DES MOINES – Iowa Finance Authority Board of Directors approved a total of more than $7.5 million in grants to 26 local housing trust funds to support local, affordable housing initiatives, which will assist more than 2,000 Iowa families.
The funding is provided from the state housing trust fund’s local housing trust fund program.
“The Iowa Finance Authority is proud to partner with local housing trust funds to efficiently fulfill unique local affordable housing needs throughout the state,” said Iowa Finance Authority Executive Director Dave Jamison. “The grants announced today not only provide more than $7.5 million in direct funding, but they leverage an additional $6.4 million in local contributions, which is a testament to the shared dedication of meeting these vital needs.”
The grant funds will be used for initiatives such as preserving aging housing stock, subsidizing local down payment assistance programs, providing low-interest loans or grants to assist Iowans in home rehabilitation, financing construction of new single-family housing for low-income Iowans and supporting transitional housing and homeless assistance programs.
Southern Iowa Council of Governments (SICOG) housing trust fund received $295,951.
For SICOG, the grant will focus efforts on seven affordable housing activities to assist an estimated 35 households: owner-occupied rehabilitation in support of homeownership, first-time home buyer assistance, transitional/special needs housing (including assisted living), infrastructure for new development/infill housing, lead-based paint remediation, demolition and lot clearance for new construction and rental projects.
SICOG serves Adair, Adams, Clarke, Decatur, Madison, Ringgold, Taylor and Union counties.
The state housing trust fund was created by the Iowa Legislature in 2003. Since its inception, the program has provided $42 million in affordable-housing assistance that has benefited more than 12,600 Iowa families. This funding has leveraged another $147.5 million in other funds or $3.51 for every dollar of state housing trust fund investment.
The state housing trust fund helps ensure decent, safe and affordable housing for Iowans through two programs. The local housing trust fund Program receives at least 60 percent of the SHTF allocation to provide grants for organizations certified by the Iowa Finance Authority as a local housing trust fund.
The remaining funding goes to the project-based housing program, which aids in the development of affordable single-family and multifamily housing. Iowa Finance Authority administers both programs and provides technical assistance to housing-related organizations.