City Council approves support of region housing trust fund
The Webster City government, with the support of three local banks, is chipping in to support a new regional entity that will help some homeowners fix up their properties.
The City Council voted unanimously on Monday to commit $6,497.40 in matching funds to the Heart of Iowa Regional Housing Trust Fund.
The city government won’t be providing all of that money, though. Three local banks have each committed to contribute $1,000 apiece. Those financial insitutions are Availa Bank, First State Bank and WCF Financial Bank.
The Heart of Iowa Regional Housing Trust Fund is a new organization consisting of Hamilton and Webster counties that will get money from the Iowa Finance Authority.
The City Council voted to join the trust fund on June 4.
Lindsay Henderson, the city’s community vitality director, said the trust fund is seeking $217,108 from the Iowa Finance Authority. She said the application to the Finance Authority requires matching funds. The money approved by the council Monday will be Webster City’s share of the required matching funds.
She said homeowners who earn up to 80 percent of the median income can apply to the trust fund for forgivable loans of up to $10,000 to repair their houses.
The money, she said, will be available after Jan. 1, 2019.
The trust fund, she said, is ”really going to pair well” with existing programs to help qualifying home owners.
In other business Monday, the council hired firms to prepare plans for a couple of projects.
WHKS & Co., of Ames, was hired to prepare plans for replacing a culvert under Millards Lane. The company will be paid a maximum of $40,500. The project will be done next year.
Also, Skott & Anderson Architects, of Mason City, was hired to do preliminary designs for a new shelter at West Twin Park. The company will be paid $5,000.