(DES MOINES) – The Branstad/Reynolds Administration today announced a new program that will further the availability of affordable housing for Iowans with disabilities. The Community-Based Revolving Loan Fund program will provide affordable financing for the construction or rehabilitation of supportive housing for individuals with significant barriers to accessing traditional rental opportunities. The program is jointly administered by the Iowa Finance Authority and the Iowa Department of Human Services.
Community-Based Revolving Loan Fund applicants must receive approval on proposed service plans from the Iowa Department of Human Services before submitting a non-competitive application to the Iowa Finance Authority for affordable construction loans offered at zero to one percent interest, ranging from $50,000-$500,000, subject to availability.
“This new program will provide the affordable financing that developers need to construct specialized affordable housing and supportive services to meet the needs of some of Iowa’s most vulnerable citizens,” said Governor Branstad. “Affordable housing for all Iowans is central to vibrant communities and a thriving economy and I look forward to seeing the results of this program in action.”
“I’m pleased that the affordable housing need for Iowans with disabilities will be supported by this program,” said Lt. Governor Reynolds. “The innovative affordable financing provided through this program will ultimately translate to housing barriers being broken down and Iowans with disabilities being able to thrive in an environment of their choice.”
“The Iowa Finance Authority is proud to offer this program to fulfill an important housing need in partnership with the Iowa Department of Human Services,” said Iowa Finance Authority Executive Director Dave Jamison. “We look forward to seeing the far-reaching benefits of this program in Iowa communities for generations to come.”
“The new Community-Based Revolving Loan Fund will provide eligible Iowans with important community-based housing, a vital benefit that is good for Iowans and our communities,” said Iowa Department of Human Services Director Chuck Palmer.