News & Events

(DES MOINES) – The Iowa Finance Authority Board of Directors today awarded a total of more than $15 million in federal housing tax credits and HOME program loans to support the construction and rehabilitation of a total of 410 affordable rental homes for Iowans. The awards were made to 11 rental housing projects located in Ames, Burlington, Davenport, Des Moines, Dubuque, Keokuk, Mount Vernon, Sioux City and West Burlington.

“Housing is foundational to the economic mobility of Iowans and the strength of our communities,” said Iowa Finance Authority Executive Director Debi Durham.

“THE FINANCING ANNOUNCED TODAY WILL PROVIDE HUNDREDS OF IOWA FAMILIES AND SENIORS WITH HOMES IN WHICH THEY CAN THRIVE IN COMMUNITIES ALL THROUGHOUT THE STATE.”

“Not only will the new Keokuk Family Flats provide an additional 47 rental homes in our community, but it will also be a tremendous catalyst for economic ripple effects as more of our workforce will be able to live near where they work,” said City of Keokuk Mayor Kathie Mahoney.

Housing Tax Credits
The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The Iowa Finance Authority is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.

The Iowa Finance Authority received 24 applications requesting more than $22 million in housing tax credits in the 2023 tax credit round. IFA had a total of approximately $10 million available to allocate. The actual awards total nearly $100 million because the credits are committed annually for a 10-year period.

HOME Program
The U.S. Department of Housing and Urban Development allocates HOME program funding among states and hundreds of localities nationwide. IFA allocates Iowa’s allocation of HOME funds to eligible entities to build and preserve affordable housing. The IFA Board of Directors today approved $5.1 million in HOME funds to support eight rental housing tax credit projects.

View Award Listing Here

DES MOINES – The Iowa Finance Authority Board of Directors today awarded a $50,000 grant to Warren County Habitat for Humanity to support the construction of a single-family home in Indianola. The funding is made available through the State Housing Trust Fund’s Project-Based Housing program.

“The Iowa Finance Authority is proud to work in partnership with Warren County Habitat for Humanity on our shared mission of advancing housing opportunities for Iowans,” said Iowa Finance Authority Director Debi Durham.

“THE AWARD GRANTED TODAY WILL HELP YET ANOTHER FAMILY REALIZE THEIR DREAM OF BECOMING HOMEOWNERS WHILE PROVIDING BENEFITS TO THE GREATER INDIANOLA COMMUNITY FOR MANY YEARS TO COME.”  

The new ranch-style home will include approximately 1,150 square feet of finished living space with three bedrooms and two bathrooms, an unfinished basement and garage on the property. The Habitat partner family purchasing the home will receive financial, home repair, homeownership, and foreclosure prevention education and must complete the required sweat equity hours prior to closing.

“The State Housing Trust Fund is a critical financing source for meeting local housing needs,” said Agi Gavin, Warren County Habitat for Humanity Executive Director. “This grant will support the construction of a new home for a deserving local family in need and will also move the demolition of an inhabitable home on the property forward. This project is a great example of the funding helping us both restore available housing stock in our region and providing a fresh start for one family.”

The State Housing Trust Fund has awarded more than $112 million in funding and has assisted more than 36,800 affordable housing units since the program’s inception in 2003. These awards have leveraged an additional $176.5 million, or $1.57 in other resources, for every dollar of State Housing Trust Fund funding.

The Iowa Legislature created the Iowa Finance Authority, in 1975 to undertake programs to assist in the attainment of housing for low- and moderate-income Iowans. Since then, the Iowa Finance Authority’s role has grown to include nearly 40 affordable housing, water quality and agricultural development programs.

DES MOINES – The Iowa Finance Authority (IFA) recently announced its 2022 top mortgage lenders and Realtors®. The awards were given to the lending institutions, loan originators and Realtors® who assisted the most homebuyers through IFA programs in 2022.

IFA offers mortgage and down payment assistance programs for Iowa homebuyers through a network of more than 400 lenders throughout the state. These partnerships offer Iowans the convenience of working with their local lender and access to IFA’s down payment and closing cost assistance programs.

In 2022, local lenders assisted 2,300 Iowans in purchasing a home using IFA mortgage and down payment assistance programs and nearly 64,000 have reached their goal of homeownership through the program since its inception.

