The Iowa Finance Authority on Wednesday awarded $5.2 million in federal funds to advance affordable housing opportunities across the state, including in Davenport and Clinton.
The funding will benefit 858 income-eligible households through the federal HOME program. The U.S. Department of Housing and Urban Development annually allocates HOME funds to states and localities with the goal of increasing affordable housing opportunities, according to a news release.
Locally, the Affordable Housing Network, Inc. was awarded $491,320 for 30 households in Dubuque, Cedar Rapids and Davenport. The Clinton Housing Authority was granted $93,760 for 200 households in the city of Clinton.
And, the Eastern Iowa Regional Housing Corporation was awarded $999,175 to assist 135 households in Scott, Cedar and Clinton counties, among others.
"The partner organizations awarded HOME funds today leveraged more than $1 million in local contributions for these housing initiatives," said Iowa Finance Authority Executive Director Debi Durham, in the release. "This is a testament of the vast, shared commitment to providing Iowans with the backbone for success — a place to call home."
The HOME program awards were made in four categories: Tenant-based rental assistance, which assists income-eligible households with monthly rental payments or deposits; Home-buyer assistance, providing down payments, closing costs or rehabilitation assistance; Rental assistance, to help with the acquisition and construction of rental properties; and Community Housing Development Organizations assistance, or non-profit organizations aimed at developing affordable housing.