(Atlantic, Iowa) – The Southwest Iowa Planning Council (SWIPCO) is seeking applicants for its Homeownership Assistance Program. The program is made possible by a $100,000 grant from the Iowa Finance Authority and administered by SWIPCO’s Southwest Iowa Housing Trust fund.

The Iowa Finance Authority provides grants and low-interest loans through several programs, many of which are available to southwest Iowans who wish to purchase a home but may otherwise struggle to obtain resources.

SWIPCO Grant Specialist Ann Anstey says the Homeownership Assistance Program is a little-known but valuable option for homebuyers. “This is a great program for folks who want to own a home of their own,” said Anstey. “A lot of times, people qualify but don’t even know the program’s there for them to use.”

Anstey said the program is available to individuals and families who earn up to 80% of the area median income where they live. The area median income is calculated each year in each city or municipality. Applications are approved subject to income eligibility and on a first-come, first-served basis.

Grants provide $4,000 at closing in the form of a five-year, fully forgivable loan provided the homeowner stays in the home for at least five years. The loan is forgiven in 20% increments each year. Additionally, homebuyers may qualify borrow up to $3,000 more at a favorable 1% interest rate to be paid back over a maximum of five years.

To apply, homebuyers must have a signed purchase agreement in effect and have a mortgage application in process with a lender. Applicants can request an application from ann.anstey@swipco.org or call SWIPCO at 712-243-4196.