Senator Tom Harkin (D-IA) announced today that Des Moines is receiving a $17.5 million loan for housing and commercial development in the Riverpoint area, south of downtown. These funds are being made available through the U.S. Department of Housing and Urban Development’s Community Development Block Grant Section 108 Loan Guarantee program. Harkin is a senior member of the Senate Appropriations Committee.

If agreements are finalized with developers, this loan will be used to acquire land and provide additional infrastructure in Riverpoint. Des Moines is expected to also receive a $2 million Brownfield Economic Development Grant to help with this project. Once completed, the development is projected to provide 500 homes and considerable commercial space, helping to further strengthen downtown Des Moines.

“I am very pleased that Des Moines is receiving this assistance to move ahead with housing and commercial development in Riverpoint,” Harkin said. “This is an important step forward in a major project that will help to boost the local economy. I have worked to promote Riverpoint’s development for well over a decade, and I am very pleased that this federal assistance will help move the project along.”

Harkin has worked to promote the development of Riverpoint for many years. In 1987, Harkin began securing funds for the Martin Luther King Parkway, which opened the area to increased development. Additionally, Harkin has also obtained funds to improve infrastructure in Riverpoint.