Legacy Grant Awarded to Polk County Housing Trust Fund
Prairie Meadows recognizes housing affordability as a 'critical need to our region's growth'
LEGACY GRANT AWARDED TO POLK COUNTY HOUSNG TRUST FUND
Prairie Meadows recognizes housing affordability as a ‘critical need to our region’s growth’
GREATER DES MOINES, IOWA (July 15, 2019) – The Polk County Housing Trust Fund has been awarded a Prairie Meadows Legacy Grant of $250,000. Today’s announcement was made as part of the Prairie Meadows Community Impact event to highlight the region’s greatest needs and opportunities.
“Housing, specifically housing that is affordable to families making $75,000 or less, is critically needed by our region’s growing population. This investment signals our confidence in the Polk County Housing Trust Fund’s work and highlights the need for our region to significantly increase its efforts to encourage construction of housing that is affordable to this rapidly growing segment of our workforce,” said Julie Stewart, Prairie Meadows’ Director of Community Relations.
A recent report from Lisa Sturtevant & Associates estimates that between now and 2038 new job growth in the low-to moderate-income pay range will require Polk County to add more than 16,500 new owner-occupied homes that cost less than $175,000. Most builders have been constructing homes in the $250,000 to $350,000 price range. In order to encourage construction in this price category the PCHTF intends to use this generous grant award to help deepen the pool of qualified buyers.
“Central Iowa is facing a critical housing shortage in a price category that is not easy for builders to satisfy,” said Eric Burmeister, Executive Director of the Polk County Housing Trust Fund. “Unless we join together to find creative ways to make construction of these homes more affordable and remove barriers to development, we will quickly find ourselves with a full-blown affordability crisis created by exploding demand and a severe shortage of supply.”
The Legacy Grant, along with matching funds from the PCHTF, will be used to help qualifying households in the form of down payment assistance. Like other programs that make housing more affordable, the program reduces the size of the first mortgage and in turn the monthly payment. This also offsets higher construction costs by reducing the overall monthly payment of the first mortgage. PCHTF has been using this model for 20+ years.
Prairie Meadows Legacy Grant program provides funding in the range of $100,000 to $1 million for large-scale, projects that play a major role in enhancing and revitalizing the Greater Des Moines area.
About Polk County Housing Trust Fund
The Polk County Housing Trust Fund (PCHTF) is the comprehensive planning, advocacy and funding organization for Affordable Housing in Polk County, Iowa. Founded in 1995, the Trust Fund is responsible for allocating state and local funds aimed at increasing and preserving the inventory of affordable units in Polk County. This results both in improving the lives of the people who live in them and contributing to the economic vitality of central Iowa. Over the past 21 years PCHTF has helped 458 low- to moderate-income families become homeowners and disbursed $6.5M in assistance dollars.
Find more information about Prairie Meadows' charitable giving at https://www.prairiemeadows.com/