Cedar Rapids Bank & Trust Announces $100,000 in Funding for Innovative Landlord and Tenant Incentive Pilot Program in Linn County
CEDAR RAPIDS, IOWA – October 17, 2024 – Cedar Rapids Bank & Trust today announced a $100,000 donation to the Alliance for Equitable Housing to fully fund its innovation landlord and tenant incentive pilot program. This initiative aims to foster strong relationships between landlords and housing-challenged tenants by directly addressing the top barriers to stable and affordable housing within our community. Research conducted by the Alliance for Equitable Housing through community outreach determined the top barriers to affordable housing in Linn County are:
- Lack of affordable, quality housing
- Low availability of units resulting in significant competition for every unit
- Persons with any type of poor background including credit, eviction, and/or criminal history have a very hard time competing for available units
The program is a collaboration between Cedar Rapids Bank & Trust and the Alliance for Equitable Housing, specifically the City of Cedar Rapids, Linn County, the United Way of East Central Iowa, and the Housing Fund for Linn County. The donation from Cedar Rapids Bank & Trust will fully fund the pilot program set to launch in mid-November.
“Cedar Rapids Bank & Trust is deeply committed to its role as a community bank,” said James Klein, President of Cedar Rapids Bank & Trust. “At the start of 2024, our team brought several organizations together to better understand our community’s most urgent needs and collaborate on impactful solutions. We chose to fund the Landlord and Tenant pilot program that offers great hope and potential for significant impact to those facing homelessness. The program itself has tangible, real action items, and is backed by committed and knowledgeable organizations that will ensure its successful implementation. We’re thrilled to fund this innovative approach to housing, which could serve as a model for communities nationwide. The community’s ongoing support of CRBT has positioned us to be able to reinvest back in our community at this level. We are very thankful, and we look forward to ongoing partnerships to drive change and foster sustainable solutions for our community.”
In the past five years, the number of unsheltered persons experiencing homelessness increased by 239% in Linn County. The National Alliance to End Homelessness says this often indicates there are not enough affordable and accessible housing options, that landlords are hesitant to take on tenants with challenges, and that support services are not easily available for those needing help with housing. These identified gaps underscore the urgent need for collaborative efforts to expand housing options in Linn County.
“Breaking down housing barriers is a big job that takes out of the box thinking. We believe this Landlord and Tenant Success Initiative is a prime example of how rethinking policies and practices makes a difference. It's the combination of innovative approach from the Alliance for Equitable Housing, CRB&T stepping up with vital funding, and landlords being willing to offer hope and opportunity to their future tenants that makes this pilot possible,” said Kristin Roberts, President & CEO, United Way of East Central Iowa. “We can't expect one entity to solve our housing crisis on its own. Together with government, nonprofits, businesses, and individuals, we can build a housing system that truly works for everyone.”
The Alliance for Equitable Housing will release additional details about the pilot program in the coming weeks.
About the Landlord and Tenant Incentive Pilot Program
The Landlord and Tenant Success Incentive pilot program, developed by the Alliance for Equitable Housing, aims to foster strong tenant and landlord relationships by successfully housing 30 housing-challenged tenants with private, for-profit landlords within Linn County.
The pilot program consists of three core components that offer incentives and support to eligible landlords and tenants for successful efforts in the program. The core components include:
- Landlord Incentive: A cash bonus provided to participating landlords, over and above deposit requirements, to accept housing-challenged tenants.
- Risk Mitigation Fund: Funds set aside for a landlord or property owner to mitigate or offset potential risks and uncertainties associated with renting to housing-challenged populations.
- Tenant Incentive: Funds that will be used to incentivize tenants to achieve goals through case management and tenant education classes.
The goal of this pilot program is to test strategies and develop permanent solutions that address the shortage of affordable units for Linn County’s housing-challenged residents.
About Cedar Rapids Bank & Trust
Cedar Rapids Bank & Trust was established as a de novo bank in 2001 and provides full-relationship commercial and consumer banking and trust and asset management services. CRBT’s commitment to relationship-driven banking has been recognized by Top Workplaces Iowa and USA, as well as by Corridor Business Journal’s 2024 Best Bank of the Corridor award. As of June 30, 2024, Cedar Rapids Bank & Trust reported $2.4 billion in assets, and offers five convenient locations across the greater Cedar Rapids metro area. For more information, visit www.crbt.com.
About the Alliance for Equitable Housing
The Alliance for Equitable Housing is a multi-jurisdictional collaboration involving Linn County, local cities, area funders, advocacy groups, and nonprofits working within the housing system. Formed in response to the COVID-19 pandemic and the August 2020 derecho, the Alliance is focused on creating a set of comprehensive housing solutions with tangible action steps. These solutions address community-identified issues such as housing quality, stabilization, development, and equity. The Alliance will first build on existing work and programs, aiming to align and enhance current efforts before considering new initiatives. By keeping organizations focused on their areas of expertise, the Alliance maximizes its collective and collaborative power.
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