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Des Moines forgives affordable housing developer’s nearly $800,000 tab


Axios Des Moines: Des Moines last week forgave more than $793,000 of accrued interest associated with loans made to an affordable housing developer in 2004. It could set a precedent that may eat into upcoming budgets and limit future affordable housing development, former Des Moines Councilperson Christine Hensley said. Greg McClenahan of EverGreen Real Estate Development Corp. “was under the impression” nearly two decades ago that the loan for an assisted living facility called the Rose would be forgiven, according to information provided to the City Council.

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