DES MOINES – A bill that would increase the fiscal year 2014-2015 appropriation for the homeownership assistance program for military members from $800,000 to $2.5 million was passed Wednesday by a House subcommittee.
The subcommittee unanimously approved HSB 617, providing $2.5 million for the Iowa Finance Authority’s Military Homeownership Assistance Program. The program provides $5,000 of down payment or closing cost assistance to eligible veterans.
Eligible service members may access the Military Homeownership Assistance Program to be used with a qualifying mortgage or cash purchase transaction. Assistance is awarded in the order in which completed applications are received. See the requirements here.
Lobbyists for Governor Branstad’s office have indicated they favor the bill.
However, an Iowa National Guardsman described the program this way:
“A great program where the Iowa finance authority tries to find any reason possible to deny veterans the benefits of this program. Even veterans who should qualify, a loophole will be found to screw them! Even after an appeals process is followed and contacting my congressman’s office.”