Enterprise, MetroPlains Celebrate Groundbreaking of Cedar Crest Apartments

45 units of affordable housing for seniors in Cedar Rapids, Iowa

News provided by

Enterprise Community Investment, Inc.

Jan 29, 2010, 12:38 ET

Cedar Rapids, Iowa, Jan. 29 /PRNewswire/ --

WHO:	Representatives from Enterprise Community Investment, Inc. (Enterprise), MetroPlains LLC, city of Cedar Rapids, Iowa Finance Authority and Iowa Department of Economic Development

WHAT:	Groundbreaking of Cedar Crest Apartments senior housing

WHEN:	Tuesday, February 2, 2010 at 1 p.m., CST

WHERE:	1100 O Avenue NW, Cedar Rapids, Iowa 52405

SPEAKERS:
	Ron Corbett, mayor, city of Cedar Rapids (invited)
	Chuck Weineke, Cedar Rapids council member, District 4
	Senator Charles Grassely (R-IA) (invited)
	Senator Tom Harkin (D-IA) (invited)
	Alexandra Kitson, staffer for Representative Dave Loebsack (D-IA) (invited)
	State Senator Wally Horn, (D-Cedar Rapids) (invited)
	State Representative Todd Taylor, (D-Cedar Rapids) (invited)
	Carla Pope, director, Affordable Rental Production, Iowa Finance Authority
	Darlene Brickman, project manager, Iowa Department of Economic Development
	Rob McCready, co-president, MetroPlains, LLC
	Philip Porter, vice president, Enterprise Community Investment, Inc.

BACKGROUND: Located in Cedar Rapids, Iowa, Cedar Crest Apartments will be a newly constructed community of 45 homes for seniors age 55 or older situated on a hill just west of the Time Check neighborhood, which is recovering from the 2008 floods. The 2.1 acre site features the redevelopment of a three-story historic farmhouse into community space for residents with a retained layout and historic millwork. The new apartment building will integrate the exterior design and character of the existing home and will include underground parking for all residents. The development will be completed in the fall of 2010.

The $8.8 million development was financed with $3.84 million in Low-Income Housing Tax Credit equity investment from Enterprise, and support from the Iowa Finance Authority, the city of Cedar Rapids, the Iowa Department of Economic Development and Blackridge Bank.

In Iowa, Enterprise has financed more than $68 million in tax credit equity and loans to rehabilitate or redevelop more than 1,000 affordable and market-rate homes.

SOURCE Enterprise Community Investment, Inc.