Post by Logan on Jun 21, 2016 2:50:05 GMT -6
$8M in tax credits for Cedar Rapids development targeting homeless
CEDAR RAPIDS — A housing project devoting 10 percent of its units to permanent housing for the chronically homeless was approved Monday for $8 million in federal housing tax credits.
The Crestwood Ridge Apartments, destined for 1200 Edgewood Road NW adjacent to Fire Station No. 3, will have four market-rate units, 36 units for people earning 60 percent of the median household income and five more “supportive housing” units for people earning 30 percent of the median income, according to the developer.
“This is really a permanent rental home, not transitional housing, not a shelter,” Justin Eilers, housing manager for CommonBond Communities, said of the supportive units. “These are apartments. This is really exciting. It will be able to help keep those households stable, give them a foundation and connect them to community resources.”
The Iowa Finance Authority board of directors committed $800,000 annually for a 10-year period, or about $8 million, to the project developed by the St. Paul, Minn.-based non-profit CommonBond, in partnership with Willis Dady Emergency Shelter. The Cedar Rapids development was among $68.6 million in 2016 Housing Tax Credits awarded to 11 projects totaling 549 units.
Read more: www.thegazette.com/subject/news/government/8m-in-tax-credits-for-cedar-rapids-development-targeting-homeless-20160620
CEDAR RAPIDS — A housing project devoting 10 percent of its units to permanent housing for the chronically homeless was approved Monday for $8 million in federal housing tax credits.
The Crestwood Ridge Apartments, destined for 1200 Edgewood Road NW adjacent to Fire Station No. 3, will have four market-rate units, 36 units for people earning 60 percent of the median household income and five more “supportive housing” units for people earning 30 percent of the median income, according to the developer.
“This is really a permanent rental home, not transitional housing, not a shelter,” Justin Eilers, housing manager for CommonBond Communities, said of the supportive units. “These are apartments. This is really exciting. It will be able to help keep those households stable, give them a foundation and connect them to community resources.”
The Iowa Finance Authority board of directors committed $800,000 annually for a 10-year period, or about $8 million, to the project developed by the St. Paul, Minn.-based non-profit CommonBond, in partnership with Willis Dady Emergency Shelter. The Cedar Rapids development was among $68.6 million in 2016 Housing Tax Credits awarded to 11 projects totaling 549 units.
Read more: www.thegazette.com/subject/news/government/8m-in-tax-credits-for-cedar-rapids-development-targeting-homeless-20160620