News Release-Iowa Finance Authority

News Release December, 2013

The Iowa Finance Authority (IFA) was awarded $7.5 million in grants to support affordable housing in Iowa with $1.5 million going right to Eastern Iowa.  Funding is provided from the State Housing Trust Fund’s Local Housing Trust Fund program and was approved this week by the IFA Board of directors.

The state housing trust fund was established in 2003 by the Iowa legislature.  Since then it has provided $42 million dollars in housing assistance and helped 12,600 Iowa families.

Those awarded in Eastern Iowa are:

East Central Iowa Housing Trust Fund 

  • Serves Benton, Iowa, Jones, and Washington counties
  • Receiving $323,353 that will assist approximately 38 households
  • Money can be used for including demolition/clearance, development, reconstruction or rehabilitation for rental and owner-occupied housing.  Funds can also be used for home ownership assistance; rental assistance including security deposits and utilities and construction cost financing for transitional housing and housing or homeless shelters.

Linn County Housing Trust Fund

  • Serves Linn County
  • Receiving $489,646 that will assist approximately 87 households
  • Money can be used for including demolition/clearance, development, reconstruction or rehabilitation for rental and owner-occupied housing.  Funds can also be used for home ownership assistance; rental assistance including security deposits and utilities and construction cost financing for transitional housing and housing or homeless shelters.

Johnson County Housing Trust Fund

  • Serves Johnson County
  • Receiving $349,044
  • Incorporated into an existing revolving loan fund to support the development and preservation of affordable owner-occupied, rental, transitional and emergency shelter housing in Johnson County.  Businesses, individuals, non-profit organizations and governmental entities are eligible to apply for financing through the loan program. The grant will assist an estimated 25 affordable housing units in Johnson County.

Iowa Northland Regional Housing Council Local Housing Trust Fund 

  • Serves Black Hawk (excluding the cities of Waterloo and Cedar Falls), Bremer, Buchanan, Butler, Chickasaw and Grundy counties
  • Receiving $364,730 that will assist approximately 102 households
  • Funding will be used at a Bremer County nonprofit agency to repair existing or create new rental housing for persons with disabilities; Iowa Heartland Habitat for Humanity to build or rehabilitate a single-family home; Cedar Valley Friends of the Family to help remodel a safe shelter for victims of domestic violence; Northeast Iowa Community Action Corporation to assist in the construction of a new home for lease-purchase; USDA Rural Development to provide needed roof and other repairs to affordable rental housing properties; and Iowa Northland Regional Council of Governments to administer an owner-occupied housing rehabilitation program for homeowners living in rural areas.

Waterloo Housing Trust Fund

  • Serves Waterloo
  • Receiving $90,000 that will assist approximately 148 households
  • Funding will be used for emergency shelter and transitional housing services, owner-occupied housing repairs, and housing rehabilitation for accessibility improvements.

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Information provided by the Iowa Finance Authorities and Cedar Rapids Gazette