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IFA awards $6.3-million+ to Local Housing Trust Funds to advance affordable housing priorities

News

December 2nd, 2015 by Ric Hanson

The Iowa Finance Authority Board of Directors today (Wednesday), approved a total of more than $6.3 million in grants to 27 Local Housing Trust Funds to support local affordable housing initiatives which will assist 2,469 Iowa families. The funding is provided from the State Housing Trust Fund’s Local Housing Trust Fund program.

IFA logoThe 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 housing for persons with disabilities and homeless assistance programs.

Among the grant recipients is:

  • the Council Bluffs Housing Trust Fund, Inc., which received $152,788.
  • CDG Housing, Inc., which serves Audubon, Carroll, Crawford, Greene, Guthrie and Sac Counties, received a grant for $243,339.
  • the Southern Iowa COG Housing Trust Fund, Inc., serving Adair, Adams, Madison, Ringgold, Taylor, Union and Clarke Counties, received a $236,394 grant.
  • the Southwest Iowa Housing Trust Fund, Inc. – serving Cass, Fremont, Harrison, Mills, Montgomery, Page, Shelby and Pottawattamie Counties (excludng the City of Council Bluffs), received a grant amounting to $301,439.

IFA Executive Director Dave Jamison says “The partnership between the Iowa Finance Authority and Local Housing Trust Funds is one that pays dividends to affordable housing in Iowa. The grants announced today are leveraging an additional $2.7 million in local contributions, which is a testament to the shared commitment to meeting these vital housing needs.”

The State Housing Trust Fund was created by the Iowa Legislature in 2003. Since its inception, the program has provided $50.1 million in affordable housing assistance that has benefited more than 17,600 Iowa families. This funding has leveraged another $151.2 million in other funds or $2.68 for every dollar of State Housing Trust Fund investment.