Two neighboring city-owned properties in southwest Cedar Rapids are set to be redeveloped for affordable housing projects. As part of their regular agenda Jan. 14, the Cedar Rapids City Council unanimously approved development agreements with Cedar Valley Habitat for Humanity and JPAC Investments for two land parcels – one at 1140 C St. SW, the […]
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Two neighboring city-owned properties in southwest Cedar Rapids are set to be redeveloped for affordable housing projects.
As part of their regular agenda Jan. 14, the Cedar Rapids City Council unanimously approved development agreements with Cedar Valley Habitat for Humanity and JPAC Investments for two land parcels – one at 1140 C St. SW, the other at 1223 First St. SW. Both properties were acquired by the city in 2010, and development proposals were finalized after a meeting with the Taylor Neighborhood Association and two lender stakeholders.
Two development proposals were received by the city for the C Street property, but one proposal was deemed inadequate due to the developer’s limited capacity based on other projects. The approved proposal calls for Cedar Valley Habitat for Humanity to build two detached single-unit homes on the property.
The homes will be affordable for people earning between 30% and 60% of the area’s median income. The lot itself will be donated for $1, based on maintaining the affordability of the homes. Construction of the homes is set to begin this fall.
Under the agreement with JPAC Investments for the First Street property, two detached single-unit homes will be delivered by the Homes for Iowa program. A partnership with the Neighborhood Finance Corporation will offer up to $25,000 in forgivable loans to home buyers to be used for down payment assistance and home improvements.
Construction of the two homes is tentatively set for this summer.
All four homes will also include attached one-stall garages.
The projects will help address a longstanding shortage of affordable housing in the Cedar Rapids area, identified frequently by city leaders and developers. Several projects have been announced in recent years seeking to close the city’s affordable housing gap, including a plan to use $2.5 million in American Rescue Plan Act (ARPA) funds to transform the long-vacant Colonial Centre building into an affordable housing complex and a new 44-unit affordable housing project planned for the north half block of Seventh Avenue SE between Fifth and Sixth streets SE, an empty parking lot just southwest of the main Cedar Rapids Post Office.