FY2002 BEDI Funding Announcements - Iowa

Waterloo will receive $2 million in BEDI funds and $8.75 million in Section 108 loan funds to finance brownfields redevelopment, riverwalk improvements and affordable housing, as part of the Cedar Valley Riverfront Renaissance initiative. The BEDI funds will be used to finance the Riverwalk Loop project, as well as site clearance activities at brownfield sites in the East River District. BEDI funds will also be used to provide homebuyer assistance to low- and moderate-income families in the Cedar River neighborhood. The Section 108 loan will be used to finance the acquisition of brownfield properties and for other site improvements needed for the Cedar River Plaza and other facilities and venues included in the initiative. The City estimates the creation of more than 580 jobs as a result of these investments and total project costs are estimated to at more than $72.5 million.