The city of Cedar Rapids is now armed with a plan to seek funding for amenities on the west side of the Cedar River that officials hope could turn the space into a community attraction that drives new development.
A developer gained the city’s support to seek competitive Low Income Housing Tax Credits from the Iowa Finance Authority to transform the derecho-damaged MAC building at 1220 Jacolyn Dr. SW into a $16 million affordable housing facility.
Nonprofit Matthew 25 was awarded city of Cedar Rapids financial incentives this week to support a $2.5 million investment in new housing in the Northwest Neighborhood. The housing will pioneer a way for lower-income residents to access homeownership.
Local developers were awarded city financial incentives this week to build a $4 million Brown NationaLease facility in southwest Cedar Rapids that will create 10 jobs. The company leases a space in North Liberty.