Federal HOME Program to Advance Affordable Housing Opportunities

DES MOINES, IOWA (March 6, 2019) — The Iowa Finance Authority Board of Directors today awarded a total of $5.2 million in federal HOME program funds to advance affordable housing opportunities for 858 income-eligible households. The funding is made available through the federal HOME program.

“The partner organizations awarded HOME funds today leveraged more than $1 million in local contributions for these housing initiatives,” said Iowa Finance Authority Executive Director Debi Durham. “This is a testament of the vast, shared commitment to providing Iowans with the backbone for success…a place to call home.”

“This funding will allow us to move forward with the construction of four rental homes for Central Iowa families,” said Home Inc. Executive Director Pam Carmichael. “Study after study has shown the far-reaching benefits affordable housing has on families and communities and we’re proud to work with Iowa Finance Authority in making an impact and changing lives.”

The US Department of Housing and Urban Development annually allocates HOME program funds to states and localities nationwide with the goal ofincreasing affordable housing opportunities. The Iowa Finance Authority administers the HOME program in Iowa.

The HOME program awards were made in four categories:

  • Tenant-Based Rental Assistance (TBRA): Assists income-eligible households with monthly rental assistance payments or upfront security and utility deposits. Funds are provided directly to the landlord or utility on behalf of the tenant.
  • Homebuyer: Provides down payment, closing cost or rehabilitation assistance to eligible Iowans.
  • Rental: Assists in the acquisition and construction of rental properties.
  • Community Housing Development Organizations (CHDO): Federal HOME rules require that 15 percent of HOME funds are provided to eligible CHDO’s annually. A CHDO is a private, non-profit, community-based service organization whose primary purpose is to provide and develop decent, affordable housing for the community it serves.

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