Maharishi International University
North Campus Ridge
Co-Developed by Vastu Partners LLC and DRB Contracting Inc.
More About Grants
One of the grant programs we rely on, the Workforce Housing program (responsible for 2.3 million dollars in grant money for the North Campus Village), now requires the applicant to provide certification by a CPA that funds and financing are on hand. We did not have this requirement with the development of the North Campus Village. Also required is a letter from our bank stating its commitment to the project. The bank will only commit to loan 80%, so we have to show that the other 20% is on hand, in a bank account, and ready for use. Therefore, to have the funds on hand, we can only offer homes to those who can pay 20% upfront. The Workforce Housing application is due June 9th. CPA certification needs to be done in the last week of May. The down payment deposit needs to be received by May 15th. News Update August 14, 2023: $632,000 Workforce Housing Grant Awarded! Thank you to everyone paying the down payments upfront - it made a very strong application!!
There is another Grant Program that requires proof of funds and financing. It's called the Brownfield Grant Program. It's a grant of up to 1.5 million dollars for demolishing abandoned or underutilized buildings that make an area undesirable to developers. This grant is vital to making the Reiff Grain & Feed property work. The giant grain silos, machinery, truck scales, etc., along Highway 1 must be removed, and the grant would pay for demolition and removal. It is essential to the project. The award is tied to the value created in the proposed development, and the applicant has to prove that funds and financing are in place to create new value. This application is due in September, and notifications of awards will likely be in October or November of 2023. News Update October 20, 2023: $1,500,000 Brownfield Grant Awarded! Yeehaw! Now we are full speed ahead!
The State of Iowa has a variety of programs to promote affordable housing, but they all have this funding and financing hurdle. (The program administrators do not want to be associated with projects that can't be completed, so the hurdles are understandable.)
The economic power of our combined interests is tremendous. Working together as a builder and buyer team, we can create a vastu communitiy that would otherwise be beyond our individual resources.