In June of 2008, the City of Cedar Rapids experienced catastrophic flooding that devastated core neighborhoods of the community. In July of 2009, the City partnered with the Iowa Economic Development Authority (IEDA) and began administering the first round of the Multi-Family Rental Unit Production program. The program was designed to replace rental housing units lost in the 2008 flood and resulted in funding for 61 rental units in the Cedar Rapids market area. The City has received funding for a total of over 500 units since then in Rounds 1-5.
|Round||Number of Units|
|1||61 units awarded & completed (2009)|
|2||378 units awarded; half currently under construction (2010)|
|3||City did not participate (2011)|
|4||No units awarded (2012)|
|5||118 units awarded & underway (2013)|
|6||117 units awarded & underway (2015)|
Working from the best practices established through the
A highlight of the program guidelines are as follows:City’s successful partnership with the IEDA and local developers for past Multi-Family Rental Unit Production programs, the City will target resources to infill development in the core neighborhoods of Cedar Rapids.
- 51% are required to be rented to households with income less than or equal to 80% AMI
- Rent rates for the affordable units shall be less than or equal to HOME Program 65% Rent Limits
- Projects shall be located outside of the 100-year floodplain and within the program boundary.
- The grant funds are secured as a 10-year non receding forgivable mortgage recorded in junior position to the primary mortgage.
- Projects shall comply with the Iowa Green Streets Criteria.
Projects must be under construction no later than April 1, 2016.
|Contact Information:||City of Cedar Rapids
101 First Street SE
Cedar Rapids, IA 52401