CEDAR RAPIDS, Iowa (AP) — 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 said 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.