CEDAR FALLS | To this day the Cedar Valley continues to slowly heal from the damage caused by the 2008 flood, but that process is getting a boost from a new round of state-provided flood relief funds.
The Iowa Economic Development Authority is awarding more than $51 million in Community Development Block Grant funds to 16 cities across the state, including Waterloo and Cedar Falls.
Those funds will be used to pay for 21 new multifamily residential construction projects.
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In Waterloo, the money goes to the Grand Crossing project at the former Grand Hotel site on the corner of Westfield Avenue and Jefferson Street. Headed by developer Brent Dahlstrom, Grand Crossing will consist of 68 units in a four-story building. The IEDA awarded Waterloo $3 million for the project.
In Cedar Falls, the Black Hawk Hotel will receive $335,311 to build two affordable apartment units on the fourth floor. The funds will also pay for the installation of an elevator that will service the whole building. Bob Seymour with Cedar Falls Community Development helped the Black Hawk Hotel apply for the funds.
“We’re obviously very pleased that the project got funded,” Seymour said. “I think it will make a great addition to downtown and Cedar Falls in general.”
The project will create one one-bedroom apartment and one two-bedroom apartment, both priced at 80 percent of the median income for five years, according to Seymour.
This translates to a substantial difference in rent. According to Seymour, rent downtown is typically $1,200 to $1,400. Rent for the one-bedroom apartment will be about $760, while rent for the two-bedroom apartment will be $900.
KL Holdings LLC of Hampton in Franklin County also received $3 million for a 26-unit housing facility and $94,440 for storm water management.
“A major part of our work here at IEDA is making sure we have strong communities where people want to live,” said IEDA Director Debi Durham. “Administering this disaster recovery funding to help Iowa’s cities and towns rebuild is vital to the economic success of our state.”