Press Release Archive
Friday, September 12, 2008
Governor Culver Creates “Jumpstart Iowa” Disaster Recovery Initiative
DES MOINES – Today, Governor Chet Culver announced the creation of the Jumpstart Iowa Initiative, a new housing and economic development program that will help address the immediate needs of Iowans.
“Today, I am announcing the next phase of our flood recovery efforts – the Jumpstart Iowa Recovery Initiative,” said Governor Chet Culver. “This new housing and business assistance plan will help bridge the gap between the immediate needs of Iowans and the first installment of Community Development Block Grant Funding.”
The Jumpstart Iowa initiative contains two new programs – one to address housing needs in storm-impacted communities, and one to help small businesses damaged by this year’s severe weather.
Administered through the Iowa Department of Economic Development, the Jumpstart Small Business Assistance Program will provide forgivable loans to small businesses. The funds will help pay down their SBA loans from the federal government, and will provide funding to promote sustainable rebuilding efforts. The loans will be forgiven if the business opens its doors within 6 months of receiving funds.
The Jumpstart Iowa Housing program will be administered through the Iowa Finance Authority. This program will help homeowners either make a down payment on a new house, repair their current home, or maintain their mortgages while waiting for a potential buyout from FEMA. The maximum award is a $50,000 loan, plus an additional $10,000 for energy efficient appliances, all of which will be forgiven if the homeowner stays in the house for 10 years.
Attached is further information on each program. page 1, page 2