This week at the HousingIowa conference in Cedar Rapids, Governor Reynolds announced an additional $100 million in funding to promote affordable housing opportunities in Iowa. Using funds from the American Rescue Act, the money will be used to help build approximately 36,000 new housing units across Iowa.
Federal Housing Tax Credit Program – Pairing $45 million in federal funds with the 4% Tax Credit Program, this funding will move approximately 15 projects forward that were previously unable to proceed. It’s estimated to create around 700 rental homes.
Workforce Housing Tax Credit Program – The $20 million will provide gap financing to current WFHTC program projects to offset the increase in construction materials costs, ensuring project completion.
Downtown Housing Grant Program – The new program will use $20 million to provide financial assistance to support local downtown revitalization through upper-story housing in communities with populations under 30,000.
Homes for Iowa – This will expand the Homes for Iowa initiative by allocating $10 million for material costs, building a permanent shop, and equipment that will help the program to scale up production and training.
Home Repair Block Grant Pilot Program – Iowa’s housing stock is aging, with a median age of 50 years. This newly-created $4 million pilot program will help qualified Iowa homeowners with financial help for eligible repair expenses.
Minority Homebuyer Down Payment Assistance Pilot Program – Iowa’s minority homeowners are under-represented. This pilot program, funded with $1 million, will help 200 eligible minority Iowa households with downpayment and closing costs assistance to purchase a home.
Information about programs and applications.
Iowa Finance Authority director Debi Durham announced new insights about Iowans’ perceptions of affordable housing in Iowa.
Some top-level observations about rebranding affordable housing in Iowa:
The Iowa Housing Partnership was excited to attend and participate the Housing Iowa conference this week. Several Board members attended and/or participated as panelists in various sessions.
Many housing advocates from across the state stopped by our exhibit table to talk and update us on recent activities. It was great to meet new friends of housing too!