Iowa governor: $100M in virus relief funds to go to housing
CEDAR RAPIDS, Iowa (AP) — Iowa Gov. Kim Reynolds has announced that $100 million of the more than $1.48 billion in federal coronavirus relief funds allocated to the state will go to build news homes.
Reynolds announced the plan Wednesday during a stop in Cedar Rapids, the Des Moines Register reported. The federal funds plus $230 million in tax credits allocated by the Iowa Legislature over five years will help developers build 36,450 new housing units to help address a growing shortage of housing in Iowa, she said.
The $100 million will go to several existing programs, including $10 million for the Homes for Iowa. The vast majority — $65 million — will fund housing tax credit programs to help cover the increased costs of building materials. Another $20 million will be used for downtown housing in communities under 30,000 people, and $5 million will go to pilot programs to promote home repair and home ownership among minority groups.