This week, Governor Reynolds announced a total of nearly $20 million in investments to support downtown housing projects in 61 communities, including Newton. The awards were made through the Downtown Housing Grant program, which provides support for downtown revitalization through new housing opportunities in communities with population of 30,000 or below.
Newton’s project, the new apartment complex on the Legacy Plaza complex, will receive $600,000 grant for a total of 72 units as it converts one of the underutilized buildings into rental housing and is considered one of seven underutilized facilities to receive funds.
“Housing projects in Iowa’s smaller and more rural communities, particularly those within historic buildings, are increasingly difficult to accomplish,” said Erin Chambers, Community Development Director for the City of Newton. “The award of $600,000 to the new market rate units on the Legacy Plaza Campus in Downtown Newton helps make that project possible.”
The Downtown Housing Grant program had $20 million available for awards and received 94 applications requesting $31 million in funding. Projects were scored on a competitive basis on criteria including project appropriateness, funding and partnerships, impact on housing in the community and population size.
“This program provides a unique and transformative opportunity to both revitalize our communities and increase our housing stock across the state,” said Gov. Reynolds. “Communities have answered the call for unique and inspiring housing projects, and I look forward to seeing them come to fruition.”
The Downtown Housing Grant Program is a part of Gov. Reynolds’ $100 million investment to increase the supply of housing options and protect and expand housing opportunities for Iowans to live in or near the communities where they work. The funds are made available through Federal American Rescue Act State and Local Fiscal Relief Funds.