Hubbell Realty Co. said it will soon break ground on three affordable-housing developments in Greater Des Moines, including its long-planned renovation of the Sealy Building at 309 S.W. Eighth St. downtown.

A 31-unit senior-housing project in Johnston and a 60-unit family-friendly development in Norwalk are also planned.

Hubbell, which was recently awarded by the Iowa Finance Authority nearly $3 million in low-income housing tax credits, as well as a $5,652,303 award from the Community Development Block Grant program through the Iowa Department of Economic Development, said those funds will help offset the estimated $29.7 million cost required to complete the three projects.

Rick Tollakson, Hubbell’s president and CEO, said in a release that Hubbell is responding to “specific needs” in the marketplace.

“In addition to providing much-needed affordable housing, these three developments will create more than 310 local jobs,” he said. “They represent a real win-win for Greater Des Moines.

The transformation of the Sealy Building into Riverpoint Lofts, which was conceived in 2008 and originally slated for delivery in spring 2010, was held up while Hubbell worked to obtain the tax-credit award that it has maintained is necessary to move the project forward.

Hubbell has said it will also pursue historic tax credits for that project, which will add 91 affordable-housing units to the downtown market.

“In Johnston, the Cottages at Johnston Commons will offer ranch homes for renters who are age 55 and older. In Norwalk, the Cedarbrooke Place Apartments will be designed for families. And, the Riverpoint Lofts are targeted specifically for downtown living,” Tollakson said. “When these three developments are completed, Hubbell will own and manage more than 2,100 apartments.”

All three projects should be finished by the end of 2012.