The 550 Building, L.C.

New Markets Tax Credit Coalition

Cedar Rapids,
IA
(2017)

The 550 Building, L.C.

Mixed-use

NMTC financing to support a refinance structure of a real estate holding company in its renovation efforts of a mixed-use development in a highly distressed area of Cedar Rapids, IA.

Investment

NMTC Amount: $927,896
Total Project Cost: $1,030,996

IMPACT

5 FTE jobs

CDEs

Central States Development Partners

Investor

Unknown

Project Description

Central States provided $927,896 in New Market Tax Credit financing to support a refinance structure of a real estate holding company in its renovation efforts of a mixed-use development in a highly distressed area of Cedar Rapids, IA.

MAP

Address: 550 Second Street, Cedar Rapids, IA 52401

Census Tract: 19113002700

Other Iowa Projects

Habitat for Humanity of Greater Des Moines

Iowa City,
IA
(2012)

Affordable Housing

CDE(s): Iowa Community Development

$12 million in NMTCs financed 94 Habitat for Humanity homes across the state.

Hughes Irons Building Rehab

Council Bluffs,
IA
(2009)

Community, Historic Rehabilitation, Mixed-use, Mixed-use and Commercial

CDE(s): Grow America

Restoration of the Hughes Irons Building

Coralville Arena

Coralville,
IA
(2018)

CDE(s): Iowa Community Development

Iowa Arena in Coralville construction project received NMTC financing.

Swift Pork Company: Marshalltown

Marshalltown,
IA
(2011)

Business Development, Food Manufacturing, Manufacturing, Rural

CDE(s): Iowa Community Development

Swift Pork Company constructed a new 130,000 sq. ft. distribution center for this pork processing facility.