Housing

Planning

SICOG offers housing planning for our members in the region through the use of Housing Needs Assessments. Housing Needs Assessments can assist cities and counties in determining and documenting housing needs and developing a strategic plan for housing. Plans can also be developed to assist communities that have utilized Tax Increment Financing and are required to use a proportion of the taxes generated to assist low-to-moderate income households. Furthermore, SICOG is willing to have a comprehensive discussion about what funding sources are available for particular projects and how SICOG can help to achieve community-housing goals.

For more information about planning services that SICOG offers, check out our Planning Page for more details.

Grants

Grants are available for housing projects. Grants can help fund development projects and programs from the planning stage through implementation and operation. Almost any project, program, or initiative can be funded in part by funding from grant sources outside of the city. SICOG has experience with construction, equipment, staffing, planning, and operations grants. SICOG offers free grant writing services to member communities. Visit the Grant Opportunities page for a full listing of grants available.

The following are housing specific grants that are available to communities.

Grant

Funding Uses

Eligible Applicants

Estimated Deadlines

FHLB Affordable Housing Program Affordable housing programs – ownership, new construction, rehabilitation, rental projects Local governments, non-profits, and private developers (see article) Spring/Summer

Homes for Iowa

About Homes for Iowa

Mission: Homes for Iowa addresses Iowa’s shortage on housing, train in skilled trades, and reduce deterioration.

Iowa struggles to build moderately priced new homes, especially in rural areas, and struggles to fill positions in skilled trades. The solution is that Iowa Prison Industries will build the homes near Newton Correctional Facility, and offenders are trained in skilled building trades, including apprenticeship curriculum. After the homes are completed, they will be trucked to the homes site.

Key Notes:

  • Three Bedroom Home price is $95,000 delivered and set (not affixed) on the foundation.
  • Two Bedroom Home price is $80,000 delivered and set (not affixed) on the foundation.
  • Home orders require $4,500 down and a completed Pre-Order checklist.
  • Homes CAN be set on basement or crawlspace.
  • COGs are statewide agents for home order.
  • Quality, 3-bedroom, 2-bath- 1,200sf homes.
  • Income limit of $100,000 for any household size.

Steps for Homes for Iowa:

  1. Contact your local COG.
  2. Ensure a home can be moved to your site.
  3. Complete application/order with $4,500 deposit.
  4. Iowa Prison Industries builds home outside the Newton Correctional Facility.
  5. Utility service, foundation, and site work are completed by buyer/developer.
  6. Home is delivered in one piece and set (not affixed) on the foundation.

For more information on Homes for Iowa go to https://www.homesforia.com/

Available Funds (RLF)

Down payment Assistance (Housing Revolving Loan Fund (H-RLF))

The Southern Iowa Development Group, Inc. Housing Revolving Loan Fund (SIDG H-RLF) was created to help first-time homebuyers meet the need for a down payment on a home. It has been determined that the lack of sufficient down payment is the major obstacle for individuals when looking to obtain a home loan.

The SIDG Housing Revolving Loan Fund is available to eligible homebuyers in SIDG’s eight county region where local match has been provided. These counties include: Adair, Adams, Clarke, Decatur, Madison, Ringgold, Taylor, and Union.

To help close the gap:

  •  Loans up to $6,500, which MUST be matched dollar for dollar with funds from the borrower.
  •  For down payment assistance ONLY.
  •  Interest Rate- Fixed 2%
  •  Loan length is seven years, but the first two years are deferred of interest and payments.
  • $100 Application Fee
  • 1% Closing cost
  • Home must be principal place of residence.

SICOG H-RLF loans require a 25% local match in funds. The match can be provided by any source such as: a local bank, development group, realtor, city, county, or private individual. A first-time homebuyer is defined as someone who has not owned or purchased a home in the last three years. SIDG can generally make a loan to a borrower at any income level. At least 51% of the first-time homebuyers must meet low-to-moderate income guidelines. The local financial institution or realtor will most likely be the buyer’s first contact regarding the SIDG H-RLF program. The financial institution will conduct the initial phase of the loan review and application process and is also required to sign the SIDG loan application form.

Providing local match funds is a positive way for local governments, employers or others to encourage potential homebuyers to remain within their communities as homeowners, help create a stable workforce, and bring benefits of homeownership among citizens who might otherwise not be able to purchase their first home.

For more information, check out our Housing-RLF Brochure.

First-Time Homebuyers Inquiry Form– Word Doc

First-Time Homebuyers Inquiry Form– Fillable PDF

If you are interested in further information about this program, please call the SICOG office at (641) 782-8491.