-income apartment building with 45 units. Of those, 36 are available to renters who earn 60% or less of the median income, according to a Monday news release from the Affordable Housing Tax Credit Coalition.
The building also houses a movie theater, cafe, wine bar and two salons.
Iowa U.S. Sens. Chuck Grassley and Joni Ernst and U.S. Rep. Dave Loebsack, whose district includes Newton, congratulated the Hotel Maytag project in the news release.
“When the Hotel Maytag was built in 1926, I doubt anyone involved in its construction expected the building would be helping to meet affordable housing needs almost a hundred years later,” Grassley said. “This project, while providing more affordable housing, will further help to revitalize Newton’s historic town square while preserving Newton’s history.”
The Hotel Maytag and its Capitol II theater first opened in the late 1920s. The theater, which showed silent films with orchestra accompaniment, drew Hollywood stars such as Judy Garland and Gary Cooper.
The hotel fell into disrepair in the 1960s. The city of Newton purchased the property in 2016, then turned the deed over to the Hatch Development Group.
The Hotel Maytag Apartments opened in 2019 after a $16 million renovation.
Katie Akin is a retail reporter for the Register. Reach her at [email protected] or at 515-284-8041. Follow her on Twitter at @katie_akin.
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This article originally appeared on Des Moines Register: Newly renovated Hotel Maytag Apartments win national affordable housing award