FY 18 Annual Report

Housing

2018

CITY OF SPENCER, IOWA

Departmental Highlights

The Quality Housing Initiative was started in 2011 as a way to incentivize the purchase of a new affordable housing unit. The Initiative offered grants of up to $15,000 to a qualified homebuyer of a new, affordably priced home. The original program funded 40 such grants, with the City contributing $400,000 towards the effort. The remaining $200,000 was offered by Clay County and participating local banks. In 2013, the program had awarded all 40 of the original grants and was extended for an additional 40 homes. The City will contribute $100,000 towards the second round of grants. Clay County, SMU, and local banks will contribute the remaining amount of money for the second round. Through the end of FY 18, a total of 64 grants had been award for an investment of $640,000 of City and SMU money.

Budget Review

Total expenditures for housing programs were $70,000 in FY 18, a decrease of $20,000 (-22.22%) compared to FY 17. Currently, the only housing program the city is offering are grants through the Quality Housing Initiative. The program awards up to $15,000 of grant money, of which the city awards $10,000, towards the purchase of a newly constructed house. The expenditures for this program fluctuate annually based on the number of applicants to the program.

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