Regional housing organizations across Iowa will receive $12.2 million in state grants to address affordable housing challenges, the Iowa Finance Authority board announced Wednesday.
The funding, distributed through the state’s Local Housing Trust Fund Program, aids in housing development, preservation projects and support services for low-income residents.
This round of funding will assist approximately 2,473 households with various housing needs ranging from homelessness prevention to homeownership assistance.
Among Corridor recipients, the Housing Fund for Linn County secured $657,113, while the Housing Trust Fund of Johnson County obtained $498,351. The East Central Iowa Housing Trust Fund, covering Benton, Iowa, Jones and Washington counties, received $440,168.
The allocations come as communities statewide grapple with aging housing stock and affordability constraints. Northeast Iowa Regional Housing Trust Fund Board Chair Spiff Slifka noted the funding’s importance for maintaining older homes throughout the region.
“With much of our region’s housing stock aging, these funds are critical to preserving homes and strengthening the vitality of our communities,” she said, in a press release.
IFA Director Debi Durham emphasized the program’s flexibility, allowing communities to target resources based on specific local conditions. The grants can fund housing development, preservation efforts, rental assistance programs and organizational capacity building.
“This support advances our mission to ensure residents in Northeast Iowa have access to well-maintained, safe and affordable housing,” Ms. Durham said.
State officials expect the awards to generate an additional $3.6 million in financing, creating approximately 30 cents in additional investment per state dollar allocated.
The Local Housing Trust Fund Program receives 60% of Iowa’s State Housing Trust Fund allocation, established by lawmakers in 2003. The remaining portion supports the Project-Based Housing Program, which aids in the development of affordable single-family and multifamily housing.
According to the release, the initiative has aided more than 41,400 Iowa households since its inception, distributing over $140 million while attracting $130 million in complementary funding sources.
