Cedar Rapids Bank & Trust (CRBT) has announced that it has donated $100,000 to the Alliance for Equitable Housing to fully fund The Landlord and Tenant Success Incentive pilot program.
According to a news release, this initiative aims to foster strong relationships between landlords and housing-challenged tenants by directly addressing the top barriers to stable and affordable housing.
Research conducted by the Alliance for Equitable Housing determined the top barriers to affordable housing in Linn County are: a lack of affordable housing; low availability of units; and persons with backgrounds that include poor credit, eviction, and/or a criminal history having difficulty competing for available units.
The program is a collaboration between CRBT and the Alliance for Equitable Housing, specifically the City of Cedar Rapids, Linn County, the United Way of East Central Iowa, and the Housing Fund for Linn County. The donation from CRBT will fully fund the pilot program set to launch in mid-November, according to the release.
The pilot program consists of three core components that offer incentives and support to eligible landlords and tenants for successful efforts in the program.
The core components include:
- Landlord incentive: A cash bonus provided to participating landlords, over and above deposit requirements, to accept housing-challenged tenants.
- Risk mitigation fund: Funds set aside for a landlord or property owner to mitigate or offset potential risks and uncertainties associated with renting to housing-challenged populations.
- Tenant incentive: Funds that will be used to incentivize tenants to achieve goals through case management and tenant education classes.
The goal of this pilot program is to test strategies and develop permanent solutions that address the shortage of affordable units for Linn County’s housing-challenged residents.
“Cedar Rapids Bank & Trust is deeply committed to its role as a community bank,” said James Klein, president of CRBT, in a statement. “At the start of 2024, our team brought several organizations together to better understand our community’s most urgent needs and collaborate on impactful solutions. We chose to fund the Landlord and Tenant pilot program that offers great hope and potential for significant impact to those facing homelessness. The program itself has tangible, real action items, and is backed by committed and knowledgeable organizations that will ensure its successful implementation. We’re thrilled to fund this innovative approach to housing, which could serve as a model for communities nationwide. The community’s ongoing support of CRBT has positioned us to be able to reinvest back in our community at this level. We are very thankful, and we look forward to ongoing partnerships to drive change and foster sustainable solutions for our community.”
In the past five years, the number of unsheltered persons experiencing homelessness increased by 239% in Linn County. This often indicates there are not enough affordable and accessible housing options, that landlords are hesitant to take on tenants with challenges, and that support services are not easily available for those needing help with housing, according to the National Alliance to End Homelessness.
“Breaking down housing barriers is a big job that takes out of the box thinking. We believe this Landlord and Tenant Success Initiative is a prime example of how rethinking policies and practices makes a difference. It’s the combination of innovative approach from the Alliance for Equitable Housing, CRBT stepping up with vital funding, and landlords being willing to offer hope and opportunity to their future tenants that makes this pilot possible,” said Kristin Roberts, president and CEO, United Way of East Central Iowa. “We can’t expect one entity to solve our housing crisis on its own. Together with government, nonprofits, businesses, and individuals, we can build a housing system that truly works for everyone.”
The Alliance for Equitable Housing will release additional details about the pilot program in the coming weeks.
