IEDA awards $52 million in CDBG funds to cities in Iowa

Written by Theresa Rose on January 9, 2015

Des Moines, IA (January 8, 2015) – Awards totaling over $51 million were announced today for 16 cities across Iowa. The Iowa Economic Development Authority (IEDA) awarded the Community Development Block Grant (CDBG) funds to support 21 multi-family new production projects. These federally funded awards will allow communities to recover housing lost during the natural disaster events of 2008.
“A major part of our work here at IEDA is making sure we have strong communities where people want to live,” said Debi Durham, director of the IEDA. “Administering this disaster recovery funding to help Iowa’s cities and towns rebuild is vital to the economic success of our state.”
IEDA received 77 applications from communities for these funds, totaling more than $173.3 million in funding requests. The grants are awarded based on the potential impact of the project, benefit to low-and-moderate-income persons and commitment of developer and local resources to moving the project forward in a timely manner.

The CDBG program is funded through the U.S. Department of Housing and Urban Development (HUD). IEDA is responsible for administering the CDBG funds for disaster recovery on behalf of the state. For more information on CDBG, visit www.iowaeconomicdevelopment.com

A list of funded projects follows:
Communities with populations over 50,000

Cedar Falls: Black Hawk Apartments, Dan Tindall, 2 units, conversion – $323,061.00
with $12,250 for storm water management; for a total award of $335,311.00
Cedar Rapids: Village West Apartments, Robert Schaffer, 7 units, in-fill new construction – $716,670.00
with $22,250 for storm water management; for a total award of $738,920.00
Cedar Rapids: Corner Stone Place, SLE Investments, LC, 32 units, conversion – $3,000,000.00
with $120,000 for storm water management; for a total award of $3,120,000.00
Cedar Rapids: Kubias Building, Hobart Historic Restoration, 18 units, conversion – $2,695,000.00
Cedar Rapids: Cedar Point Apartments, TW Sather Co., 30 units, in-fill new construction – $3,000,000.00
Cedar Rapids: Kingston Pointe, Progression, LC, 18 units, in-fill new construction – $3,000,000.00
with $115,675 for storm water management; for a total award of $3,115,675.00
Cedar Rapids: Creekside Apartments, TW Sather Co., 30 units, in-fill new construction – $2,995,000.00
Davenport: 501 Brady Street, Frank Levy, 24 units, in-fill new construction – $3,000,000.00
Des Moines: The Edge at Gray’s Landing, Edge at Grey’s Landing LLC, 90 units, in-fill new construction – $3,000,000.00
Waterloo: Grand Crossing, Grand Investments, LLC, 68 units, in-fill new construction – $3,000,000.00
West Des Moines: Phenix School Housing, Community Housing Initiatives, 17 units, conversion – $3,000,000.00

Communities with populations under 50,000

Burlington: Tama Building, Tama Historic LLC, 48 units, conversion – $3,000,000.00
Ottumwa: Ottumwa Upper Story, Main Street Ottumwa, 22 units, conversion – $2,551,810.00 with $732,362.00 in storm water management, for a total award amount of $3,284,172.00
Hampton: The 101, KL Holdings LLC, 26 units, in-fill new construction – $3,000,000.00 with $94.440.00 in storm water management, for a total award amount of $3,094,440.00
Clinton: Roosevelt School Apartments, Community Housing Initiative, 16 units, conversion – $3,000,000.00
Iowa Falls: Iowa Falls Upper Story, Move Iowa Falls Forward LLC, 7 units, conversion – $1,378,110 with $104,395.00 in storm water management, for a total award amount of $1,482,505.00
Ft. Madison: Fort Madison Upper Story, Frantz Community Investors, 28 units, conversion – $3,000,000.00
Woodbine: 413-415 Walker, Woodbine Betterment, 3 units, conversion – $426,667.00 with $16,000.00 in storm water management for a total award amount of $442,667.00
Windsor Heights: Windsor Crossing, Windsor Crossing Senior Apts. LLC, 31 units, in-fill new construction – $3,000,000.00, with $75,000.00 for storm water management, for a total award amount of $3,075,000.00
Mount Pleasant: The Brazelton Hotel, Hobart Historic Restoration LLC, 19 units, conversion – $2,700,000.00 with $54,000.00 for storm water management, for a total award amount of $2,754,000.00
Marshalltown: The Kibbey Building, Downtown Leases and Lofts LLC, 4 units, conversion – $1,191,449.00