The Home and Community-Based Services Rent Subsidy Program provides eligible applicants with a monthly rent assistance payment. The program helps applicants live successfully in the community until they become eligible for other local, state or federal rent assistance.
The program helps an average of 330 Iowans each month to stay in their home and to remain a part of their community.
Maximum monthly payment shall be equal to the rent paid, not to exceed 100% of the eligible applicant’s county of residence Fair Market Rent (FMR) as determined by HUD, minus 30% of the gross income of the eligible applicant.
The FMR shall be that of a one-bedroom unit or a proportionate share of the rental cost in units containing more than one bedroom.
When the Iowa Finance Authority receives an application for a rent subsidy, they determine if the applicant meets the HCBS Rent Subsidy Program rules and if adequate funds are available to provide subsidy for the payment period. If adequate funds are not immediately available, the applicant’s name will be placed on the waiting list for HCBS Rent Subsidy.
For eligible applicants, the following method is used to calculate the monthly rent subsidy:
The eligibility of persons receiving the rent subsidy will be evaluated at least every 12 months or if one or more of the following occurs:
Payments are processed approximately three to five days prior to the end of the month for the next month’s rent payment. Please submit any applications or change of information requests no later than 4:30 p.m. on the 15th day of the month.
Rent subsidy shall terminate at the end of the month in which any of the following occur:
The Iowa Finance Authority accepts applications on an ongoing basis. A waiting list has been established, with applications being processed in the order they are received.