HUD sends money to Iowa

The U-S department of Housing and Urban Development is sending some money to Iowa. Federal agency spokesman Jerry Brown says it’s still being worked out just how much would-be home buyers will get.He says many low-income first-time home buyers will have a chance to buy a house through the “American Dream” down payment fund. Brown explains it should help some working families overcome the first obstacle to buying a house. The federal guideline is 80-percent below the median income, so it’s for VERY low-income people to have a chance at home ownership. The Iowa Finance Authority will make final decisions on just where the income cutoff level will be, and whether the money goes to help with down payment, closing or other costs. The federal government’s giving 200-million in grants to first-time homebuyers. The Hawkeye State’s share of the money will be handled by the Iowa Housing Finance Authority.