HOUSING DEVELOPMENT
Housing development can assist in attracting new business and industry to a community as well as increase the local property tax base. Although it is a key to community growth, little single-family development has occurred in most local communities within southwest Iowa. According to census data, an average of 45% of houses across the region were built before 1940 with another 17% built before 1960, leaving a need for new housing construction. Grow Iowa became a HUD-certified Community Housing Development Organization (CHDO) in 2002 to address the need for affordable housing development in the region.
After developing five speculative homes in Crawford County through a pilot project, Grow Iowa has compiled guidelines for additional communities that might be interested in partnering on developing single-family affordable housing.
FINANCING
- Grow Iowa serves as the developer and provides capital through its housing development pool.
- Any profit created from the development is recycled back into Grow Iowa's housing development program to create additional housing in communities throughout southwest Iowa.
ELIGIBILITY
Communities throughout Grow Iowa's service area may be eligible for a housing development project. Grow Iowa's housing development fund is extremely limited, however, so communities interested in this program are encouraged to discuss their plans with Grow Iowa staff as soon as they are interested to gauge appropriateness and ability to meet partner guidelines.
APPLICATION PROCEDURE
Communities interested in an affordable, speculative house must provide the following information in order for Grow Iowa to evaluate where its housing dollars will create the most impact.
- Analysis of local housing market and need for Grow Iowa to develop a house
- Identification of potential lots
- Identification of local contractors for bid process
- Assistance with interim inspections
- Assistance with sales