Federal funds aid rural home ownership

By Mary SchoenClark February 11, 2015 Housing

The Gazette, Nov. 1, 1998

Low- and moderate-income Iowans could realize their dreams of home ownership with help from $4 million i n federal funds.

Sen. Tom Harkin, D-Iowa, announced Monday that Iowa will receive the money for rural home ownership under a provision in a n appropriations bill.

Harkin is a senior member of the Senate Appropriations Committee.

The U.S. Department of Housing and Urban Development funds were allocated to the Iowa Finance Authority, which chose 11 Iowa projects. Following are area projects:

• Cedar Rapids-based MidAmerica Housing Partnership will receive $500,000 to help lower mortgage amounts and initial housing costs for modest-income families in Brooklyn, Deep River, Grinnell and Marengo. Other areas may also be included.

• Waterloo-based Iowa North­ land Regional Housing will receive $265,000 for revolving loan funds for housing developers in Bremer, Buchanan, Chickasaw and Grundy counties. To qualify, developers must serve home­ owners of incomes less than 110 percent of median income. Fifty percent of homeowners must have incomes of less than 50 percent of median income.

• MidAmerica Housing Partnership will receive $443,285 for revolving construction loans and down payment assistance for homes in Washington, Iowa, which sustained damage during tornadoes this summer.

• East Iowa Council of Governments will receive $60,000 to purchase and rehabilitate single family homes for low- and modest-income families in Benton and Jones counties.

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