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Louisa County approves $10,000 for Great River Housing Trust Fund to leverage state grants
Summary
The board adopted Resolution 202509 on May 14 to provide $10,000 to the Great River Housing Trust Fund as local match for an Iowa Finance Authority grant; regional housing administrators described multiple housing programs that the trust fund supports.
At the May 14 Louisa County Board meeting, the board moved and approved Resolution 202509 authorizing a $10,000 payment to the Great River Housing Trust Fund to serve as local match for state and other grants intended to support housing rehabilitation, down-payment assistance and small development projects in the region.
Mike Norris, director of the Southeast Iowa Regional Planning Commission, and Sarah Decox, housing grant administrator for the Great River Housing Trust Fund, described the trust fund’s programs and recent funding. Decox said the trust fund has received about $4,600,000 from the Iowa Finance Authority and about $1,100,000 in local match to date, creating roughly $5,700,000 in regionally available funds. She told the board the trust fund leverages those dollars to attract other sources, including Federal Home Loan Bank grants; Decox said the region has about $8.3 million available across several programs after that additional leverage.
For the funding cycle discussed, Decox said the trust fund applied for $472,568 from the Iowa Finance Authority and requires $118,000 in local match for that round, and that Louisa County’s customary contribution request was $10,000 for fiscal year 2026. Programs the trust fund supports include deferred loans or grants for owner-occupied rehabilitation (assistance per home has been increased, Decox said), down-payment assistance for prospective homebuyers, upper-story conversion grants for downtown housing, and special financing to close financing gaps on larger projects. Decox described program terms including five-year affordability periods and liens on assisted properties.
The board voted by voice vote; the clerk recorded the motion and the chair called for “aye.” The resolution was approved and staff will process the payment and invoice in the appropriate fiscal year.
Board members discussed budget timing and noted the requested $10,000 should be considered in the fiscal year 2026 budget process.
