Cedar River Tower, constructed in 1985 by Local 46 of the United Food and Commercial Workers Union, is a nine-story high-rise complex comprised of 85 one-bedroom units. The building offers apartments to low-income residents who are either disabled or more than 62 years old. All units are operated under a Section 8 Housing Assistance Payment (HAP) contract.
Cedar River Tower sits on one acre of land at 106 East 3rd Street, and is located just blocks away from numerous businesses, retailers and restaurants in downtown Waterloo.
Foundation Housing, in collaboration with Chesapeake Community Advisors (CCA), acquired Cedar River Tower from Cedar River Renewal LLC in 2020. This transaction was a Low-Income Housing Tax Credit (LIHTC) acquisition with a 9% LIHTC allocation from the Iowa Finance Authority.
Foundation Housing carried out a number of important improvements to the building after acquiring the property including to the community room, laundry rooms, HVAC system, roof, and all tenant apartments.
Cedar River was the first property acquired by Foundation Housing in the state of Iowa.
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