DES MOINES, IOWA (December 2, 2021) — The Iowa Finance Authority Board of Directors have announced the award of a total of more than $9 million in grants to 27 Local Housing Trust Funds to support local housing initiatives. The grant awards are made available through the Local Housing Trust Fund program and are expected to assist more than 2,100 families.
“The 2022 Local Housing Trust Fund awards represent the largest amount allocated through the program for local housing initiatives since the program’s inception,” said Iowa Finance Authority Executive Director Debi Durham. “The Iowa Legislature recognized the Local Housing Trust Fund program as a highly successful funding mechanism for advancing housing opportunities for Iowans last session by increasing the amount of eligible funding for the program. This funding increase will soon make a very real impact on Iowans and our communities.”
“The State Housing Trust Fund is a critical financing tool that has allowed us to advance housing opportunities for our workforce,” said Housing Trust Fund of Johnson County Executive Director Ellen McCabe. “We appreciate the partnership with the Iowa Finance Authority in making home attainable for thousands of Iowans and look forward to assisting even more in the future. We also commend the Governor and the Legislature for making housing a priority.”
The grant funds will be used for initiatives such as preserving aging housing stock, subsidizing local rental and down-payment assistance programs, providing low-interest loans or grants to assist Iowans with 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. The awards announced today will leverage an additional $2.5 million in other financing or $.28 for every dollar of Local Housing Trust Fund program funding. Since its inception, the program has provided $93 million in affordable housing assistance to benefit more than 31,000 Iowa families.
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 sixty percent of the SHTF 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.