Cedar Rapids Builds Affordable Housing | Des Moines News

Cedar Rapids is rolling out a major affordable housing solution with The Atheneum, a 192-unit development targeting residents earning up to 60% of the area’s median income. Rents will start at $970 for a one-bedroom and go up to $1,350 for a three-bedroom. The city’s sweetened the deal with a 15-year tax rebate on all new property taxes generated — nearly $7 million over the life of the project — to incentivize construction. Developed by Pedcor Investments, the project will sit beside the new westside library and feature eight three-story buildings, launching in late 2026 with completion by late 2028. This move directly responds to a housing study showing a critical shortage of affordable multi-family units. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9f61ff37d72d968c