INVEST program

Program and Application Documents

2025_INVEST Information and Application Instructions
INVEST Program Application

 

Scott County Community Development Agency (CDA)

The Scott County CDA, a developer of affordable senior housing, administers the INVEST Program to support the development and preservation of affordable workforce housing throughout Scott County. INVEST offers deferred loans for eligible multifamily rental projects, prioritizing new construction of general occupancy units—especially those serving Veterans, persons with disabilities, and people experiencing homelessness. INVEST funds are also available for the preservation of existing affordable senior housing not owned by the CDA.

Note: Only new applications are eligible; previously funded projects do not qualify.

Program Overview

The INVEST Program provides financial support for the new development, acquisition, rehabilitation, and preservation of multifamily rental housing. Projects that preserve assisted senior housing may also be considered.

The CDA Board may allocate funds annually for this program, depending on budget availability. Funding is competitive; the full amount requested may not be awarded, and resources may allow for only one funded project per year.

Program Purpose

The CDA conducts a Comprehensive Housing Needs Study every 5–7 years to identify current housing stock and forecast future needs across Scott County. The INVEST Program leverages public and private funding to:

  • Preserve Naturally Occurring Affordable Housing (NOAH)
  • Support the development of new workforce housing

These efforts directly respond to the study’s findings and help meet county-wide housing needs.

Eligible Housing Types, Income Targets, and Affordability Requirements
  • Projects must meet local zoning and density requirements.
  • Developments must serve households earning 80% or less of Area Median Income (AMI), as defined by HUD.
  • Priority will be given to proposals that include units affordable to households earning 50% AMI or below.
  • Rents must align with HUD’s AMI rent schedule (less utility allowances).
  • Participating developments must accept CDA-administered rental assistance, where applicable.
  • Properties must remain affordable for at least 15 years from initial occupancy.

Developers are required to report tenant rents and incomes at initial lease-up and annually thereafter.

Local Partner Support Requirement

The CDA views Scott County cities as essential partners. Applications must include a letter of support from city staff in the jurisdiction where the project is proposed.

Application Process & Timeline

Applications must follow the INVEST Program Information and Application Instructions and be submitted by: Friday, May 23, 2025, at 10:00 a.m.

Applications will be reviewed by CDA staff and recommended to the CDA Board for funding consideration at the meeting on: Tuesday, June 10, 2025, at 12:30 p.m.

The CDA Board will make final decisions by Resolution. An application fee is required, as outlined in the application materials, to cover processing costs.

Note: This summary does not include all program requirements. Applicants must refer to the full application and instructions for detailed guidance.