Close Search

Project-Based Housing Program

Funding Opportunities. Creating Homes.

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.

Funding

FY 2020 Project-Based Housing Program funding has been exhausted.
The program will begin accepting FY 2021 applications on July 1, 2020, subject to available funding.

Program Requirements

  • 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.

Eligible Applicants

  • 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

Eligible Uses

  • 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

Application Process

  • 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.

Connecting with Resources

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.

For inquiries about project-based housing reach out to:

Catch Up With Us on Social

Stay Connected with Iowa Finance Authority’s Newsletter SIGN ME UP