A private agency charged with financing construction of new homes for low-income Iowans has taken the extraordinary step of putting itself in the hands of state officials. The Iowa Housing Corporation board of directors today voted to turn itself over to the state after critics railed about big executive salaries and not enough investment in housing. The Corporation was created in 1990 with a state investment of $8 million. Governor Tom Vilsack today said he has asked another agency to develop a plan to help build houses in areas of the state where there’s a shortage. Last week, the Iowa House voted to launch a criminal investigation of the Iowa Housing Corporation.
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