Cedar Rapids council approves tax rebate for 192-unit affordable housing

The Cedar Rapids City Council approved a 15-year, 100% property tax rebate for a 192-unit affordable housing project known as The Atheneum.

The development, by Pedcor Investments of Carmel, Indiana, will sit adjacent to the new Cedar Rapids Public Library - Busse Branch between Edgewood Road and 20th Avenue SW. The city said the $30 million project will reserve units for households earning no more than 60% of the area median income, with rents from $970 to $1,350.

Council member Dale Todd voiced support during the July 2026 meeting. "I appreciate the developers’ persistence on this one. Looking at the numbers, I think they’ve done a good job and (given the units’ affordability), it supports a part of the population that we don’t have a lot of housing for," Todd said.

Of the projected $8 million in taxes over 15 years, $6.7 million would be rebated to the developer. Construction is expected to begin in late 2026 and finish in late 2028.

The project aligns with findings from the 2025 Cedar Rapids Housing Market Analysis on local housing shortages. Residents in southwest Cedar Rapids and Linn County will gain new affordable options, though the full tax rebate means less immediate revenue for city services.