Fund would provide forgivable loans of up to $10K for improvements
by BILL SHEA – Daily Freeman Journal
An agreement that would help local homeowners who meet certain income requirements pay for upgrades like new roofs was approved by the Webster City City Council Monday.
That trust fund could receive funding annually from the Iowa Finance Authority, according to Lindsay Henderson, the city’s community vitality director.
She said that funding would consist of a $150,000 base payment plus $1 for every person in the two counties.
The city government will have to provide a 25 percent match, Henderson said.
She said a board that would include representatives of Hamilton and Webster counties would decide how to award the money. But she said the focus will be on helping homeowners rehabilitate their properties.
According to Henderson, eligible homeowners would be able to get forgivable loans of up to $10,000 to pay for major improvements such as new roofs and siding.
The fund can be used to assist homeowners who earn 80 percent of the area’s median income.
Also, 30 percent of any money received would have to go to households that earn 30 percent of the area’s median income.
Councilman Jim Talbot asked if citizenship is required to get money from the trust fund.
Henderson replied that the applicants must own their own home. She did not specifically address the issue of citizenship.
Hamilton and Webster counties were among just six counties in Iowa that were not part of a regional housing trust fund.
Last modified: June 5, 2018