Gov. Kim Reynolds announced today (Wednesday) plans for a $100 million investment in housing programs to increase supply and expand opportunities for Iowans. The money is sourced through state and local relief funds from the American Rescue Plan Act. Forty-five million dollars will go towards the Federal Housing Tax Credit Program to advance current and future projects to build an estimated 700 rental homes in Iowa. Another $20 million will fill a funding gap in the Workforce Housing Tax Credit Program to cover the high cost of building materials to complete existing projects. Ten million dollars is going to the prisoner-built housing initiative, Homes for Iowa, at the Newton Correctional facility. The funds will be used there for construction of a new on-site shop, equipment to move the completed homes and material costs. Of the remaining $5 million, $4 million will go towards funding the Home Repair Block Grant pilot program to repair and preserve the state’s aging housing stock with the last $1 million to aid minority households in purchasing a home. Reynolds says, “For Iowa to continue to thrive, we must eliminate barriers to those trying to enter the workforce. 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.” More information on these programs and details on how to apply can be found through the link included with this story on our website.
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https://www.iowafinance.com/arphousingfunds/
