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City of Boone·Iowa

Family Resource Center Request For Proposal

Closes 11/20/2026$5M – $15MRequest for Proposal
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Description

The City of Boone is soliciting proposals to purchase and develop a 4.92‑acre city‑owned parcel at 1111 S Linn Street into long‑term affordable housing. The developer must retain existing childcare and early‑education tenants for at least ten years, provide a substantial portion of units for households at or below 60 % of AMI, and commit to a minimum 20‑year affordability deed restriction. The project leverages the Iowa Thriving Community designation for additional Low‑Income Housing Tax Credit points and requires detailed financial, design, and management plans.

Attached files

Contact

Ondrea Elmquist(City Administrator)

[email protected]

Key dates

Opened
10/20/2026
Closes
11/20/2026
Projected award
12/7/2026
Duration
20 years

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
236220

Budget estimate

$5,000,000 – $15,000,000

The RFP does not specify a contract value; however, the purchase price is likely to be based on a municipal appraisal (estimated $3–5 million for a 4.9‑acre site in Boone) plus development costs for a 20‑plus‑year affordable housing project (approximately $150–200 million for a multi‑family complex of this size). Developers typically earn a profit margin of 5–10 % on such large projects, suggesting a potential revenue range of roughly $5 million to $15 million for the winning firm, depending on the final purchase price, financing structure, and tax‑credit incentives.

AI estimate from the solicitation

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