Representatives from Cedar Rapids, Iowa and the surrounding areas celebrated the groundbreaking of the Cedar Crest Apartments last week. The newly constructed community of 45 homes for seniors age 55 or older is located on a 2.1 acre site that features the redevelopment of a three-story historic farmhouse into community space for residents with a retained layout and historic millwork. The new apartment building will integrate the exterior design and character of the existing home and will include underground parking for all residents. The development will be completed in the fall of 2010.
The $8.8 million development was financed with $3.84 million in Low-Income Housing Tax Credit equity investment from Enterprise, and support from the Iowa Finance Authority, the city of Cedar Rapids, the Iowa Department of Economic Development and Blackridge Bank.