The Iowa Finance Authority (IFA) will be opening the application period for the National Housing Trust Fund (NHTF) program on
June 11, 2018
with a closing date of
July 2, 2018.
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 has received the minimum state grant amount of
$3,000,000. The funds will be awarded to help finance the development of permanent rental housing for 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 acquisition, 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 IFA's NHTF program is available
here
.
