Omaha-based Midwest Housing Equity Group Inc. (MHEG) announced last month that it has acquired six developments in Iowa: including three in Greater Des Moines, two in Oskaloosa and one in Cedar Rapids.

Willow Bend II, a rehab of existing units at 6500 S.W. Ninth St., Des Moines, and two new construction projects at Chapel Ridge West I, 210 S. 41st St., West Des Moines, and Deer Ridge VI, 6000 Creston Ave., Des Moines, will be built out at a combined estimated cost of $14,854,000.

Lincoln Terrace LP and Grant Terrace LLP, both in Oskaloosa, will consist of the renovation of two elementary schools into senior housing facilities at an estimated cost of $7.6 million.

The Brown Apartments in Cedar Rapids, a historical rehab of 15 units, will be completed with an anticipated $2,637,000 cost of construction.

Together, the six developments, all slated for completion this year, will create 182 affordable housing units. MHEG, which through the acquisitions became the sole limited partner in the developments, will retain a 99.9 percent stake in the properties for 15 years, said Dan Garrett, executive vice president of MHEG’s Iowa operations.

The sale of tax credits to investors will be facilitated through the Iowa Equity Fund II LP, Iowa Equity Fund III LP and Iowa Fund IV LP. Investors of the funds include Bank of the West, Community State Bank, Farmers & Merchants Investment, Fannie Mae, Fidelity Cos., First National Bank of Waverly, Midwest Heritage Bank, Principal Financial Group Inc., Security State Bank, TierOne Bank and Wells Fargo & Co.

“The fact that we are still being able to provide affordable units in the state, given the turmoil that we are facing from the economic crisis, is a testament to our development partners, our company and our investors,” Garrett said.

“These are all strong projects in great communities, and we are excited to see the end results.”