Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Keokuk council approves $10,000 to support regional housing trust fund application
Summary
Council approved a $10,000 local contribution to help the Southeast Iowa Regional Planning Commission match a $477,000 Iowa Finance Authority application for the Great River Housing Trust Fund, which would leverage additional state and federal resources for home rehab, down-payment assistance, and upper-story conversions.
The Keokuk City Council voted on Nov. 6 to provide $10,000 in local support to the Great River Housing Trust Fund application, a regional program that leverages local match to secure state housing trust funds.
Sarah Hecox, grant administrator for the Southeast Iowa Regional Planning Commission, told the council the region is applying for $477,000 from the Iowa Finance Authority and needs roughly $120,000 in local match from multiple governments to bring the total program to about $597,197. “Weare applying for 477,000 from the Iowa Finance Authority. We need roughly, almost a 120 in local match,” Hecox said during her presentation.
Hecox described program components that include down-payment assistance (up to $7,500 deferred loan), owner-occupied home rehabilitation (typically up to $15,000, often structured as a five-year forgivable loan for owner-occupants), upper-story unit conversions (developers may receive about $40,000 per unit, with a developer match), and development assistance for nonprofit and for-profit developers. She said the trust fund has helped bring more than $9 million to the region over several rounds of funding.
Council members asked whether the program could support tiny-home projects or match other local initiatives; Hecox confirmed the trust fund supported a previous house project in Fort Madison and said the state-funded program is more flexible than some federal programs. Staff recommended approval and the council approved the $10,000 contribution.
Why it matters: The trust fund supports home repairs, habitability improvements, down-payment assistance and development projects that can increase affordable housing options in smaller communities. The citys contribution is a local match that helps secure larger state funding.
Next steps: The Southeast Iowa Regional Planning Commission will submit its application and distribute funds according to program guidelines if awarded. Interested residents were directed to contact the commission for eligibility and application details.
