Iowa House Democrats introduce legislation to lower housing costs

Iowa House Democrats have introduced legislation aimed at making housing more affordable for Iowans. There are five bills that have been introduced, part of the “Iowa House Democrats People Over Politics: Lowering Costs Agenda.” According to the Iowa Finance Authority, Iowa will need an additional 25,000 homes by 2030 in order to keep up with demand, all as around a quarter of Iowans struggle to afford housing. The bills, if passed, would create a $15 million tax credit program for affordable housing units, expand the first-time homebuyer savings account which offers a tax-free solution for home savings, create a $50 million neighborhood grant program for current homeowners to make necessary improvements to their homes, cap rent increases for current tenants to the rate of inflation (CPI), and refund 50% of rental application fee to anyone denied housing by a landlord.