Grants And Low-Interest Loans Available To Assist Low And Moderate Income Homeowners With Home Repairs
Date posted - January 23, 2014
The Northwest Iowa Regional Housing Trust Fund, Incorporated has just announced the release of over $344,000 from the State Housing Trust Fund for fiscal year 2014. The money was released from the Iowa Finance Authority who administers the State Housing Trust Fund. This financial assistance along with over $55,000 in matching funds from the participating counties will allow the housing trust fund to provide financial assistance to low to moderate-income homeowners in making the necessary repairs to their homes. The financial assistance will be in the form of both grants and low interest loans.
The Northwest Iowa Regional Housing Trust Fund or NIRHTF, is a non-profit housing organization that promotes the creation and preservation of affordable housing in Buena Vista, Emmet, Lyon, Osceola, O’Brien and Sioux counties. Financial assistance is limited to only households at or below 80 percent of the area median income and at least 30% of the funding will be set aside to benefit extremely low-income households.
The income limits vary by county and how many people live in the home but they range from about $21,000 or less for a family of one or two, to about $66,000 or less for a family of three to six.
Households with incomes under 30% of the Area Median Income Limits are eligible for financial assistance in the form of a forgivable grant up $7,500 for home repairs. Households at 31% to 80% of the Area Median ‘Income Limits are eligible for financial assistance for a combination of a grant up to $7,500 and a low interest (2%) loan up to $15,000. Applicants with incomes between 31% to 80% AMI are only eligible for the grant after two thirds of the project costs are covered by the low interest loan. Applicants applying for these repayable loans must have a credit score of 620 or higher.
The Northwest Iowa Regional Housing Trust Fund has awarded over $775,000 in loans and grants to 130 low and moderate income households over the past four years. Financial assistance was granted for basic structural repairs such as roofs, windows, siding and etc. Applications for 2014 can be picked up at your City Hall or by contacting Sherry Zinn at 712-262-7225 Ext. 139.