Heart of Iowa Regional Housing Trust Fund / City of Fort Dodge, Iowa

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Heart of Iowa Regional Housing Trust Fund

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The Heart of Iowa Regional Housing Trust Fund (HIRHTF) will assist individuals with rehabilitating and repairing owner-occupied housing in the six-county region. Activities funded will serve households with incomes less than the graph below. A minimum of 30% of the distributions will benefit extremely low-income households (with less than 30% of the area’s median family income).

Program Guidelines

Eligible Properties:

· Owner-occupied single-family homes

· Located within the boundaries of Calhoun, Hamilton, Humboldt, Pocahontas, Webster, or Wright Counties

· Property must be in habitable condition, as an initial inspection determines.

· Life estates are not eligible.

· Homes being purchased on contract are not eligible.

· Mobile homes are not eligible.

Eligible Participants:

· Must meet the current established income guidelines.

· Property taxes must be current.

· City-provided utilities must be current at the time of application.

· Liquid assets must be less than $25,000.

· Must hold a county-recorded deed and occupy the property as their primary residence.

· Must be current on any outstanding mortgage loans against the property.

Eligible Activities:

· Any building, plumbing, electrical or mechanical code deficiencies

· Any lead hazard reduction activities

· Any activity to improve energy efficiency.

· Any activity that makes a property accessible for persons with disabilities (bathrooms, ramps, sidewalks, etc.)

· Other similar repair needs

Underwriting Requirements:

· Applicant shall supply all needed documentation to verify application data.

· Applicants must obtain at least one quote for proposed work (HIRHTF reserves the right to require an additional quote). If multiple bids are made and the applicant chooses not to take the lowest quote, the applicant will be responsible for paying the difference in cost.

· All contractors, electricians, plumbers, or others performing approved work will hold required registrations or licenses.

· An initial inspection will be required to verify the work needed.

· A final inspection will be required after the project is completed.

· Following approval of final inspection, the contractor will be paid directly from the HIRHTF.

Terms:

· Maximum of up to $15,000 per household

· 5-year forgivable loan, with 20% forgiven each year

· Secured by a mortgage filed against the subject property.

· Should the applicant sell or move from the property before the 5-year term expires, funds will be recaptured based on the percentage of the loan balance remaining.

Prioritization Criteria:

Applications will be reviewed on a first-come, first-ready-to-proceed basis. With Board approval, priority may be given to applicants meeting any of the following criteria who were not previously assisted and have critical housing repair needs:

· Households with income at or below 30% AMI

· Persons with disabilities

· Persons at age 62 or older

· Projects considered an emergency, as deemed by the Board.

*State Housing Trust Fund Income Limits for Owner-occupied Projects

(Income limits are effective June 10, 2024, and subject to change without notice)

		1 person	2 persons	3 persons	4 persons	5 persons	6 persons	7 persons
All Counties	Income Maximums	$48,250	$48,250	$55,487	$55,487	$55,487	$55,487	$55,487

Preferred Applicants	Income Below	$28,950	$28,950	$33,292	$33,292	$33,292	$33,292	$33,292