American Recovery and Reinvestment Act

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    Monday, September 15 2014 @ 09:57 PM CDT

    Cedar Crest Apartments highlighted in Affordable Housing Finance (AHF) Special Report, “Housing for All Americans”

    On December 2, 2009, Cedar View Apartments Limited Partnership received a Tax Credit Assistance Program (TCAP) loan of $2,240,367.00 to help finance the construction of Cedar Crest Apartments, a senior affordable housing project in Cedar Rapids, Iowa. The project owner received an award of low-income housing tax credits (LIHTC) from the Iowa Finance Authority in 2008 and demonstrated a need for the TCAP funds available as a result of the American Recovery and Reinvestment Act.

    A total of 45 housing units have been created. Of the 45 units, 36 are low-income housing tax credit (LIHTC) units with income restrictions. Twenty-seven (27) of the LIHTC units are income restricted to residents up to 60% of the Area Medium Income Level (AMI) and nine (9) are restricted up to the 40% AMI level.  Project and unit amenities include a computer learning center, wiring for high speed internet hook-up to each unit, air conditioning, microwave in each unit, ceiling fans, window coverings, range, refrigerator, dishwasher, garbage disposal, washer and dryer, kitchen exhaust fan, storage area, a community room and a fitness/exercise room.

     An Open House was held on November 1, 2010 and the project is currently leasing to qualified residents.  This project is highlighted on page 18 of the Affordable Housing Finance Special Report, “Housing for All Americans."