CEDAR RAPIDS — A new affordable housing complex for seniors on the northwest side is planning a grand opening and public open house.

Cedar Crest Apartments, a 45-unit development at 1100 O Ave. NW, will mark its grand opening at 2 p.m. Monday and host an open house from 4 to 6 p.m. The complex is restricted to tenants 55 years of age or older.

The $8.8 million  project developed by Metro Plains LLC of St. Paul, Minn., was financed with a $3.84 million low income tax credit equity investment from Enterprise Community Investment of Columbia, Md., and investment financing from Metro Plains and Blackridge Bank of Bismark, N.D.

Public funding in addition to the housing tax credit allocation by the Iowa Finance Authority includes Tax Credit Assistance Program funds provided by the American Recovery and Investment Act of 2009.

The City of Cedar Rapids also provided financing with Community Development Block Grant funds through the federal disaster relief bill of 2009 and HOME funds from the Iowa Department of Economic Development.

Thirty-six of the 45 units are required to be leased to persons who fall under maximum income guidelines. Rents in the property range from $452 to $810. Units remain available in the $650 to $760 range.

Cedar Crest, which integrated an existing 110-year-old three-story farmhouse, includes a billiard area, computer center, dining space, craft and activity rooms as well as a tenant library/reading area. The property, which overlooks the Harrison Elementary School neighborhood, is smoke free and designed for energy efficiency.