Iowa is allocating $100 million of its federal coronavirus relief funding to build new homes in the state, Gov. Kim Reynolds announced Wednesday.
The American Rescue Plan Act funding, plus $230 million the Iowa Legislature has allocated over five years to Iowa’s tax credit programs, means developers will be able to build 36,450 new housing units to help address a growing shortage, Reynolds said.
“Today’s announcement represents far and away the most consequential housing policy Iowa has ever implemented,” Reynolds said as she unveiled the plan at the Iowa Finance Authority’s annual housing conference in Cedar Rapids. The $100 million will be split among several existing programs, plus a new pilot program to improve housing access for minority groups.
The planned expenditures are: $65 million for housing tax credit programs to help cover the increased costs of housing materials; $20 million for downtown housing in communities under 30,000 people; $10 million for the Homes for Iowa program, a nonprofit organization partnering with inmates at the Newton Correctional Facility to build affordable housing; $5 million for pilot programs to promote home repair across Iowa, as well asand home ownership among minority groups [MSN].
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: DES MOINES REGISTER
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