FY2022

HOME GRANT FUND The HOME Grant Fund accounts for HOME Investment Partnerships program (HOME) funds that are provided to the City on an annual basis from the U.S. Department of Housing and Urban Development (HUD). HOME grant funds are given directly to states and local governments for the exclusive use of affordable housing activities. Iowa City is an entitlement city (over 50,000 in population), and receives an annual allocation from HUD based on a formula that looks at information such as poverty rates, age of housing stock, etc. Congress approves the program budgets annually so the City’s allocation may change from year to year.

HOME funds are used throughout the community to address the housing needs of lower income citizens. This is accomplished through:

 Acquisition of land and buildings  Rehabilitation of existing housing  Tenant-based rental assistance  New construction of owner-occupied and rental housing

Fund Balance: Budgeted fund balance at the end of fiscal year 2022 is $234,121 which is an 157.5% increase from the fiscal year 2021 revised estimate. This is due to the budgeted repayment and reallocation of prior of HOME loans. Revenues: 76.9% of the HOME Grant Fund’s revenue is from federal grants with remainder coming from loan repayments and loan interest. Budgeted federal HOME grant funding is lower in fiscal year 2020 by $240,101 or 31.9% from fiscal year 2021 due to a large carry- forward of federal funds in fiscal year 2021 from prior years. Expenditures: Fiscal year 2022 expenditures represent a 32.2% decrease from the fiscal year 2021 estimate. This decrease is primarily due to a large carry-forward of expenditures in fiscal year 2021 from prior years.

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