The Iowa Finance Authority is providing low-interest loans to help development of rental housing for communities with a growing workforce. I-F-A executive director, David Jamison, says the housing must be targeted towards low-to-moderate income renters. The Workforce Housing Loan Program is available to all cities in Iowa on a competitive basis, and part of the process depends on whether the housing provides a long term asset to a community.

“We look at the construction material, the type of constructions, trying to distinguish between essential amenities or luxury amenities obviously, quality construction, and that there’s quality in the energy efficiency,” Jamison says. The program gives special consideration to projects in cities with populations less than 50-thousand people as these communities often have fewer opportunities to apply for grants.

“It goes to their tax base, their access to different federal and state programs. The skills sets, for example a larger community might have someone who is very good at writing grant applications, whereas a smaller community the city clerk might have a full-time job somewhere else,” according to Jamison. The program has a total of five million dollars available and the maximum loan amount per project is the lesser of one million dollars or 50-thousand dollars for each assisted workforce housing rental unit. The loans have a one-percent interest rate and with a maximum term of twenty years.

(Radio Iowa)