Polk

Polk County Announces $15 Million Affordable Housing Investment

DES MOINES, Iowa – Polk County Board of Supervisors on Tuesday voted unanimously on a $15,150,000 investment in affordable housing projects. The funding is part of the $95 Million dollars awarded to Polk County from the U.S. American Rescue Plan Act (ARPA) passed by Congress and signed into law by President Joe Biden on March 11, 2021.

 

The announcement comes as the Board of Supervisors and staff are undertaking a planning process to determine how to ensure the ARPA funds are spent with maximum long-term impact on our community. Four categories of work have been identified including affordable housing, water quality, economic well-being and mental health.

 

This first investment in affordable housing totaling more than $15 million dollars will be earmarked for three individual uses. The majority of the funds, $12 million will support the acquisition, conversion and/or construction of permanent housing with an emphasis on supportive housing for underserved populations. An additional $3 million is to be used as a revolving loan fund to provide short-term bridge loans, acquisition loans and/or funding for due diligence and pre-development expenses. The remaining $150,000 will be used for a two year pilot program to hire two community advocates that are not tied to a specific homeless service provider.

 

Polk County Board Chair Angela Connolly says of the affordable housing investment, “We know that there is a serious shortage of affordable housing in our community. We are investing these funds to impact the most vulnerable residents in our community. These funds will help create up to 600 new units of affordable housing.”

County Housing Trust fund will administer the distribution of funds which must be fully expended by December 31, 2026.

 

 

 

Polk County Iowa