Construction is now underway on Union at North Crossing, a new affordable housing community in Waterloo. The development, a three-story garden-style neighbourhood, is being constructed by the Indianapolis-based impact housing developer The Annex Group. 180 one-, two-, and three-bedroom units will be included. Residents of the new housing must earn at least 60% of the median income in the neighbourhood.
On 10 acres of land on East Fourth Street, a new community of affordable homes worth $37 million will be constructed. Further, according to The Annex Group, Union at North Crossing should be finished by the summer of 2024.
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The Annex Group CEO Kyle Bach said in a statement, “We believe this community will enhance the area and be a real benefit to the people of Waterloo. We want to be a part of the solution as several firms in and around Waterloo have announced recruiting plans that may result in a demand for new housing. Additionally, people looking for a new home in this community will find significant amenities, lots of room, and brand-new units.”
More on Union at North Crossing
The City of Waterloo offered the developer a number of incentives. The Iowa Finance Authority awarded a tax credit and released $25 million in tax-exempt bonds for the project, according to The Annex Group. Furthermore, R4 Capital Funding contributed $27.8 million in construction and permanent financing. R4 Capital also invested $14.8 million in tax credit equity.
According to Tom Tomaszewski, president of The Annex Group, “Iowa is an important state for us and for me personally.” “My 1898-born grandfather spent his whole life in Iowa, beginning in a small, one-room cottage with no electricity. We continue to address the critical demand for affordable housing in this extraordinary state with tremendous pleasure.
The second neighbourhood in Iowa built by The Annex Group is Union at North Crossing. They launched Union at Wiley, a community of affordable housing, in Cedar Rapids earlier this year.
