Waverly receives $2.5 million grant for Main Street development - KWWL - Eastern Iowa Breaking News, Weather, Closings

Waverly receives $2.5 million grant for Main Street development

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WAVERLY (KWWL) -

Waverly's Multi-family Rental Unit Production Grant was funded $2.5 million for the construction of 26 new units in vacant upper stories on Main Street.

Waverly's Chamber of Commerce formed a partnership with multiple downtown property owners to meet the need for affordable rental properties in Waverly.

Waverly's project consists of six property owners and seven buildings containing a total of 26 units located on Main Street.

The total project will invest more than $3 million into Waverly's downtown buildings.

According to grant guidelines, construction must begin prior to October 15, 2013.

In January, KWWL reported the state of Iowa had $30-million leftover from the federal government to hand out to counties that were once declared as a disaster area.

In 2008, more than 90 homes were destroyed in Waverly during the 2008 flood. Many of them were rental properties.

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