Gov. Kim Reynolds announces $100 million to fill Iowa’s housing needs

Nathan Law

CEDAR RAPIDS — Iowa is allocating $100 million of its federal coronavirus relief funding to address a housing shortage 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, will make it possible for developers […]

CEDAR RAPIDS — Iowa is allocating $100 million of its federal coronavirus relief funding to address a housing shortage 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, will make it possible for developers to build 36,450 new housing units, Reynolds said. 

“Today’s announcement represents far and away the most consequential housing policy Iowa has ever implemented,” she said as she unveiled the plan at the Iowa Finance Authority’s annual housing conference in Cedar Rapids. 

The $100 million in new, federal money will be split among several existing programs, plus a new pilot program to improve housing access for minority groups. Planned expenditures are:

Iowa Gov. Kim Reynolds speaks during the Housing Iowa Conference at the DoubleTree by Hilton Hotel Cedar Rapids Convention Complex in northeast Cedar Rapids on Wednesday.
  • $65 million to bolster existing housing tax credit programs to fund more projects and help cover increasing costs of housing materials. 
  • $20 million for downtown housing in towns under 30,000 people. 
  • $10 million for the Homes for Iowa program, a nonprofit organization that employs inmates at the Newton Correctional Facility to build affordable housing.
  • $5 million for pilot programs to promote home repair across Iowa as well as homeownership among minority groups.

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