“NOT ONLY IS HOMEOWNERSHIP A LEADING DRIVER OF WEALTH CREATION FOR FAMILIES, BUT IT IS ALSO A SIGNIFICANT ECONOMIC CATALYST, WITH EVERY HOME SALE SPURRING ADDITIONAL LOCAL INVESTMENTS IN OUR COMMUNITIES,” SAID IFA EXECUTIVE DIRECTOR DEBI DURHAM.

“I congratulate our top partners for their work in making homeownership a reality for thousands of Iowans,” said Durham.

“The Lincoln Savings Bank team is honored to be named IFA’s Top Lender of 2022,” said Erik Skovgard, President and CEO of Lincoln Savings Bank. “As a community bank, we pride ourselves on being solution-seekers and relationship builders and offering IFA’s mortgage down payment assistance programs allows us to do just that for many Iowans who may not have believed that homeownership was within reach.”

More information about IFA’s homeownership programs, including an eligibility quick check and a list of lender partners is available at iowafinance.com.

View the 2022 Top Lenders and Realtors® here.

Funding made available through Senate File 512; First legislation signed into law by Gov. Reynolds
DES MOINES – Governor Reynolds today announced that 23 communities have been awarded a total of $9 million in grants to advance water quality projects. The funding is made available through the Wastewater and Drinking Water Treatment Financial Assistance Program, which was created as a part of Senate File 512, the first legislation signed into law by Governor Reynolds in January 2018.

“THE FIRST BILL I SIGNED INTO LAW AS GOVERNOR IN 2018 CREATED A LONG-TERM FUNDING SOURCE TO ASSIST COMMUNITIES IN UPGRADING THEIR WATER INFRASTRUCTURE,” SAID GOV. REYNOLDS.
“This program has done just that, with a total of more than $18 million In investments leveraging more than $375 million in additional funds invested in critical water quality infrastructure projects across the state.”

The 2022 program received 60 applications requesting more than $24 million in water quality grants. A committee consisting of designees from the Iowa Finance Authority, Iowa Department of Natural Resources, and the Iowa Department of Agriculture and Land Stewardship judged the Wastewater and Drinking Water Financial Assistance Program applications based on the program’s priorities.

Priorities for grant awards include: Disadvantaged communities; Projects that will significantly improve water quality in their watershed; Projects that use alternative wastewater treatment technologies; Communities with the highest sewer or water rates; Projects that use technology to address nutrient reduction; and projects to address improvements to drinking water source waters.

The program receives a portion of the tax on metered water and had more than $9 million available for allocation in 2022. Grants will be awarded through the program on an annual basis through 2039.

The Wastewater program has assisted a total of more than 50 communities through a total of nearly $18 million in water quality grants since the first awards were granted in 2019. The program is expected to have approximately $6 million in available funds in 2023 based on the portion of tax that will be allocated to the program.

The award list is available here.

DES MOINES – Governor Reynolds today announced a total of $4 million in grant awards to assist the communities of Burlington, Grinnell, Keokuk, Mason City and Washington in the rehabilitation of a total of 131 owner-occupied and rental homes through the Home Rehabilitation Block Grant Pilot Program.

“I’VE BEEN STEADFAST IN MY COMMITMENT TO ADVANCING HOUSING OPPORTUNITIES TO ENSURE THAT EVERY IOWAN CAN LIVE NEAR THEIR WORK,” SAID GOV. REYNOLDS. “TO MEET THAT GOAL, WE MUST NOT ONLY BUILD NEW HOUSING BUT WE ALSO MUST PRESERVE OUR EXISTING HOUSING STOCK."

“Today’s investments will give new life to more than 130 aging homes so that Iowa families can be proud to call them home for many years to come,” said Reynolds.

“The City of Mason City anticipates preserving a total of nearly 50 owner-occupied and rental homes through this investment,” said Mason City Mayor Bill Schickel. “One of our top goals for 2023 is neighborhood flourishing and this award will give that goal a huge boost. I commend Gov. Reynolds for her transformational investment in housing that supports our efforts to make our communities the choice for Iowans to live, work and thrive.”

The pilot program had $4 million in eligible funds available and received applications totaling nearly $4.5 million. Applications were scored on a competitive basis and included criteria such as housing need, impact, community readiness, public/private partnerships and additional funds leveraged. The projects awarded funding are leveraging an additional $3.3 million in additional funding.

