The Housing Shortage in Cedar Rapids, Iowa
A lack of affordable housing has been an issue in the Cedar Rapids, Iowa area for many years. While employment data indicates the county’s employment picture has strengthened between 2009 and 2019, there hasn’t been enough housing to meet the needs of employees. Then, with the onset of COVID-19, thousands of people were out of work, meaning even more people were looking for more affordable places to live.
“Affordable housing needs are continuing to climb in the area due to the impact of COVID-19, but even before the pandemic, similar housing communities were nearly-fully leased,” said Kyle Bach, CEO of The Annex Group.
The occupancy rates of existing low-income housing tax credit (LIHTC) housing have been historically high. A study done in 2020 estimated those existing communities were between 95 and 98 percent leased. Additionally, the population in the area is on the rise. Estimates and projections predict a 15.6 percent increase from 2011-2015 to 2025, meaning there will be more people entering the housing market in the future.
After ample research into the existing affordable housing market and future predictions, The Annex Group®, a leading workforce, affordable housing and student housing developer, decided to develop plans for an affordable housing community to help offset the need for housing.
Project Collaborators Work Together
In order to create a community that was convenient, high-quality, comfortable and affordable, The Annex Group tapped multiple organizations to assist. Partners on the project include Sebree Architects for architecture, Crockett Engineering and Ament Design for engineering, CREA as the syndicator, Cedar Rapids Bank and Trust as the debt partner, Summit LIHTC Consulting as the LIHTC consultant, and The Annex Group is providing construction support for the project.
Enter: Union at Wiley – Affordable Housing in Cedar Rapids
Funding for the affordable housing community Union at Wiley has closed, and construction is now underway. Union at Wiley will be located at 4227 21st Ave. SW. in Linn County and feature 180 units including one, two and three-bedroom options. The community is targeting residents who earn 60 percent of the area median income (AMI).
Union at Wiley offers one, two, and three bedroom apartment homes with in-unit full size washer and dryer, open floor plans and balcony or patio options. The community will offer a fitness center, playground, business center and bark park. Three of the area’s top 20 employers are within one mile of the community, with multiple other employers within a few miles drive, making the location ideal for local workers. Transportation is also readily-available through the City of Cedar Rapids Transit which provides bus service throughout the Cedar Rapids metro area.
The $31.85 million property is currently pre-leasing. Go to the website today to see Cedar Rapid’s newest affordable housing community www.unionatwiley.com