American Recovery and Reinvestment Act

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    Thursday, July 30 2015 @ 06:03 PM CDT

    Affordable Housing at Oak Hill Jackson Brickstones

    Oak Hill Jackson Brickstones, an affordable housing project in Cedar Rapids, has begun leasing units in one of two buildings located south of the downtown area.  The architecture displays a touch of urban design and provides character to the neighborhood known as New Bohemia.  Oak Hill Jackson Brickstones is a low-income housing tax credit (LIHTC) project developed by Hatch Development Group.  After receiving an allocation of LIHTCs in 2009 the project had a need for gap financing.

    With the inception of the Section 1602 (Cash in lieu of tax credits) program under the Amercian Recovery and Reinvestment Act, the project was able to demonstrate its eligibility and need for Section 1602 gap financing to the Iowa Finance Authority.  The Authority provided a Section 1602 grant of $9,093,427 on December 1, 2009.  The Section 1602 program is administered by the U.S. Treasury Department and was funded by allowing state low-income housing tax credit allocating agencies to exchange a portion of their 2008 and 2009 per capita tax credits for cash to provide Section 1602 gap financing to eligible projects.

     The new housing project consists of 96 affordable rental units and one manager’s unit.  Of the 96 rent-restricted units, sixty-nine (69) are one-bedroom units and twenty-seven (27) are two-bedroom units.  All units must be rented to households at or below 60% of the area’s median gross income (AMI). The project and unit amenities include a computer learning center, wiring for high-speed internet access to each unit, air conditioning, dishwasher, garbage disposal, kitchen exhaust fan, microwave, patio/balcony, range, refrigerator, window coverings, geothermal heating and cooling system, community room, gardening area, laundry room, security and locked building, landscaping, and underground parking.

    A full article on the project was published in Eastern Iowa Government.