Grant Award Recipients:

Award details, including project descriptions are available here.

The Home Rehabilitation Block Grant Pilot Program was created as a part of Gov. Reynolds’ $100 million investment to increase the supply of housing options and protect and expand housing opportunities for Iowans to live in or near the communities where they work. The funds are made available through Federal American Rescue Act State and Local Fiscal Relief Funds.

Funding made available through Senate File 512; First legislation signed into law by Gov. Reynolds

Des Moines – Governor Reynolds today announced that the communities of Adel, Auburn, Boone, Britt, Carlisle, Chariton, Winneshiek County – Festina, Grandview, Hartford, Indianola, Lake Park, McGregor, Mount Ayr, Perry, Treynor and Wheatland have been awarded a total of $6.2 million in grants to advance water quality projects. The funding is made available through the Wastewater and Drinking Water Treatment Financial Assistance Program, which was created as a part of Senate File 512, the first legislation signed into law by Governor Reynolds in January 2018.

“Investing in water quality infrastructure within our state has been a top priority of my administration since day one,” said Gov. Reynolds. “The first bill I signed into law as Governor in 2018 created opportunities for communities to upgrade their water infrastructure and I’ve remained steadfast in my commitment to building upon that.”

The Wastewater and Drinking Water Treatment Financial Assistance Program receives a portion of the tax on metered water and had more than $6 million available for allocation in 2021. Grants will be awarded through the program on an annual basis through 2039.

The 2021 program received 18 applications requesting more than $6.5 million in water quality grants.
A committee consisting of designees from the Iowa Finance Authority, Iowa Department of Natural Resources and the Iowa Department of Agriculture and Land Stewardship judged the Wastewater and Drinking Water Financial Assistance Program applications based on the program’s priorities.

Priorities for grant awards include: Disadvantaged communities; Projects that will significantly improve water quality in their watershed; Projects that use alternative wastewater treatment technologies; Communities with the highest sewer or water rates; Projects that use technology to address nutrient reduction; and projects to address improvements to drinking water source waters.

The Wastewater and Drinking Water Treatment Financial Assistance Program has assisted a total of 33 communities through a total of nearly $9 million in water quality grants since the first awards were granted in 2019. The program is expected to have approximately $6 million in available funds in 2022 based on the portion of tax that will be allocated to the program.

View 2021 Wastewater and Drinking Water Financial Assistance Program Grant Awards

OFFICE OF THE GOVERNOR
Governor Kim Reynolds ★ Lt. Governor Adam Gregg

FOR IMMEDIATE RELEASE: Wednesday Sept. 8, 2021
CONTACT: Pat Garrett, (515) 802-0986

DES MOINES – Governor Reynolds today attended the HousingIowa Conference in Cedar Rapids and announced an additional $100 million investment to increase the supply of housing options and protect and expand housing opportunities for Iowans to live in or near the communities where they work. The funds are made available through Federal American Rescue Act State and Local Fiscal Relief Funds.

“FOR IOWA TO CONTINUE TO THRIVE, WE MUST ELIMINATE BARRIERS TO THOSE TRYING TO ENTER THE WORKFORCE,” SAID GOV. REYNOLDS.

“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,” said Gov. Reynolds.

The $100 million housing investment includes:

Federal Housing Tax Credit Program – $45 million 
The $45 million investment into the Federal Housing Tax Credit Program is estimated to move approximately 15 housing tax credit projects forward that otherwise would not be able to proceed and is expected to create an estimated total of 700 rental homes for Iowans. Eligible projects include developments that applied for a 2021 9% Federal Housing Tax Credit Program award but did not receive an award of tax credits. Projects will be prioritized based on scoring criteria and must be shovel ready. The financing will be paired with the federal 4% Tax Credit Program.

Workforce Housing Tax Credit Program – $20 million 
The $20 million investment will provide gap financing to current Workforce Housing Tax Credit Program projects to assist with the increased cost of construction building materials. These funds will help ensure that existing Workforce Housing Tax Credit projects are able to be completed, expanding housing opportunities for Iowans.

Downtown Housing Grant Program – $20 million
The newly created Downtown Housing Grant Program will provide financial assistance for projects that support local downtown revitalization through the creation of new housing opportunities in communities with populations of 30,000 or less.

