The Hotel Maytag Apartments in Newton is a 2020 recipient of the Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category. Photo special to the Business Record

The Hotel Maytag Apartments in Newton is a 2020 recipient of the Charles L. Edson Tax Credit Excellence Award in the Historic Preservation category, the Affordable Housing Tax Credit Coalition announced this week. The award recognizes affordable housing developments and organizations that have demonstrated especially significant use of the Low-Income Housing Tax Credit. Hotel Maytag Apartments, developed by Hatch Development Group LLC, provides mixed-income housing in what was a vacant historic hotel, which was originally built in 1926 by the founder of Maytag Appliances and designed by architect Henry Raeder of Chicago. The 110 hotel rooms were converted into 45 apartments, 36 of which are affordable to residents earning at or below 60% of area median income. The 4% housing credit and historic tax credits were used to partially finance the property, with syndication provided by WNC & Associates Inc. The state of Iowa participated with state historic tax credits and workforce housing tax credits.The property not only provides affordable and market-rate housing for Newton, the first floor also features approximately 16,000 square feet of commercial space, providing residents and others with dining and entertainment through a renovated movie theater, a cafe, two salons and a wine bar, all within the historic structure. “The revitalization of the Hotel Maytag was a signal that our city is still economically strong and competitive,” Newton Mayor Mike Hanson said in a prepared statement. “It has become a symbol of our future after the Maytag Manufacturing Corporation shut its doors.”