The Iowa Finance Authority will begin accepting applications for the Workforce Housing Loan Program beginning March 1. The program is available to any community that needs additional rental housing as a result of employment growth. A total of $3.6 million is available in the form of low-cost repayable loans to cities and counties for eligible projects on a “first-ready-to-proceed” basis. Cities with populations of less than 50,000 that have shown an annual job growth during the last three years will be awarded additional points. Local matches, employer investment in the proposed project and being designated Home Base Iowa or Iowa Great Places communities are also considerations in the competitive scoring process. The maximum loan amount per project is the lesser of $1 million or $50,000 per rental unit. The loans will have a 1 percent interest rate with a maximum term of 20 years. Rental units will be limited to households earning 140 percent or less of the statewide median income, which is currently $94,500 per household. Applications will be accepted until available funds are depleted. More information is available here.