HOUSING TRUST FUND APPLICATION REGION 6 ADMINISTRATION Donna Sampson, Project Manager Region 6 Planning Commission 903 East Main Street Marshalltown, IA 50158 (641) 752-0717 [email protected]http://www.region6planning.org/trust_fund.html BOARD MEMBERS Michelle Spohnheimer, Chair, Marshall County Kelly Smith, Vice Chair, Tama County Penny Price, Secretary/Treasurer, Hardin County Linn Adams, Hardin County David Hicks, Marshall County Lindi Roelofse, Tama County Gordon Canfield, Poweshiek County Mindy Huls, Poweshiek County Rachel Porath, MICA
New homebuyers, existing homeowners, rental property own-ers, housing tenants, and other affordable housing projects may qualify for Region 6 Housing Trust Fund assistance. Re-gion 6 Housing Trust Fund, Inc. was organized in 2009 to assist Hardin, Marshall, Poweshiek, and Tama Counties expand the supply of quality affordable housing. The Iowa Finance Au-thority, Region 6 Planning, MICA, and the Counties have pro-vided $335,209 of financial support over 2 years for this re-gional initiative.
ELIGIBILITY GUIDELINES
All households shall have incomes under the “80% income” figure listed.
The Region 6 Housing Trust Fund Board of Directors will review the applications and may amend the pro-gram eligibility rules at any time.
Any applicant can use only one form of the assistance listed below.
Assistance is only available to individuals with verified immigration status.
Applicants shall be current on taxes, utilities, mort-gage payments, and housing insurance.
The property shall be clear of junk and any nuisances.
All projects, except tenant rental assistance, shall sign a mortgage that can be properly locally recorded.
All assistance will require some no-cost homebuyer counseling.
INCOME LIMITS The anticipated verified income over the next 12-months shall be below the levels specified below in order to be eligible for the Region 6 Housing Trust Fund assistance.
TYPE OF ASSISTANCETYPE OF ASSISTANCE All assistance, except rental property owner repair assistance and housing tenant assistance, will be provided in the form of a 5-year forgivable loan. If the applicant resides in the prop-erty for 5 years, none of the funds need to be repaid; 20% of the assistance amount is forgiven each year. Rental property owners will qualify for a 2% apr 5-year mortgage. Housing tenants qualify for a 100% grant, with no recapture provisions.
HOMEBUYER ASSISTANCE Up to $2,500 of downpayment and closing cost assistance is available. This assistance will be provided at the time of closing. This assistance cannot be provided for any sub-prime, balloon, or any predatory loan.
EXISTING HOMEOWNER AND RENTAL PROPERTY
OWNER ASSISTANCE Up to $10,000 of housing improvement assistance is avail-able. All projects shall be inspected by Region 6 Planning staff and the applicants are expected to get at least 2 quotes. If work is done by an applicant, only materials are eligible. Improvements are limited to –
Lead based paint hazard reduction
Energy efficiency
Roofing
Emergency repairs
Furnace and hot water heaters
Rural homesite water and sewer improvements
Accessibility ramps or other modifications
Structural safety repairs Construction materials shall meet U.S. Department of Energy “Energy Star” standards where such products are available. Rental property owners shall contribute 10% of the reha-bilitation project cost. The maximum rent limit for 5 years shall be the most recent published HUD Fair Market Rent. See -http://www.hud.gov/offices/cpd/affordablehousing/programs/home/limits/rent/2009/ia.pdf. All new tenants for 5 years shall also meet the program income guidelines. A rental property owner is only eligible for one parcel or up to $10,000 over a 2-year time period.
TENANT RENTAL ASSISTANCE
Only tenants with incomes under the “30% income” are eligible for this assistance. The two forms of assistance are:
Rental deposit assistance for a different rental unit: limited to electricity, natural gas/propane, sewer, and water.
Homeless prevention: emergency utility payments, mortgage payments, rental payments, etc. The assistance is limited to $500. Any person that is in the household can only receive the assistance once.
NEW CONSTRUCTION, HOMELESS, OR HOMELESS
PREVENTION The Region 6 Housing Trust Board of Directors will review applications for these projects and determine whether any assistance will be provided.
# of people in household
80% income 30% income
1-2 person $49,600 $18,600
3-7 person $57,040 $21,390
8 person $59,800 $22,430
7 person in Marshall is $59,200 (80%) and $22,200 (30%), and Pow-eshiek $59,700 (80%) and $22,390 (30%).
