IFA awards nearly $5.5 million for affordable housing opportunities

News

December 6th, 2012 by Ric Hanson

The Iowa Finance Authority Board of Directors recently approved a total of more than $5.4 million in grants to 25 Local Housing Trust Funds to move local affordable housing projects forward. The grants will aid in the development and preservation of nearly 2,000 affordable housing units throughout the state. The grants will provide nearly $5.5 million in funding and leverage an additional $6 million in local contributions to assist 25 Local Housing Trust Funds in moving housing priorities forward.

In western Iowa: COG Housing, Inc., which serves Audubon, Carroll, Crawford, Greene, Guthrie and Sac Counties, was awarded a $249,671 grant that will assist 28 low-income households through a combination of grants and low-interest loans. Eligible activities will include lead hazard remediation, owner-occupied rehabilitation, down payment assistance for homebuyers and emergency relocation and foreclosure prevention assistance; the Council Bluffs Housing Trust Fund, Inc. received a grant amounting to $152,230, to promote the development of an estimated 25 affordable rental and homeownership housing opportunities through the financing of rehabilitation, new construction or direct assistance activities. The funds will also be used to promote homebuyer and tenant education, including general maintenance information.

In addition, the Southern Iowa COG Housing Trust Fund (which serves Adair, Adams, Clarke, Decatur, Madison, Ringgold, Taylor and Union Counties) received a $244,155 grant for seven affordable housing activities to assist an estimated 30 households: owner-occupied rehabilitation in support of homeownership, first-time homebuyer 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. And, the Southwest Iowa Housing Trust Fund, Inc. (which serves Cass, Fremont, Harrison, Mills, Montgomery, Page, Pottawattamie and Shelby Counties), received a $296,151 grant to assist an estimated 50 households by providing down payment assistance for low-income households and owner-occupied and rental rehabilitation assistance for extremely low-income households. In addition, lead-based paint stabilization assistance to eliminate lead-based paint hazards in owner-occupied and rental units will be provided. Local matching funds will also be utilized to finance a demolition.

The grant funds will be used for initiatives such as 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, supporting transitional housing programs as well as homeless assistance and prevention.