Finance Authority awards $6.2 million to local housing funds

     The Iowa Finance Authority Board of Directors approved a total of more than $6.2 million in grants to 25 Local Housing Trust Funds to support local affordable housing initiatives, which will assist 2,326 Iowa families. The funding is provided from the State Housing Trust Fund’s Local Housing Trust Fund program.

     “The Iowa Legislature created the Local Housing Trust Fund program to allow certified Local Housing Trust Funds the ability to efficiently fulfill unique local affordable housing needs and these awards will do just that,” said Iowa Finance Authority Executive Director Dave Jamison. “The grants announced today are leveraging an additional $2.8 million in local contributions, which is a testament to the shared commitment to provide Iowans with a place they can be proud to call home.”

     Benefitting Jones County, $247,489 will go to the East Central Iowa Housing Trust Fund, which benefits Benton, Iowa, Jones and Washington counties.

     The 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.

     The State Housing Trust Fund was created by the Iowa Legislature in 2003. Since its inception, the program has provided $56.4 million in affordable housing assistance that has benefited more than 20,300 Iowa families. This funding has leveraged another $153.2 million in other funds or $2.44 for every dollar of State Housing Trust Fund investment.

     The State Housing Trust Fund helps ensure decent, safe and affordable housing for Iowans through two programs. The Local Housing Trust Fund Program receives at least 60 percent of the State Housing Trust Fund allocation to provide grants for organizations certified by the Iowa Finance Authority as a Local Housing Trust Fund. The remaining funding goes to the Project-Based Housing Program, which aids in the development of affordable single-family and multifamily housing. The Iowa Finance Authority administers both programs and provides technical assistance to housing-related organizations.