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Affordable Housing for Kingston Village
CEDAR RAPIDS, IA (CBS2/FOX28) Any West Side residents who might feel they are being neglected in Cedar Rapids recovery plan, have one more piece of progress to celebrate. The State of Iowa just announced nearly $700,000 in tax credits to help developers build a new affordable housing complex in Kingston Village.
The credits will reduce the tax burden for the TW Sather Company out of Madison, Wisconsin as it builds a four-story, 64-unit apartment complex at 600 2nd Street SW. Its a small triangle of land, but it represents huge potential for the area. President and CEO, Thomas Sather says hes done hundreds of redevelopments and new housing units, including a senior complex near Des Moines, but Kingston Village is special, This neighborhood is close to downtown and to so many amenities and has endured so much due to the flooding that I think it's a great opportunity to have a big marquee project like this to help jump-start the neighborhood."
The Oakhill-Jackson Brickstones are an example of an earlier Cedar Rapids housing project that benefited from the tax credit incentives. The area around it is clean and landscaped and there are two small eateries within a block. Community Development and Planning Director Gary Kranse says people are the key to make sure retail shops and restaurants follow in the neighborhoods and he cant wait to see what takes shape in Kingston, It will give us some opportunities for folks to come in and say wow, you know, youre building something nice here and these good things are something we want to be part of .. so we want to purchase and do something else in this neighborhood.
Developers say they are well aware that low-income and Section 8 housing can carry a stigma and reputation sometimes. Sather says this project is different, This is completely separate from Section 8 .. Section 42 housing is a financial mechanism that allows developers to develop high quality, market rate apartments and charge about two-thirds to three-quarters of the rent theyd otherwise be required to charge to make them work .. It really I think is a win, win for the city, the developer and for the community.
Sather says he hopes to break ground on the Kingston Village project by Fall and construction should take about one year.