COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area.
Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds.
Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.