DES MOINES — A pair of local housing trust funds have earned grants from the Iowa Finance Authority to support local housing initiatives for fiscal year 2020.
The AHEAD Regional Housing Trust Fund, which serves Davis, Jefferson, Keokuk, Mahaska, Van Buren and Wapello counties, was awarded $266,935, while the Chariton Valley Regional Housing Trust Fund Inc, which serves Appanoose, Lucas, Monroe and Wayne counties, was awarded $193,046.
The programs were just two of 27 Local Housing Trust Funds to receive grant funds. The Iowa Finance Authority awarded more than $7 million in funds.
“The Local Housing Trust Fund program is a highly successful funding mechanism that serves all 99 counties, ensures local leaders can make critical housing projects a reality and leverages millions in other contributions,” said Iowa Finance Authority Executive Director Debi Durham. “Thousands of Iowa families will soon have access to a home in which they can prosper as a result of the outstanding work of Iowa’s 27 Local Housing Trust Funds.”
The grant funds will be used for initiatives such as preserving aging housing stock, subsidizing local rental and down payment assistance programs, providing low-interest loans or grants to assist Iowans with home rehabilitation, financing construction of new single-family housing for low-income Iowans, and supporting housing for persons with disabilities and homeless assistance programs.
The State Housing Trust Fund was created by the Iowa Legislature in 2003. The awards announced today will leverage an additional $2.6 million in other financing or $.38 for every dollar of Local Housing Trust Fund program funding. Since its inception, the program has provided $84 million in affordable housing assistance to benefit nearly 29,000 Iowa families.