Iowa allocates $a hundred million in COVID-19 aid funding to tackle state housing shortage

© Joseph Cress/Iowa metropolis Press-Citizen Iowa Gov. Kim Reynolds

CEDAR RAPIDS — Iowa is allocating $a hundred million of its federal coronavirus relief funding to construct new homes in the state, Gov. Kim Reynolds announced Wednesday. 

The American Rescue Plan Act funding, plus $230 million the Iowa Legislature has allocated over 5 years to Iowa's tax credit score courses, potential builders may be able to build 36,450 new housing contraptions to aid tackle a transforming into shortage, Reynolds talked about. 

"modern-day announcement represents a long way and away the most consequential housing policy Iowa has ever applied," Reynolds observed as she unveiled the plan on the Iowa Finance Authority's annual housing conference in Cedar Rapids. 

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The $a hundred million should be break up among a number of latest programs, plus a new pilot software to increase housing access for minority groups. The planned expenses are:

$sixty five million for housing tax credit score classes to help cover the elevated fees of housing substances. 

$20 million for downtown housing in communities below 30,000 individuals. 

$10 million for the homes for Iowa program, a nonprofit organization partnering with inmates on the Newton Correctional Facility to build low-cost housing.

$5 million for pilot classes to promote domestic repair throughout Iowa, as well asand home possession amongst minority agencies.

Iowa acquired $1.forty eight billion in funding from the American Rescue Plan Act, signed by means of President Joe Biden in March. 

This story will be up-to-date. 

Kim Norvell covers boom and construction for the Register. reach her at knorvell@dmreg.com or 515-284-8259. observe her on Twitter @KimNorvellDMR.

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