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The Iowa Finance Authority (IFA) will be
opening the application period for the National Housing Trust Fund (NHTF) program in the near future. This will be the first round of funding offered by IFA under the program.
IFA has been designated by the Governor and the State Legislature as the Iowa recipient of NHTF funds from the U.S. Department of Housing and Urban Development (HUD) as stated in Iowa Code Section 16.181.
IFA will receive the minimum state grant amount of $3,000,000. The funds will be used to house extremely low-income families.
As allowed under 24 CFR Part 93, IFA will allocate:
- 10 percent of the grant or $300,000 for program planning and administration costs
- Up to one-third of the grant for operating cost assistance reserves
- The remaining funds will be used to provide capital funding for new construction, adaptive reuse or rehabilitation of NHTF non-luxury rental housing units with suitable amenities
All NHTF-assisted rental housing must meet a 30-year affordability period.
Details of the competitive application process will be announced soon. More information about the IFA's NHTF program is available here.
Please contact Carolann Jensen with any questions.
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