Frequently Asked Questions concerning PCHTF's support for operations
What does "Affordable" mean?
Affordable means you pay no more than 30% of your gross monthly income on housing, which includes principal, interest, taxes, and insurance or rent payment.
What is "Low Income"?
We use the federal HUP definition of Low Income, which is any person or family who earns under 80% of the Median Family Income (MFI) for their area. In Polk County, the current MFI for a family of four is $67,900 and 80% of MFI is $54,500.
Can I as an individual/family get direct assistance PCHTF?
All of our funding is distributed through local housing programs, developers, and area banks. If you are planning to purchase a home, we encourage you to work with a Realtor who will assist you in obtaining all available resources, including ours. Affordable rental can be obtained through various agencies and programs in the community. For more information on services in Polk County call 211 or click through to
http://www3.irissoft.com/help/
Where does the money come from?
PCHTF funds come from both public and private sources. Polk County, State of Iowa, and HUD have combined to provide $15.1 million, and private donors have given almost $3.1 million. Private contributions are used to support the operations and services provided by our non-profit partners. (Anawin Housing, Community Housing Development Corporation, The Home Connection, Des Moines Habitat for Humanity, and HOME, Inc.) Additionally, we received challenge grant money from the Wells Fargo Housing Foundation for our Home Ownership Opportunity Fund in 2003, and for the purchase of Public Housing Administration units in 2005.
What does "Public-Private Partnership" mean?
It is two-fold. On the resource side we, as a non-profit agency, partner with the public and private corporate sectors to develop pools of funds for various housing activities. On the funding side, we partner with several private, affordable housing developers/providers to actually create and/or develop affordable units, and to help sustain their operations and the housing support services they offer to low-income people.
What other organizations and agencies do you work with?
In addition to the non-profit partner agencies mentioned above, we work with other locally operated programs of Polk County and cities within Polk County, as well as other private housing programs that apply for our funds during our various development rounds.