Reynolds says new disaster relief housing grant programs are ready

(The Center Square) - Iowa Gov. Kim Reynolds said Monday two new housing programs to help victims of Iowa's recent storms are now open to applicants.

The State Disaster Recovery New Housing Grant Program gives developers up to $1 million in grants to develop residential units for sale or rent in disaster-stricken areas, according to a news release from the governor. The Iowa Economic Development Authority oversees the program, which is only open in counties with a federal disaster declaration.

Up to $50,000 is available to residents through the Disaster Recovery Housing Assistance Program. The money is for homeowners who need more than is covered by insurance or the Federal Emergency Management Agency Individual Assistance program, according to Reynolds. Residents must be registered through FEMA to be eligible for the program.

"Rebuilding housing for thousands of displaced Iowans presents a significant opportunity for their personal recovery as well as the economic recovery and growth of their communities," Reynolds said. "These programs are a crucial first step in ensuring Iowans can rebuild and continue to thrive in the communities they call home."

Two-thirds of Iowa's 99 counties were affected by recent tornadoes and flooding, the governor said on Thursday.

More than 70 farmsteads in Shelby County alone were affected, according to Reynolds. A program that will help farmers was announced on Thursday.

"We are going to bring some parity to farmers by creating the Disaster Recovery Farm Interest Program," Reynolds said. "This program actually buys down interest rates by reimbursing interest payments up to $50,000 per household over 12 months on commercial loans farmers will use to repair damage."