• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Saturday, September 30, 2023
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home State Government

Reynolds Announces $100 Million Investment of Fed Pandemic Funds for Housing

Gov. Kim Reynolds said with the new investment, "Iowa has designated a total of $330 million over the next five years for overcoming Iowa’s housing shortage."

Iowa TorchbyIowa Torch
September 9, 2021
in State Government
Reading Time: 3 mins read
Reynolds Announces Employer Innovation Fund and Child Care Challenge Funding Opportunities
ADVERTISEMENT

CEDAR RAPIDS, Iowa – On Wednesday, Gov. Kim Reynolds announced an additional $100 million investment to increase the supply of housing options and protect and expand housing opportunities for Iowans to live in or near the communities where they work. She made the announcement at the HousingIowa Conference in Cedar Rapids. The funds are made available through Federal American Rescue Plan Act State and Local Fiscal Relief Funds. 

RELATED POSTS

Reynolds announces a state budget surplus of $1.83 Billion

Pate, county auditors urge Iowans to seek trusted sources for election information

Reynolds, Governors demand ‘honest, accurate’ information about relocated illegal immigrants.

“For Iowa to continue to thrive, we must eliminate barriers to those trying to enter the workforce,” she said. “With today’s investment, Iowa has designated a total of $330 million over the next five years for overcoming Iowa’s housing shortage. This transformative investment promises to build approximately 36,000 new housing units statewide, with an average contribution per unit of more than $9,000. This represents a much-needed down payment on Iowa’s long-term prosperity.” 

The $100 million housing investment includes: 

Federal Housing Tax Credit Program – $45 million  

The $45 million investment into the Federal Housing Tax Credit Program is estimated to move approximately 15 housing tax credit projects forward that otherwise would not be able to proceed and is expected to create an estimated total of 700 rental homes for Iowans. Eligible projects include developments that applied for a 2021 9% Federal Housing Tax Credit Program award but did not receive an award of tax credits. Projects will be prioritized based on scoring criteria and must be shovel-ready. The financing will be paired with the federal 4% Tax Credit Program. 

Workforce Housing Tax Credit Program – $20 million  

The $20 million investment will provide gap financing to current Workforce Housing Tax Credit Program projects to assist with the increased cost of construction building materials. In addition, these funds will help ensure that existing Workforce Housing Tax Credit projects can be completed, expanding housing opportunities for Iowans. 

Downtown Housing Grant Program – $20 million  

The newly created Downtown Housing Grant Program will provide financial assistance for projects that support local downtown revitalization by creating new housing opportunities in communities with populations of 30,000 or less. 

Homes for Iowa – $10 million  

This investment will assist in providing a larger pipeline of skilled workers for our employers and more opportunities for homebuyers to purchase a home in their price range through the Homes for Iowa initiative. Homes for Iowa is a public/private partnership that trains offenders in skilled building trades while building single-family homes at the Newton Correctional Facility. The $10 million investment will assist in material costs, the construction of a permanent shop, and home moving equipment set-up that will allow the Homes for Iowa program to scale production and training efforts. 

ADVERTISEMENT

Home Repair Block Grant Pilot Program – $4 million 

The housing stock in Iowa is comparatively older than that in the rest of the country, with an average median home age of approximately 50 years. This investment will provide qualified homeowners with financial assistance for eligible repair expenses to help preserve their homes. The application will be open to eligible organizations and based on program guidelines and scoring criteria. 

Minority Homebuyer Down Payment Assistance Pilot Program – $1 million 

Homeownership is a leading driver of wealth creation, yet minority homeowners in Iowa are underrepresented. This initial $1 million investment will assist in breaking barriers to homeownership by providing 200 eligible Iowa minority households with assistance purchasing a home. The program will provide a $5,000 down payment, and closing costs assistance grant when used with an Iowa Finance Authority mortgage program. 

Further details on all newly announced programs, including how to apply, are available at iowafinance.com/arphousingfunds. 

Tags: American Rescue Plan ActhousingIowa Finance AuthorityKim Reynolds
ShareTweetShare
ADVERTISEMENT
Previous Post

New Ad Released to Encourage People to Visit, Live, and Work in Iowa

Next Post

Iowa Republicans Blast Biden’s Vaccine Mandate

Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

Reynolds signs bill phasing in 3.9 percent flat tax
Opinion

Hendrickson: Reynolds wants more tax cuts

September 28, 2023
State Government

Reynolds announces a state budget surplus of $1.83 Billion

September 28, 2023
Reynolds, GOP Governors Press Biden on Border Crisis
State Government

Reynolds, Governors demand ‘honest, accurate’ information about relocated illegal immigrants.

September 20, 2023
Study: $1,702 Collected in Property Taxes Per Capita in Iowa
Local Government

New report says Iowa’s property taxes are 10th highest in U.S.

September 14, 2023
Iowa Gov. Kim Reynolds and former South Carolina Gov. Nikki Haley at the Iowa State Fair in Des Moines, Iowa.
Opinion

Schmitt: Strong Women Leaders Work For Iowa. They Can Work For America Too.

September 13, 2023
State Government

Reynolds on new COVID restrictions: ‘Not on my watch’

August 30, 2023
Next Post
Iowa Republicans Blast Biden’s Vaccine Mandate

Iowa Republicans Blast Biden's Vaccine Mandate

Two Iowa Fire Departments Receive FEMA Grants in Iowa’s 2nd Congressional District

Two Iowa Fire Departments Receive FEMA Grants in Iowa's 2nd Congressional District

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Iowa Senate Passes Inheritance Tax Repeal, Clears Path for Income Tax Cuts

March 17, 2021
Ernst Highlights Work to Lower Prescription Drug Prices for Iowans

Ernst Highlights Work to Lower Prescription Drug Prices for Iowans

July 9, 2021
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial

Ernst: A Gut Punch to Iowans

June 21, 2021

Popular Stories

  • gray electric car parked on a charging bay

    Miller-Meeks: Putting the brakes on Biden, protecting Americans’ vehicle choice

    0 shares
    Share 0 Tweet 0
  • New ad features DeSantis plan for southern border

    0 shares
    Share 0 Tweet 0
  • Iowa Schools Now Required to Lead Students in Pledge of Allegiance

    0 shares
    Share 0 Tweet 0
  • Pate, county auditors urge Iowans to seek trusted sources for election information

    0 shares
    Share 0 Tweet 0
  • Hinson: Make Washington Work Again

    0 shares
    Share 0 Tweet 0

The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.