Federal HOME Program to Advance Rental Opportunities in Davenport, Des Moines, Fayette, Postville, Tripoli and Wall Lake
DES MOINES – The Iowa Finance Authority Board of Directors today approved a total of nearly $2.6 million in low-interest loans through the federal HOME program. The loans will assist in advancing rental opportunities in Allamakee, Bremer, Fayette, Polk, Sac and Scott Counties.
“The HOME program awards announced today will assist to build or preserve 21 rental units in which Iowa families will soon call home,” said Iowa Finance Authority Interim Executive Director Carolann Jensen. “These projects leveraged a total of more than $6.7 million in other contributions, showcasing the shared commitment to advancing rental opportunities for Iowans.”
The U.S. Department of Housing and Urban Development annually allocates HOME program funds to states and localities with the goal of increasing rental and homeownership opportunities.
The Iowa Finance Authority administers the HOME program in Iowa. The program may be used to assist with a variety of affordable housing initiatives to address local housing needs.
For-profit and non-profit developers, local government entities, non-profit organizations and Community Housing Development Organizations (CHDO) are eligible to apply for the funding. A CHDO is a private, non-profit, community-based service organization whose primary purpose is to provide and develop decent, affordable housing for community it serves. Federal HOME rules require 15 percent of HOME program funds to be awarded to eligible CHDOs annually.
HOME program loans:
- Project Type: Acquisition/Rehab
- Award Amount: $840,000
- Subrecipient: Newbury Properties
- Address: 1606 Brady St., Davenport
- HOME Units: 6
- Total Units: 38
- Contact: Frank Levy, Newbury Management: 515-599-0159