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Iowa City approves purchase of three affordable townhomes in North Liberty with Housing Trust Fund support
Summary
Council approved acquisition of three three‑bedroom townhomes in North Liberty for $927,500, funded in part by a $368,000 forgivable loan from the Housing Trust Fund of Johnson County; the units will be operated as city‑owned affordable housing with a 40‑year compliance period and project‑based vouchers.
Iowa City — The City Council on Oct. 7 approved a resolution authorizing the city housing authority to purchase three newly built three‑bedroom townhomes on Aspen Court in North Liberty, using a forgivable Housing Trust Fund loan and housing authority balances.
Tracy Haishoo, speaking for the housing authority, said the total purchase price is $927,500 and the Housing Trust Fund is providing a $368,000 forgivable loan. The units will be operated as city‑owned affordable housing, with initial lease‑up limited to households earning less than 50% of area median income and an expectation that project‑based vouchers will be used at least for the first five years. The housing authority described a 40‑year compliance period tied to the Housing Trust Fund agreement.
Councilors praised the acquisition as an opportunity to add affordable family‑sized units in a high‑opportunity area and voted 6–0 to approve the purchase.
Next steps: Staff will finalize the purchase agreement and the housing authority will execute the affordable housing compliance terms required by the Housing Trust Fund.
