GOVERNOR CULVER ANNOUNCES $1.2 MILLION IN I-JOBS FUNDING TO BUILD, PRESERVE AFFORDABLE HOUSING

Awards will aid residents of Red Oak, Avoca, Sioux City, Waverly, Waterloo, Onawa and Iowa City

DES MOINES, IA – November 10, 2009 – (RealEstateRama) — Governor Culver announced today that five entities from around Iowa will receive a total of nearly $1.2 million to build and rehabilitate affordable housing. The awards are made through Affordable Housing Assistance Grant Funds, a part of the Culver/Judge Administration’s I-JOBS initiative. The Iowa Finance Authority administers the program.

“These awards will create or preserve 85 units of affordable housing in Iowa, providing safe and decent living conditions for many individuals and families,” Governor Culver said. “As the state of Iowa continues to commit funds from the I-JOBS initiative, I’m proud to see that across the state we are creating jobs, improving quality of life, and building a brighter future for our state.”

The Affordable Housing Grant Program includes $20 million in funds to build or rehabilitate housing for certain elderly, disabled, and low-income persons and public servants in critical skills shortage areas of the state. Only cities, counties and qualified nonprofit organizations are eligible applicants. Applications are accepted on an ongoing basis until funds are exhausted. To date, more than $12 million from the program is committed. These awards leverage an additional $18,756,541 in other financing sources or $1.56 for every dollar of I-JOBS funds.

Below is a list of the five recent Affordable Housing Grant Program recipients.

City of Red Oak
Award: $50,000
The city of Red Oak will assist the Low Rent Housing Agency of Red Oak’s efforts to rehabilitate and make energy efficiency improvements to an existing 48-unit affordable rental housing complex for elderly residents.

Avoca Community Betterment
Award: $350,000
Avoca Community Betterment will use I-JOBS funds to assist in the acquisition and rehabilitation of a vacant three-story historic downtown housing property to provide seven one-bedroom affordable rental units.

Iowa Heartland Habitat for Humanity, Waterloo
Award: $120,000
The Iowa Heartland Habitat for Humanity will use I-JOBS funds to assist in the construction of four new affordable single-family homes in Waterloo and the acquisition and rehabilitation of two additional single-family homes in Waverly.

Siouxland Habitat for Humanity, Sioux City
Award: $525,525
The Siouxland Habitat for Humanity has requested a grant to assist in the new construction of four affordable single-family homes in Sioux City and one in Onawa, plus the acquisition and rehabilitation of six additional single-family homes in Sioux City.

The Housing Fellowship, Iowa City
Award: $141,148
The Housing Fellowship will use I-JOBS funds to rehabilitate and make energy efficiency improvements to 21 existing affordable rental housing units at 18 properties in Iowa City

Contact:
Troy Price, Governor’s Office
(515) 281.0173
troy.price (at) iowa (dot) gov
Shawna Lode, Iowa Finance Authority
(515) 725.4897
shawna.lode (at) iowa (dot) gov

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