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Iowa City Down Payment Assistance Program (GreenState / Hills Bank)

Administered by: City of Iowa City Neighborhood Services in partnership with GreenState Credit Union and Hills Bank · City · Forgivable Loan

Funding status: Active

How much assistance

Up to $24,999 (Forgivable Loan)

Fully forgiven after 10 years of owner-occupancy as the principal residence.

Eligibility

  • Income limits: Household income at or below 80% of Johnson County Area Median Income
  • Purchase price limit: $271,000
  • First-time buyer required: No
  • Geographic restrictions: Home must be within Iowa City municipal boundaries and located in a Census-defined lower-income area. Single-family homes and condominium units are eligible; mobile homes are not. Buyer must contribute at least $250 toward settlement.
  • Homebuyer education required: Yes

How to Apply for Iowa City Down Payment Assistance Program (GreenState / Hills Bank)

Step 1: Contact either GreenState Credit Union or Hills Bank to complete a mortgage application and obtain a pre-approval letter.

Step 2: Complete the HUD-required homebuyer education course through Horizons, A Family Service Alliance.

Step 3: Submit your Iowa City down payment assistance application with your pre-approval letter and income/asset verification for all household members.

Visit program website

Notes

Funded through federal CDBG/HOME funds. Designed to address racial disparities in homeownership in Iowa City. Mortgage financing must come through GreenState or Hills Bank — both partners offer flexible credit, asset, and job-tenure consideration.

Cities Where This Program Is Available