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k0103 BC-IA-JumpstartIowa-Fun 09-23 0455

Iowa Gov. outlines Jumpstart Iowa funds

DES MOINES, Iowa (AP) — Gov. Chet Culver on Monday outlined the allocation of money that will be released to help victim’s of this year’s record flooding and tornadoes.

The financial assistance is part of the $40 million Jumpstart Iowa initiative that Culver announced last week.

It is divided into two parts, one for housing assistance and the other for small businesses, with $20 million being allocated through each program.

The money, which will be in the form of forgivable loans, will be administered though regional planning councils and individual cities.

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According to information released from the Rebuild Iowa Office on Monday, Cedar Rapids will get the most money, a combined $20.2 million for homeowners and small businesses.

Des Moines, Iowa City, Cedar Falls and Waterloo also will receive money, and 92 of Iowa’s 99 counties will receive money through six area regional planning agencies.

The money for the program will come from a variety of state funds and programs, including the Iowa Power Fund, community development block grants, administrative services and the Community Attraction and Tourism Program., said Kevin Teale, spokesman for Rebuild Iowa, an agency created to help focus the state’s rebuilding efforts.

Teale said there are different requirements for each of the housing and small business portions of Jumpstart Iowa. Applications and requirements for aid are expected to be posted on the Rebuild Iowa Web site later this week, Teale said.

In both cases, the use of energy efficient materials in the rebuilding of homes and businesses will be critical to qualifying for assistance, Teale said.

Eligible homeowners may receive downpayment assistance, funding for rebuilding or repairs and mortgage assistance. Small business owners will be required to reopen within one year from the date their application for assistance is approved, Teale said.

In a news release issued by Rebuild Iowa, Culver said the aid will help bridge the gap until the Department of Housing and Urban Development approves $85 million in Community Development Block Grants for Iowa.

"These dollars will help us address the most immediate needs of Iowans following the natural disasters that hit our state," Culver said in the release.

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On the Net: Rebuild Iowa Office: http://www.rio.iowa.gov/

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