Created: September 09, 2021 12:05 AM
CEDAR RAPIDS, Iowa - Iowa Gov. Kim Reynolds has announced that $100 million of the nearly $1.5 billion in federal coronavirus relief funds allocated to the state will go to build new homes.
The Des Moines Register says Reynolds announced the plan Wednesday during a stop in Cedar Rapids.
She says the federal funds plus $230 million in tax credits allocated by the Iowa Legislature over five years will help developers build 36,450 new housing units to help address a growing shortage of housing in Iowa.
The $100 million will go to several existing programs, including $10 million for the Homes for Iowa.
The vast majority - $65 million - will fund housing tax credit programs to help cover the increased costs of building materials.
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