City of Iowa City Council Action Report 2026-06-02
City Plans Conveyance and Forgivable Loan for ICAH Affordable Housing
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Description
The City of Iowa City is considering conveyance of 1002-1006 N. Summit St. to Iowa City Affordable Housing Inc. (ICAH) through a $750,000 grant via a 30-year forgivable loan. ICAH will develop a 36-unit affordable housing complex for low-income households.
Contract Details
Contract Amount
$750,000
Vendor
IOWA CITY AFFORDABLE HOUSING INC
Agency
City of Iowa, IA
Contract Type
OTHER
Document Date
June 2, 2026
Contract Term
30-year compliance period
Renewal Date
2056-06-02
Renewal Info
Loan is forgivable after 30 years of compliance as detailed in the grant agreement. Non-compliance may trigger repayment.
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