Housing

STORM LAKE HOUSING DATA

Updated Comprehensive Housing Needs Analysis

The Updated Comprehensive Housing Needs Analysis for Storm Lake, Iowa was conducted by Maxfield Research & Consulting. The study projects housing demand from 2024 to 2035, and provides recommendations on the amount and type of housing that could be built in Storm Lake to satisfy demand from current and future residents over the next decade. The study identifies a potential demand for approximately 1,450 new housing units in Storm Lake through 2035. View the Housing Needs Analysis Presentation Here.

Storm Lake Housing Data Snapshot

The Iowa Profile serves as a comprehensive data resource, offering policymakers and community leaders valuable insights across various domains such as housing, public health, safety, transportation, education, quality of life and economy. The first of its kind tool provides customized reports and enables comparisons with other regions, empowering changemakers in community and economic development to make informed decisions based on regularly updated data from diverse sources. The tool provides essential information for designing effective programs and resources to foster opportunities for Iowans, communities and businesses to thrive.

PROGRAMS FOR DEVELOPERS

IEDA | Workforce Housing Tax Credit

Assisting construction or rehabilitation of housing in communities with workforce housing needs. This program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. A Small Cities set aside for this program is available to eligible projects within the 88-least populous counties in Iowa.

Total program benefits limited to $1 million per project
Tax incentives include a refund of sales, service or use taxes paid during construction
Developers may receive a state investment tax credit of up to 10% of the investment directly related to the construction or rehabilitation of the housing. Developers qualifying under the Small Cities set aside may receive an investment tax credit of up to 20% of the investment directly related to the construction or rehabilitation of the housing. The state investment tax credit is fully transferable.
Federal, state or local grants, tax credits, forgivable loans or other assistance not requiring repayment cannot be included for the purposes of calculating new investment.
Tax credit is based on the new investment used for the first $150,000 of value for each home or unit.
Tax credit is earned when the home or unit is certified for occupancy and can be carried forward for up to five additional years or until depleted, whichever occurs first.

IEDA | Iowa Energy Saving Loan Program

The Iowa Economic Development Authority has launched the Iowa Energy Saving Loan Program, a new initiative designed to support energy efficient improvements in affordable housing projects financed through the Iowa Finance Authority. This pilot revolving loan fund, made possible by the federal Infrastructure Investment and Jobs Act, offers low-interest loans for energy audits, efficiency upgrades and retrofits. It also serves as a model for a larger statewide program anticipated in 2026.

Program Overview

View Program Webinar

Program Details

• Total Available Funding: $1 million

• Eligible Properties: Iowa developments with 20 or more units financed through the Low-Income Housing Tax Credit, HOME and/or Project-Based
Section 8 programs.

• Loan Amounts: $50,000 to $1 million

• Interest Rates: Starting at 0%

• Loan Term: Up to seven years

• Requirements: Projects must meet prevailing wage (Davis-Bacon Act) and other applicable federal standards

Timeline

Applications will be accepted through February 1, 2026, or until funds are fully allocated. Loans will be awarded to eligible projects on a first-come, first-ready-to-proceed basis.

USDA Rural Development | Multifamily Housing Loan Guarantees

What does this program do?
The program works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low- and moderate-income individuals and families in eligible rural areas and towns.

Who may apply for this program?
Private lenders may apply for a loan guarantee on loans made to eligible borrowers who are building or preserving affordable rural rental housing.

Eligible lenders are automatically eligible if approved and active in one of the following programs: Fannie Mae, Freddie Mac, Ginnie Mae, HUD, Federal Home Loan Bank members, State or local housing finance agencies/

Eligible borrowers include: Most state and local governmental entities, Nonprofit organizations, For-profit organizations, including LLC's, Federally-recognized Tribes

Additional requirements include: Rent for individual units is capped at 30% of 115% area median income. Average rent for an entire project (including tenant paid utilities) cannot exceed 30% of 100% of area medium income, adjusted for family size. Complexes must consist of at least five units. Complexes may contain units that are detached, semi-detached, row houses or multi-family structures

What is an eligible area?
Rural areas and towns with 35,000 or fewer people. The City of Storm Lake is an eligible area.

PROGRAMS FOR HOMEOWNERS

Iowa Homeowner Assistance Fund

What does this program do?
The Iowa Homeowners Assistance Fund program provides eligible homeowners assistance with mortgage payments and related property expenses.

Do you have questions about the program?
If you have questions about the Homeowners Assistance Fund program or your application? Contact the Iowa Homeowner Assistance Fund Support Team to leave a message. Your call will be returned the same business day or within 24 hours, Monday - Friday. Call 888-668-0927

Northwest Iowa Regional Housing Trust Fund, Inc.

The Northwest Iowa Regional Housing Trust Fund is an independent, nonprofit organization that has been established to address the housing needs in low and moderate income residents in Buena Vista, Clay, Dickerson, Emmet, Lyon, O'Brien, Osceola, and Sioux Counties. The mission of the Housing Trust Fund is to promote the creation and preservation of affordable housing for low to moderate income persons residing within the region.

How does the program work?
Financial assistance is provided to low to moderate income homeowners to make necessary home repairs. The financial assistance will be in the form of both forgivable grants/loans and/or low interest loans (2%) depending on the homeowner’s income.

Who qualifies for assistance? Any homeowner living in Buena Vista, who has a gross Annual Income Under 80% of the Area Median Income Limits (AMI).

Regional Housing Trust Brochure
Regional Housing Trust Application (Microsoft Word)
Regional Housing Trust Application (PDF)
Regional Housing Trust Application for Emergency Repairs

The City of Storm Lake, Iowa, is an Equal Housing Opportunity City in accordance with the Federal Fair Housing Law.

It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin in the sale or rental of housing or residential lots, including advertising, financing, brokerage services, and appraisals. Blockbusting is also illegal.

For complaints or concerns, residents may contact the US Department of Housing and Urban Development or the City.

U.S. Dept of Housing/Urban Dev
Asst Sec for Fair Housing and Equal Opportunity
Washington, D.C. 20410
1-800-669-9777 (toll-free)
1-800-927-9275 (TTY)
www.Hud.gov/fairhousing

City Clerk, City of Storm Lake
620 Erie Street
PO Box 1086
Storm Lake, IA 50588
712-732-8000

Please visit the City Clerk's page for more Equal Housing Opportunity information