C.R. affordable housing gets a boost with new state funding

The state of Iowa is ready to steer another $11.1-million dollars into affordable replacement housing in Cedar Rapids.  And Cedar Rapids Mayor Ron Corbett vows these dollars will go to rebuild, where it's safe, on vacant lots in the flood zones.

The first round of funding for the Single Family New Construction program began in the summer of 2009.  Nearly $8-million dollars then helped subsidize 184 single family or condo homes for first time buyers who met the income guidelines.  The program now “buys down” mortgages by 25 percent for homes up to $180,000 in value.

Jennifer Trenary, who lives in one of the newly constructed affordable homes on 8

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Street N.W., said the program was a life-changing moment for her.

“Like I said, I wouldn't have this (new home) without it.  So my life took a new turn-who doesn't want a new house,” Trenary added.

Iowa Governor Chet Culver and Cedar Rapids Mayor Ron Corbett chose Trenary's new home to announce the latest round of funding.  Beginning January 1

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, developers can tap a new pool of $11.1-million dollars to build new single family affordable homes.  That's probably enough new money for at least 300 more homes in Cedar Rapids.

A point system is used by pick projects offered by developers.  Mayor Corbett said many of the homes before went to other projects already started in other parts of the city.  But this time, the scoring system will favor builders who want to replace demolished homes in the flood zone where rebuilding is possible.

“There are a lot of vacant lots,” Corbett said “and those properties will be developed with new homes and it is our hope to target 100% of the $11.1-million dollars to infill.”

During Tuesday's news conference, the mayor also disclosed that earlier funding, both for new single and multi-family homes,  has produced about one thousand new rental or owner occupied units.  The city is in the process of knocking down about 1,300 or 1,400 flood-damaged homes that are beyond saving.

Mayor Corbett said before the flood of 2008, the city had identified the need for about 900 new affordable homes for residents.  By the time this latest money is spent, the city will be back to about where it was just before the flood-about 900 homes short.