Iowa Finance Authority awards $50,000 from State Housing Trust Fund to support Habitat for Humanity of Marion County Home Build in Knoxville
State Housing Trust Fund grant to support Habitat for Humanity project
Des Moines, IA – December 10, 2010 – (RealEstateRama) — The Iowa Finance Authority (IFA) Board of Directors recently approved a $50,000 grant to support the construction of a home to be built in Knoxville by Habitat for Humanity of Marion County. The funding is made available through the State Housing Trust Fund’s Project-Based program. The program provides financing for the development of affordable single-family and multifamily housing units.
“IFA is proud to partner with Habitat for Humanity of Marion County to make affordable homeownership a reality for a well-deserving family in Knoxville,” said IFA Executive Director Joe O’Hern. “The State Housing Trust Fund Project-Based program has partnered with many organizations to move affordable housing initiatives forward, and the grant awarded to support the Habitat for Humanity home to be built in Knoxville is a perfect example of the type of affordable housing project that the program was designed to assist.”
The grant will be used to help finance the construction of a single-family home in Knoxville. The family who purchases the home will receive financial, home repair, homeownership and foreclosure prevention education and must also complete the required hours of sweat equity prior to closing on the home. Habitat for Humanity of Iowa will administer the grant.
“Habitat for Humanity has partnered with the State Housing Trust Fund’s Project-Based program to move many Habitat for Humanity projects forward throughout the state,” said Habitat for Humanity Executive Director Bobbi Bendickson. “State Housing Trust Fund project-based grants are an important resource for many Iowa Habitat for Humanity affiliates and the partnership is ultimately of great benefit to Habitat for Humanity homeowners.”
To date in fiscal year 2011, the State Housing Trust Fund’s Project-Based program has provided $397,521 in funding to support 551 affordable housing units. These awards have leveraged $1.29 in other resources for every dollar of State Housing Trust Fund Project-Based program funding.
The Iowa Legislature created The Iowa Finance Authority, the state’s housing finance agency, in 1975 to undertake programs to assist in the attainment of housing for low-and moderate-income Iowans.
Contact:
Ashley Jared: 515-725-4934
