Over $2 Million Allocated for Affordable Housing
PCHTF helps build, preserve, and maintain hundreds of homes
In our fiscal year ending June 30, 2015, the Polk County Housing Trust Fund allocated almost $2.1 million for creating new and preserving existing inventory of affordable housing in Polk County. Recipients of funding included not-for-profit and for-profit developers, organizations focused on rehabilitation of owner occupied homes for low-income households, and rehabilitation of single-family rental homes affordable to families making less than 30% of area median income. All of this work is possible due to the continued financial support of the Iowa Finance Authority's State Housing Trust Fund program and a generous annual investment from Polk County.
PCHTF allocations leveraged over $28 million of additional investment in affordable housing from other sources including LIHTC awards, private equity and community charitable contributions.
This investment added 113 new affordable units to the county’s inventory. Of those, 20 are affordable to households that make less than 30% of AMI or less than $15,000 per year. All new units are affordable to households that make less than 80% AMI.
In addition to adding new units, 294 existing units of affordable housing were preserved and improved. Of those, 139 units are owned by households that make less than 30% of AMI. All preserved units are owned or occupied by households that make less than 80% AMI.
PCHTF research shows that units affordable to our poorest households are most in demand in the region. There are only about 6,200 units of housing affordable to the region’s almost 14,000 households that need it. As a result, for the past two years the PCHTF has made funding these needed units a priority. The year just ended resulted in the second annual increase of units funded in this category.
Funding based on community needs and community priorities will continue to be a strategic focus of the PCHTF. Continual monitoring of units available as well as households in need along with the community priorities identified in Housing Tomorrow, the region’s first strategic plan for housing, will be used to direct PCHTF allocations of development resources into the future.