Branstad announces home loans for Iowans with disabilities

A new state program will help finance housing for Iowans with disabilities, Gov. Terry Branstad's office announced today.

Diana Stromer, housing programs specialist for the East Central Iowa Council of Governments (ECICOG), said the new program should find plenty of takers.

"I've got a couple people that would work great for," she said. "I have two people who are right to the point where their homes aren't going to make it for them anymore, so that will be helpful."

The program administered by the Iowa Finance Authority and the Department of Human Services will make up to $500,000 available for no- or low-interest loans to build or rehabilitate housing "for individuals with significant barriers to accessing traditional rental opportunities," according to Ashley Jared, spokeswoman for the finance authority.

Applicants to the revolving loan fund must have their service plans approved by DHS before they're submitted through a non-competitive process managed by the finance authority. Loans amounts will be $50,000 to $500,000, at interest rates no more than 1 percent.

Jared said loans will be available for multi-family projects as well as traditional homes.