Carroll City Council Votes To Support Iowa Finance Authority’s Down Payment Program For Local Workforce Housing

Pictured:  A local home that participated in a similar program through Region XII Council of Governments.

The Carroll City Council is putting its support behind an Iowa Finance Authority (IFA) program to aid low-to-moderate-income residents with down payments and rehabilitation projects. At the council’s meeting earlier this month, Region XII Housing Programs Coordinator Karla Janning explained that a $22,500 contribution, or a 10-percent total project match from the city, could provide up to $225,000 in state funding for up to six projects within Carroll.

Potential applicants must meet eligibility criteria, the most important of which is they must be at or below 80 percent of the county’s household annual median income, or around $48,900. The selected projects would receive funding through a five-year or 10-year forgivable loan. City Manager Aaron Kooiker agrees with Janning’s assessment that workforce housing is a critical concern for Carroll and notes local banks have expressed interest in supporting this initiative.

If the IFA approves the funding request, the $22,500 contribution from the city will bring an additional $191,250 into the city directed at workforce housing. The council voted unanimously at Monday’s meeting to provide the match amount from the city’s low-to-moderate income tax increment financing (TIF) fund.