The state has started a program for owners of larger rental properties to help them make repairs caused by flood and storm damage last year. Erin Seidler of the Department of Economic Development says the program will offer help in the form of a forgivable loan.
She says they will offer up to $24,999 per unit for repairs and funding for other costs such as reducing lead. The total money available for each unit can’t go over $37,500 dollars.
Seidler says this program goes along with one created earlier to help owners of small apartments. Siedler says owners of rental properties are small business owners and they want to be sure the landlords have the money to rebuild. Seidler says there are a few requirements to make a rental owner eligible for the money.
She says the properties must have been impacted by the disasters of 2008, and the person must have been the owner of record before the disaster, and they must be able to demonstrate the ongoing expenses of rehabilitating the property. Seidler says this is an issue that goes beyond the landlords.
Seidler says there are many people who live in rental properties who saw the place where they live damaged by the flooding, and the state wants to see those properties rehabilitated. The large rental program includes landlords with eight or more rental units. For more information on applying for the funds, visit the Iowa Department of Economic Development’s website .