Iowa Governor Signs Bill Establishing $5,000 Manufactured Housing Grant for Veterans
Iowan veterans in need of financial assistance for purchasing manufactured housing received vital help from state Gov. Kim Reynolds mid-April.
The “Manufactured Housing Program Fund” bill – aka IA HF 2480 – was passed by Iowa’s House and Senate on April 17th, signed by Gov. Reynolds, and will become effective on July 1st, 2018.
A beneficial program for America’s service members and veterans, the legislation creates a manufactured housing program fund with eligibility requirements for financial institutions or other lenders.
Iowa Manufactured Housing Program Fund for Veterans
The financial assistance program for America’s veterans establishes a fund under the state’s existing Military Home Ownership Assistance Program specifically for manufactured homes. The fund provides eligible service members and veterans with a $5,000 grant for the purchase of a manufactured home as a primary residence. These monies can be utilized for both the down payment on the home and for paying down closing costs.
The Iowa Military Homeownership Assistance Program was established to provide financial aid to eligible service members and veterans of the United States Armed Forces to purchase primary residences, including but not limited to manufactured homes on leased land, such as those located in manufactured home communities.
Manufactured Homes Provide Quality, Affordable Homeownership
Iowa’s Manufactured Housing Program Fund is especially noteworthy because it effectively extends an existing benefits program by making funds available specifically for manufactured homes. This follows in the footsteps of programs in other states and counties throughout the country that strive to meet the need for affordable housing with factory-built homes.
The grant money now available to purchase a new manufactured home will no doubt make a difference in the lives of countless Iowan service members, veterans, and their families. Iowa’s program, and others like it, are also sure to further indicate just how affordably and quickly manufactured housing can provide homeownership to those in search of it.
With any luck, Iowa will inspire states and municipalities not yet offering such manufactured housing programs to consider starting one of their own.