Helping Iowans Find Home
The US Department of Housing and Urban Development (HUD) annually provides funding to states and localities to advance affordable housing priorities.
The Iowa Finance Authority administers the State of Iowaβs HOME allocation and awards funds through a competitive application process to assist communities with a wide range of affordable housing initiatives.
Homebuyer Assistance
The Homebuyer Assistance Program allows nonprofit entities to give an extra boost to homebuyers through down payment and rehabilitation assistance.
Eligibility
- Types of Assistance
- Down payment or closing cost assistance.
- Acquisition and rehabilitation assistance for a home after it has been purchased.
- Income
The homebuyer must have a gross annual income that does not exceed 80% of the Area Median Income, as established by HUD.
Application Process
For housing developers applying for funds: The 2024 HOME round is now closed.
Tenant-Based Rental Assistance (TBRA)
The Tenant-Based Rental Assistance Program allows nonprofit and local government entities to assist many Iowa families to afford their rental home, with a little help.
Assistance types include monthly rental assistance payment, upfront security deposit assistance, and utility deposit assistance.
All funds are paid directly to the landlord or utility provider on behalf of the tenants.
Eligibility
- Income
The home buyer must have a gross annual income that does not exceed 80% of the Area Median Income, as established by HUD. - Amount of Assistance
The amount of rent subsidy varies by household and is dependent upon factors such as the household income and the rental unit.
Application Process
- For Tenants Seeking Rental Assistance: The Iowa Finance Authority works with local partners to provide assistance to home buyers. Interested homebuyers should contact one of our partner agencies for information on the application process.
- For Housing Organizations Applying for Funds: The 2024 HOME round is now closed.
Rental Assistance
The HOME Rental Assistance program provides property owners and developers with funds to develop and preserve affordable rental housing for Iowans.
Eligibility
- Project Types
- New construction and conversion of rental housing.
- Rehabilitation of existing buildings.
- Rent
HOME-assisted rental units must meet affordable rent restrictions. HUD establishes high and low HOME rents for each area annually. - Income
The home buyer must have a gross annual income that does not exceed 80% of the Area Median Income, as established by HUD.
Application Process
- For Tenants Seeking Rental Assistance: The Iowa Finance Authority works with local partners to provide rental assistance to tenants. Interested renters should contact one of our partner agencies for information on the application process.
- For Housing Organizations Applying for Funds: The 2024 HOME round is now closed.
Compliance
IFA monitors all Low-Income Housing Tax Credit, HOME program and National Housing Trust Fund projects for compliance throughout the designated compliance period. See all compliance information.
Resources
- 2024 HOME Program - Homebuyer
- 2024 HOME Program - Tenant-Based Rental Assistance (TBRA)
- 2024 HOME Program - Rental without Tax Credits
Reporting
