Cedar Rapids Gets Big Dollars For New Housing

The City of Cedar Rapids has scored big, when it comes to funding for new housing projects in the city. Cedar Rapids got more than half the money awarded to communities around the state.

Six different housing projects in Cedar Rapids, with a total of more than 130 housing units, were awarded $15.6 million from the federal Community Development Block Grant through the Iowa Economic Development Authority. That's more than half of the 30-million dollar total awarded to communities around Iowa, with the awarding of grants based on three factors:

Potential Impact
Benefit to low-and-moderate-income individuals
The commitment of the developer and local resources to move the project forward in a timely manner.

Here's the list of projects and their funding, provided by The City of Cedar Rapids. Watch for more construction in these areas. More sure signs of progress as our community continues to grow and expand:

Developer	Project & Address	Units	Public Funds	Private Investment	Total Project Cost
SLE Investments, LC Steve Emerson	Cornerstone Place 323 3rd St SE	32	$3,120,000	$9,933,991	$13,053,991
Hobart Historic Restoration Jim & Beverly Hobart	Kubias Building 307-311 Third Ave SE	18	$2,695,000	$2,344,611	$5,039,611
TW Sather Company Thomas Sather	Cedar Point Apartments 1427 Center Point Rd NE	30	$3,000,000	$2,126,500	$5,126,500
TW Sather Company Thomas Sather	Creekside Apartments 1415 Center Point Rd NE	30	$2,995,000	$2,131,500	$5,126,500
Robert Schaffer	Village West Apartments 100 16th Ave SW	7	$738,920	$379,324	$1,118,244
Progression, LC Steve Emerson	Kingston Pointe 210 5th St SW	18	$3,115,675	$2,811,139	$5,926,814
		135	$15,664,595	$19,727,065	$35,391,660

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