Homes for Iowa – $10 million
This investment will assist in providing a larger pipeline of skilled workers for our employers and more opportunities for homebuyers to purchase a home in their price range through the Homes for Iowa initiative. Homes for Iowa is a public/private partnership that trains offenders in skilled building trades while building single family homes at the Newton Correctional Facility. The $10 million investment will assist in material costs, the construction of a permanent shop and home moving equipment set-up that will allow the Homes for Iowa program to scale production and training efforts.

Home Repair Block Grant Pilot Program – $4 million
The housing stock in Iowa is comparatively older than that in the rest of the country, with an average median home age of approximately 50 years. This investment will provide qualified homeowners with financial assistance for eligible repair expenses to help preserve their homes. The application will be open to eligible organizations and based on program guidelines and scoring criteria.

Minority Homebuyer Down Payment Assistance Pilot Program – $1 million
Homeownership is a leading driver of wealth creation, yet minority homeowners in Iowa are underrepresented. This initial $1 million investment will assist in breaking barriers to homeownership by providing 200 eligible Iowa minority households with assistance purchasing a home. The program will provide a $5,000 down payment and closing costs assistance grant when used with an Iowa Finance Authority mortgage program.

Further details on all newly announced programs, including how to apply are available at iowafinance.com/arphousingfunds.

DES MOINES – The Iowa Finance Authority and the Iowa Department of Natural Resources today announced that 22 communities and municipalities with current State Revolving Fund loans for water quality projects will save a total of more than $11 million in interest over the remaining life of their loans as a result of their interest rate being reduced from 3% to 1.75%.

The State Revolving Fund is one of Iowa’s primary sources for financing projects designed to improve Iowa’s water quality. Two funds, one for drinking water and one for wastewater and pollution control, have provided low-cost financing to projects in nearly 700 Iowa communities in addition to farmers, watershed groups and others for water quality projects. The program is jointly administered by the Iowa Finance Authority and the Iowa Department of Natural Resources.

“THE WATER QUALITY FINANCING PROGRAMS OFFERED THROUGH THE STATE REVOLVING FUND PLAY A SIGNIFICANT ROLE IN HELPING COMMUNITIES ADVANCE WATER QUALITY IMPROVEMENTS,” SAID IOWA FINANCE AUTHORITY EXECUTIVE DIRECTOR DEBI DURHAM.

“Not only does this financing allow critical water projects to move forward but Iowa communities and municipalities have realized a total savings of nearly $60 million through interest rate reductions through the program,” said Director Debi Durham.

“The City of Montezuma will realize a savings of nearly $100,000 through the interest rate reduction on our State Revolving Fund water quality loan,” said City of Montezuma Director of Finance Abby Hubbard. “We’re appreciative of the interest rate reduction that will allow us to reallocate these funds to other community priorities.”

“We are proud to play a role in assisting communities and municipalities of all sizes upgrade their water infrastructure through affordable and innovative financing programs,” said Iowa Department of Natural Resources Director Kayla Lyon.

“THESE INVESTMENTS WILL PAY DIVIDENDS FOR IOWANS FOR YEARS TO COME,” SAID DIRECTOR LYON

Besides offering communities low interest rates to finance water infrastructure projects, the State Revolving Fund offers other benefits, such as lower up-front costs and no reserve requirement.

For more information on the State Revolving Loan program, visit IowaSRF.com.

The Iowa Finance Authority administers the State Revolving Fund (SRF) in partnership with the Iowa Department of Natural Resources. The SRF assists communities with the costs of upgrading or constructing public wastewater and drinking water infrastructure projects.

We are currently upgrading the city water plant with help from the State Revolving Fund. This upgraded plant will be larger, have better water quality and will position the community well for growth.”

TAD STUPP, Water & Wastewater Operator, City of Gilbert

The down payment assistance we received from the Iowa Finance Authority allowed us to move into our first home, complete with more space for our son’s toys and a backyard where we can make family memories.”

CONOR KROMENHOEK, Sioux City

“Both of us are very proud to put our roots down here and build a future now that we’re Des Moines homeowners.”

NICK AND HALEY PETERS, Des Moines

“In using the State Revolving Fund the process was smooth, the application was easy and the staff were always really great when it came to answering questions.”

DAVID WILWERDING, City of Johnston

“Thanks to the funding we were able to upgrade the wastewater treatment plant, allowing the city more capacity for economic growth.”

DAVID CLARK, City of Coralville