Malvern, Iowa – A $5.5 million development called Florence Apartments broke ground this week, promising 24 new rental homes for a town of roughly 1,000 residents. Built by the Charles E. Lakin Foundation, the project is slated for completion in early 2028 and is expected to provide a much‑needed boost to local housing availability.
Addressing a tight rental market
Local landlords report that available units are snapped up within hours. “At any given point there is only a few houses on the market in our community,” said Kate McGann, President of Malvern Bank. “Our landlords get three to four calls a day and they just don’t have anything.” The new apartments will add 12 one‑bedroom and 12 two‑bedroom units, each featuring modern finishes, in‑unit laundry hookups, secure building access and off‑street parking.
Strategic location and affordability
Malvern’s proximity to the Omaha metro makes it an attractive option for out‑of‑state renters. “I can get to Old Market faster than my sister can in Gretna,” McGann noted, highlighting the town’s convenient commute and local amenities.
Rent is projected at $1,200 for a one‑bedroom and $1,400 for a two‑bedroom unit—significantly lower than comparable rates in larger cities. The development also incorporates high‑efficiency heating, cooling, insulation, windows and LED lighting through MidAmerican Energy’s Commercial New Construction program, helping residents keep utility costs down.
Public‑private partnership and state support
The foundation is assuming full financial risk, supplemented by a $720,000 award from the Iowa Economic Development Authority’s Workforce Housing Tax Credit program for fiscal year 2027—the first such award in Mills County. Malvern Bank is providing construction financing, addressing a long‑standing hurdle of limited access to capital in the region.
Broader impact on rural revitalization
John Hoich, Vice President of the Charles E. Lakin Foundation, emphasized the social benefits of stable housing. “If you have a place to lay down your head at night, that’s the start. With a roof over their heads, people are less likely to fall into drug use, alcohol abuse, or mental‑health crises,” he said.
Beyond the immediate housing need, the foundation hopes the project will attract new residents, grow the local workforce and reverse the population decline affecting many small Iowa towns. “We’re hoping these brand‑new apartments will bring new blood to Malvern, someone that would like to move to Malvern, work in Malvern, and live in Malvern,” Hoich added.
Statewide housing context
The Common Sense Institute Iowa estimates an 8,102‑home deficit for the state in 2026, with a projected resolution by the end of 2028 if current trends continue. While major population centers still face notable shortages, rural initiatives like Florence Apartments represent a targeted response to the broader gap.
Leasing is expected to begin in late 2027, with construction finishing in early 2028. The project is part of the foundation’s larger Revitalize Southwest Iowa Initiative, which has committed roughly $165 million to over 50 communities across the region.
Original reporting: KMTV 3 News Now (Scripps) – local — read the source article.
