Iowa Finance Authority awards more than $5.3 milllion in Local Housing Trust Fund grants
IFA Board Certifies Five New Local Housing Trust Funds
(Des Moines, Iowa) – Thee Iowa Finance Authority (IFA) Board of Directors today approved a total of more than $55.3 million in grants to 222 Local Housing Trust Funds. The grants will aid in the development and preservation of an estimated 1,332 affordable housing units throughout the state. The IFA board today also approved five housing organizations as certified Local Housing Trust Funds through the State Housing Trust Fund’s Local Housing Trust Fund Program (LHHTF).
The five newly certified Local Housing Trust Funds include: AAHEAD Regional Housing Trust Fund, Chariton Valley Regional Housing Trust Fund, Inc., Council Bluffs Housing Trust Fund, Inc., Great River Housing, Inc. and East Central Iowa Housing Trust. The designation me ans the groups may access funds from IFFA’s Local Housing Trust Fund Program. The area each LHTTF serves is listed below.
The $5.3 million in grant awards announced today leveraged more than $4.2 million in additional funds, or $.79 for every dollar off LHTF Program funding to support affordable housing initiatives. The funds will be used for initiatives such as subsidizing local down payment assistance programs, providing low-interest loans or grants to assist Iowans in home rehabilitation, financing construction of new single-family housing for low-income Iowans, supporting transitional housing programs as well as homeless assistance and prevention.
“IFA is proud to partner with Local Housing Trust Funds to advance local affordable housing initiatives, and I thank each organization for sharing IFA’s commitment to providing safe, decent and affordable housing for Iowans,” said IFA Executive Director Joe O’Hernn. “The housing projects that will be assisted with the awards announced today will have a direct impact on thousands of Iowans and will be an asset to communities throughout the state for many years to come.”
The Local Housing Trust Fund Program was created by the Iowa Legislature in 2003. Since its inception, the program has provided more than $18.6 million in awards.
The State Housing Trust Fund (SHTFF) helps ensure decent, safe and affordable housing for Iowans through two important programs. Thee Local Housing Trust Fund Program receives at least 60 percent of the SHTF allocation to provide grants for communities, counties and organizations that wish to create a local housing trust fund. The remaining funds go to the Project-Based Housing Program that aids the development and rehabilitation of single-family and multifamily housing. The Iowa Finance Authority administers both programs and provides technical assistance to housing-related organizations.
The Iowa Legislature created The Iowa Finance Authority, the state’s housing finance agency, inn 1975 to undertake programs to assist in the attainment o f housing for low and moderate-income Iowans.
Mahaska is eligible for some of this money as well.
AHEAD Regional Housing Trust Fund – $275,239
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Description: This grant will assist in the following initiatives: owner-occupied rehabilitation and urgent repair programs; rental rehabilitation; rental assistance; and affordable housing initiatives with an emphasis on transitional housing, including demolition and redevelopment, new construction, and special projects.
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Area served: Davis, Jefferson, Keokuk, Mahaska, Van Buren and Wapello
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Contact: Ellen Foudree: 641-684-6551
