Mission Statement: To improve the vitality of Iowa’s rural communities by providing financial and other development services.
Homeward, Inc. was established in 1996 by four rural electric cooperatives (RECs) in Iowa. Today eight RECs are members, including Butler County REC, Calhoun County REC, Franklin REC, Grundy County REC, Heartland Power Cooperative, Midland Power Cooperative, Prairie Energy Cooperative and Raccoon Valley Electric Cooperative.
John Leerar, CEO and general manager of Heartland Power Cooperative in Thompson, Iowa, is the president of Homeward. Cheryl Rhead serves as Homeward’s program manager.
Our purpose is to assist rural Iowa families with their housing needs and to help small communities and employers in rural Iowa.
We accomplish this through our programs, which focus on making homes more affordable and easier to maintain. Our accomplishments include:
- Assisted over 1800 rural families in 188 communities. We have loans in 33 of Iowa's counties. Since 1996, we have loaned/granted over $5.6 million for down payment and home improvement loans.
- Made over $15.3 million in loans/grants since formation in 1996.
- Total loans outstanding as of December 31, 2016, were over $1.65 million.
- Loaned over $5.3 million to communities and developers for construction of new housing since 2004.
- Loaned over $4.2 million for energy-efficiency improvements to rural Iowans since 2004.
- New loans/grants in 2016 totaled over $630,000.
- Equity of over $2.4 million gives Homeward the resources to provide matching funds for grant applications and to assist rural communities with interim financing for projects.
- Certified by the U.S. Treasury Certified Development Finance Institution program.
- Recipient of the National Community Service Award from the National Rural Electric Cooperative Association and the James Leach Award for Outstanding Achievement in Rural Development from the National Community Reinvestment Coalition.
At Homeward we are proud of our accomplishments, which show how committed we are to improving the lives of those we serve.
Our funding and support has come from the following sources:
- 2017 Housing Trust Fund (HTF) grant: $283,686
- 2016 HTF grant: $295,311
- 2015 HTF grant: $343,561
- 2014 HTF grant: $378,436
- 2013 HTF grant: $291,249
- 2012 HTF grant: $261,249
- 2011 HTF grant: $290,775
- 2010 HTF grant: $290,775
- 2010 Economic Development Initiative (EDI) grant: $194,800
- 2009 HTF grant: $235,453
- 2008 HTF grant: $146,251
- 2008 EDI grant: $196,980
- 2007 Housing and Urban Development (HUD) Rural Housing and Economic Development (RHED) grant: $300,000
- Zero-interest loans from the members of Homeward: $240,000
- Line of credit secured by Homeward: $200,000
- Line of credit guaranteed by the members of Homeward: $480,000
- 2007 HTF grant: $132,044
- 2005 Federal Home Loan Bank grant: $159,500
- 2005 EDI grant: $198,400
- 2005 Iowa Home Ownership Education Project grant: $5,000
- 2005 Northwest Iowa Power Cooperative loan: $35,000
- 2004 Community Development Financial Institutions (CDFI) grant: $100,000
- 2003 Iowa Finance Authority grant: $150,000
- 2003 RHED grant: $400,000
- 2002 EDI grant: $500,000
- 2001 CDFI zero-interest loan: $240,000
- 2001 CDFI grant: $350,000
- 2001 HUD RHED grant: $600,000
- 2001 State of Iowa Local Housing Assistance Plan (LHAP) grant: $200,000
- 1998 HUD Helping Iowa's Rural Economy grant: $500,000
- 1997 State of Iowa LHAP grant: $150,000
HOMEWARD, INC. DOES NOT DISCRIMINIATE ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, AGE, SEX, DISABILITY, FAMILIAL STATUS OR SEXUAL ORIENTATION. WE DO BUSINESS IN ACCORDANCE WITH THE FEDERAL FAIR HOUSING LAW.