The Project-Based Housing Program assists locally supported affordable housing projects that are not eligible to receive funding under a Local Housing Trust Fund’s Housing Assistance Plan.
$300,000 in funding is available for the FY2022 Project-Based Housing Program. The program is now accepting FY 2022 applications on an open-window basis, subject to available funding.
For projects benefiting eligible recipients, program funding must not exceed 75% of the total project budget, excluding administrative and developer fee line items.
For affordable housing projects benefiting extremely low-income recipients, program funding may not exceed 90% of the total project budget, excluding administrative and developer fee line items.
Cities and counties
Nonprofit housing organizations
For-profit housing development organizations
Recognized neighborhood associations
Economic development organizations
Homeless service providers
Transitional housing providers
Domestic violence shelters
Councils of governments
New construction of affordable housing
Acquisition or adaptive reuse projects to develop new affordable housing opportunities
Rehabilitation or home modification by a Qualified Nonprofit to provide for increased accessibility in existing housing units serving Extremely Low-Income Iowans
Development of affordable housing units serving homeless households (including emergency shelter, domestic violence shelter, and transitional housing units)
To assist in the development of Low-Income Housing Tax Credit units reserved for Extremely Low-Income Iowans
Lead hazard reduction in affordable housing to be completed by certified lead professionals and contractors certified in safe work practices
Foreclosure-prevention, anti-predatory lending, or homebuyer education counseling, provided through an organization that is a part of the Iowa Mortgage Help initiative or has received certification through the National Industry Standards for Homeownership Education and Counseling
Prior to application, projects to be located in a certified Local Housing Trust Fund (LHTF) service area must first contact the LHTF to determine eligibility for assistance and, if necessary, request the required LHTF Certification form. See who you need to contact with this LHTF Map PDF.
Applications may be submitted beginning July 1 of the current fiscal year and will be accepted on an open-window basis until all available funds have been exhausted.
Please note that individuals may not apply directly to the Iowa Finance Authority for assistance. If you are looking for housing assistance, please contact the Local Housing Trust Fund in your area.