Alley Landing, a 40-unit apartment project proposed at 2701 Douglas Ave., will receive a $400,000 no-interest loan from the federal government to help pay for the $13.2 million project under action approved by the Des Moines City Council this week. The project is being spearheaded by Woda Cooper Cos. Inc., an Ohio company that specializes in developing affordable housing projects. The apartments are planned on the former site of Plaza Lanes, a bowling alley and recreation center that was destroyed by fire in late 2017. The loan is from the federal government’s Home Investment Partnership Program and must be repaid in 20 years. Over $10.2 million of the project’s funding, or 77%, is from Low-Income Housing Tax Credits, information provided the council shows. Units in the apartment building will be available to people or families with an average annual income that is between 50% and 60% of the area’s median income. For a two-person household, annual incomes would be between $37,000 and $44,400, information from the Iowa Finance Authority shows. The project will include one-, two- and three-bedroom apartments, with monthly rents ranging from $899 to $1,477. Construction is expected to begin this fall with completion anticipated in late 2025.