WATERLOO — The city will receive another award for its partnership on the downtown Grand Crossing development project.
Waterloo Community Development will receive the 2018 Audrey Nelson Community Development Achievement Award from the National Community Development Association for its innovative use of Community Development Block Grant funding on the project, Mayor Quentin Hart announced Tuesday.
The award will be presented during the NCDA’s winter conference Jan. 26 in Washington, where Hart and Community Development Director Rudy Jones will receive it.
Grand Crossing created 68 new rental units, including 36 designated as low-income units, which are superior to the majority of low-income apartments in Waterloo.
Jones called Grand Crossing “an excellent example of successful low-income and market rate mixing as they reduce stigma and raise the standard of affordable housing in the community.”
Grand Crossing also received the HousingIowa Award from the Iowa Finance Authority last September.
The city earmarked federal CDBG grant funds to pay for about 30 percent of the Grand Crossing costs. The remainder of the funding was a mix of both private loans and equity provided by Dahlstrom Real Estate LLC.