Housing Trust Fund Money at Work

(Above) The Housing Fellowship, a nonprofit developer, is building six affordable rental duplexes in Iowa City. Trust Fund money is one source of construction financing for the project.







(Above) Iowa Valley Habitat for Humanity has completed three homes with assistance from the Trust Fund while funds distributed have also assisted with the purchase of an additional lot where a home will be constructed in 2007.



(Above) According to the Iowa City Area Association of Realtors, the average cost of a lot in Johnson County in 2005 was $62,770, making the cost of land a significant barrier to the development of affordable housing. In a "community land trust" program, a homeowner buys a home but ownership of the land is retained by another entity. Trust fund money will assist with the construction/purchase of two land trust homes by the Housing Fellowship. Pictured above is the plan for the home currently under construction. Pictured above is one of the homes which was recently completed and sold.

(Above) BEFORE - In April, 2006, tornadoes caused extensive damage in the Iowa City area. Trust Fund money helped the Housing Fellowship cover the costs of rehabilitating the duplex pictured above and below. In addition, the Trust Fund made a contribution to the United Way's disaster response fund. The Trust Fund's donation was used to help low income residents with housing related expenses incurred as a result of the tornadoes.

Twelve homes have been completed with Housing Trust Fund money to date:

4 owner occupied, 8 rental
Location: 2 communities, 6 neighborhoods
22 children
8 female heads of household
1 disabled
9 extremely low income
Employment: security guard, daycare provider, hair stylist, hotel maintenaince, manufacturing (temp)

Total awarded: $612,364
Total project costs: $2.1 million