The Iowa Finance Authority recently announced $3.4 million in awards for federal funding to be used in creation of affordable housing opportunities across the state of Iowa. Eighty Iowa families will benefit from the HOME program which seeks to advance affordable homeownership and rental opportunities.
The City of Carroll Homebuyer Assistance program was awarded $412,500 for use in the Carroll Area. Ten households will now be one step closer to home ownership thanks to the HOME program. 12 households in the Audubon, Breda, Manning, Perry, Schaller, Scranton, Templeton, Westside, Glidden, and Panora areas will also get assistance as The Region XII Council of Governments Multi City Homebuyer Assistance program received a $495,000 award.
Region XII COG will serve as the subrecipient for both associations and assist with a variety of affordable housing initiatives to address local housing needs in the areas. Overall the recent HOME awards include eight homebuyer assistance grant awards which total more than $2.6 million in order to provide down payment assistance to 76 eligible homebuyers across the state. Also awarded was one certified Community Housing Development Organization award of a $530,000 loan to construct and a $50,000 grant to assist with operating expenses in support of four affordable rental housing units.
Eligibility for funding includes homebuyer assistance, tenant-based rental assistance and new construction and rehabilitation of affordable rental housing.