(Des Moines)– Governor Kim Reynolds announced today (Tues.) the State Disaster Recovery New Housing Grant Program has awarded more than $7.2 million for the construction of 175 single-family and multi-family homes in flood-ravaged communities.
The funds will go toward 11 projects in six communities. In northwest Iowa those include Cherokee, Rock Rapids, Rock Valley and Spencer. Developers awarded funding for projects in Spencer include Stellence, which plans to construct 24 multi-family rental units; the Northwest Iowa Corridor Habitat For Humanity for two single-family units; and CR Lloyd Associates which plans to construct 25 single family units.
The program provides financial assistance for the development of new housing in counties eligible for FEMA’s Individual Assistance Program. It offers developers up to $1 million per project to assist in the development of housing units for sale and rent, with preference going to single-family detached units, duplex and townhouse style developments.
The program had a total of $10 million available. Applications are being accepted and scored on a rolling basis until funds are exhausted or December 31st, 2024. The program is administered by the Iowa Economic Development Authority.
