116 3rd St SE
Cedar Rapids, Iowa 52401
Matthew 25 selling two new affordable single-family homes in Cedar Rapids
Nonprofit’s newly built homes on the west side part of efforts to ‘grow strong neighborhoods’
CEDAR RAPIDS — Local nonprofit Matthew 25 is selling two affordable single-family homes on the west side of the Cedar River on lots that sat vacant since the 2008 flood.
As part of the organization’s efforts to build healthy neighborhoods, Matthew 25 is selling the homes at a reduced price while cities nationwide grapple with a shortage of affordable housing.
One home is located at 806 Fifth Ave. SW, near the Cedar River Academy at Taylor Elementary. The second home is at 515 Ninth St. NW, located near the Cultivate Hope Corner Store.
Clint Twedt-Ball, founder and executive director of Matthew 25, said the home located near Taylor is “a nice place to entertain and raise a family” near a school that the nonprofit works with to grow fresh produce.
“We’ve really invested in the health of this community, and so we wanted to make sure that there are healthy homes along with good schools and walkable neighborhoods,” Twedt-Ball said.
Coralville-based developer Watts Group is the builder for both homes. Twedt-Ball said Watts Group worked with subcontractors to reduce rates, who all agreed to do so to support Matthew 25. That, along with grant funding, helped Matthew 25 lower home selling price from the building costs of $286,000 to $224,500.
The goal was to build homes that are “very contemporary looking and feeling and high quality” while remaining affordable, Twedt-Ball said. The newly built homes offer features that are rare in affordable housing including quartz countertops, soft-close hinges on cabinets, contemporary lighting and high-efficiency furnaces.
The three-bedroom, two-bathroom homes also offer a large front porch, finished basement with spacious living room, open concept kitchen with an island and many windows to allow natural light and ENERGY STAR appliances. There is a parking pad instead of a garage.
Who’s eligible?
Eligible homebuyers must make 80 percent or less than area median income and plan to live in the home. Twedt-Ball said the affordability will be guaranteed through deed restrictions for 10 to 15 years and through income verifications.
Lenders also are offering other opportunities to lower the cost of the home by up to $58,000 through subsidies and grants. Information on specific subsidies is available through the Neighborhood Finance Corp.
To learn more about how to purchase one of the Matthew 25 homes, visit matthew-25.org/new-homes or call (319) 362-2214.
‘Creating a strong neighborhood’
Some of these flood-devastated neighborhoods on the west side are returning to their pre-flood density, Twedt-Ball said, which should help overall with the area’s revitalization.
“Once you have enough rooftops and people in beds, then you start to also get the synergy of businesses,” Twedt-Ball said. “So when for us, we’re talking about putting healthy food businesses in places, you need people to be able to support those businesses. If we’re going to keep having schools in these neighborhoods, you’ve got to have people in the neighborhood.”
These neighborhoods also often have more rental properties, he said, so it’s important to expand ownership opportunities to motivate people and their neighbors to invest in strengthening the neighborhoods.
“We’re not just builders,” Twedt-Ball said. “We’re neighborhood builders. We want to grow strong neighborhoods. For us, this is one building block in creating a strong neighborhood.”
Comments: (319) 398-8494; marissa.payne@thegazette.com
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