The City of Cedar Rapids values high-quality development that provides investment in the community and a public benefit. The City recognizes that workforce housing is key to meeting the needs of current and future residents. The City works closely with developers and the Iowa Finance Authority (IFA) to provide exhibits that are necessary for the applications to the Low Income Housing Tax Credit (LIHTC) Program. Cedar Rapids does require that the City Council act to support or not support a LIHTC project before releasing any IFA-required exhibits. This must occur at a formal meeting of the Cedar Rapids City Council after proposals are reviewed by the Development Committee. In order to prepare for the meetings, staff must receive a formal request (completed application and items on the checklist below) by the specified deadlines below in order to facilitate the approval process.
- Projects requesting City resolution of support and/or financial assistance onlymust be received at least 90 days prior to the deadline established by IFA for submittal of LIHTC projects.
- Projects requesting City-owned property must be received at least 120 days prior to the deadline established by IFA for the submittal for LIHTC projects. This is to ensure the City can fulfill all State Code requirements necessary for the disposal of excess property, in order to provide the level of commitment that will be accepted by IFA.
Therefore, developers considering a LIHTC project are encouraged to contact the City as early as possible, at the conceptual stage, to provide the greatest lead time for success
Links & Documents:
Iowa Finance Authority
LIHTC App 2016
Application Checklist LIHTC