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.