Spotlight Projects
NFC and CHC Partner to Revitalize Historic 6th Avenue Corridor
Neighborhood Finance Corporation (NFC) has joined forces with Community Housing Capital (CHC), a national Community Development Financial Institution (CDFI) based in Atlanta, GA, to provide construction financing for the transformation of the 6th Ave Townhall/Foodhall project. This $13 million redevelopment will breathe new life into the historic and long-vacant North Des Moines City Hall, along with five additional blighted properties along the corridor.
The project leverages a range of state and federal tax credits, including a $9 million 2023 Federal State Set-Aside award. Once completed, it will deliver 29 affordable residential apartments, a coffee shop, and three commercial kitchens across two connected buildings. All residential units will serve individuals and families earning below 60% of the Area Median Income (AMI), with a portion reserved for those at or below 30% AMI.
More than just housing, the food hall will offer affordable dining options, host community events, and provide a launchpad for emerging small businesses—creating lasting economic and social impact.
This effort marks a strong collaboration between two CDFIs committed to revitalizing underserved communities. After multiple failed attempts to redevelop the site, this project represents a significant step forward for the 6th Ave Corridor, an area that has gained considerable momentum in recent years. It’s a powerful example of community investment making Des Moines an even better place to live, work, and gather.
NFC Partners with Des Moines Film to Renovate 6 Affordable Apartments
In 2022, Des Moines Film (DMF), a Des Moines nonprofit, completed a renovation of the historic Varsity Theater in the Drake Neighborhood. The project brought new life into vacant 105-year-old building. The building is not only a theater but houses the operations for DMF.
Building on the success of the Varsity, DMF saw an opportunity to expand their operations. In early 2024, the nonprofit acquired the adjacent 3,500-square-foot building from Drake University. The building, previously unused, features six apartment units on the second floor and office space below.
Faced with the need to lease the apartments to support their mission financially, Des Moines Film aimed to renovate the units to provide affordable housing. A Community Development Block Grant (CDBG) was awarded to make the apartments accessible to individuals earning below 80% of the Area Median Income. However, the grant funds would only be disbursed upon project completion.
Without access to short-term construction financing, the project was at risk of delay or not happening, until Neighborhood Finance Corporation (NFC) stepped in. NFC provided the crucial bridge financing needed to move the project forward, enabling the creation of six affordable, updated apartments in a neighborhood that has seen steady investment over the past decade.
Ben Godar, Executive Director of Des Moines Film, shared: “As nonprofits, we sometimes find banks don't want to get involved no matter how much funding is secured - especially on small projects. NFC understands our business models and unlocks the bridge or other financing we need to do our work in the community.”
NFC is proud to partner with Des Moines Film to support housing affordability and continue revitalizing the Drake Neighborhood.