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Iowa Finance Authority: What is this organization’s mission, how does it operate, and how can you join?

About Iowa Finance Authority

Whether you are planning to develop new rental units, rehabilitate an existing building or manage a property, the Iowa Finance Authority may be able to help. Community-Based Housing Revolving Loan Fund: Provides funding in the form of loans to those serving a target population of Medicaid members enrolled in or eligible for Home- and Community-Based Intellectual Disability and/or Brain Injury Waivers.

HOME Program: Low interest loans and grants are available to developers of affordable single-family and multifamily housing developments through several HOME program funding categories. Home and Community-Based Services Rent Subsidy: Aids individuals who receive services under a federal Medicaid waiver program called home and community-based service (HCBS) and who are at risk of nursing facility placement. The program provides a monthly rent assistance payment to these persons to help them live successfully in their own home and community until they become eligible for any other local, state or federal rent assistance.

Home and Community-Based Services Revolving Loan Program: Fund assists in the development and expansion of facilities and infrastructure that provide health and wellness programs, health screenings, nutritional assessments, adult day services, respite services and congregate meals for low-income individuals. Housing Tax Credit Program: Provides a federal tax credit incentive for project owners to invest in the development and preservation of rental housing for individuals and families with fixed or limited incomes.

Iowa Affordable Assisted Living: The Iowa Finance Authority’s Affordable Assisted Living portal has a wide array of information for developers interested in developing a new affordable assisted living facility. Main Street Loan Program Provides low interest loans for Main Street communities in Iowa for downtown infill and rehabilitation of upper floor housing in mixed use buildings.

Multifamily GREEN Program: Encourages the adoption of energy-efficient equipment and upgrades by affordable multifamily properties in Iowa. Eligible projects receive a free energy review by The Energy Group. Multifamily Loan Program: Seeks to preserve the existing supply of affordable rental units at risk of being lost and to foster the production of new affordable units in Iowa.

Project Based Section 8: The Iowa Finance Authority provides administrative services to HUD to monitor the performance of owners and management agents participating in project based Housing Assistance Payments (HAP) Contracts under Section 8 of the United States Housing Act of 1937. State Housing Trust Fund Provides grants to advance and preserve affordable single family and multifamily housing throughout the state.

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Mission Of Iowa Finance Authority 

To finance, administer, advance and preserve affordable housing and to promote community and economic development for Iowans.

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General Fund Budget Items Provided By Iowa Finance Authority 

The following are the general fund budget items provided by Iowa Finance Authority;

State Housing Trust Fund

Iowa Code Section 16.181

  • Flow‐through account – not a revolving loan
  • fund
  • At least 60% of allocation aids Local
  • Housing Trust Funds
  • Remaining funds provide project‐based grants Funding: FY11: $3 million, FY12: $3 million, FY13: $2 million (proposed)

1. Local Housing Trust Fund (LHTF)

  • Eligible applicants are LHTFs that have been certified by the IFA Board.
  • Eligible uses: Housing, infrastructure, transitional, homeless, homeownership, rental, and capacity building or other purposes that further the goals of the SHTF.

2. Project‐Based Program

  • Eligible applicants include cities, counties, nonprofits, for-profit developers, economic development organizations, transitional housing providers, homeless and domestic violence shelters.
  • Eligible uses: The Project‐Based program focuses on the creation of new affordable housing units.

Home and Community Based Rent Subsidy Program 

  • Bridge subsidy until consumer becomes eligible for HUD Section 8 vouchers
  • Assists individuals to live successfully in their own homes.
  • Average rent subsidy amount: $158
  • Amount of annual funding: $658,000
  • Approximately 400 persons are currently receiving the subsidy.

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Conclusion

The Iowa Finance Authority, help Iowans take life-changing actions every day. Whether you are buying your first home, making a fresh start, hoping to continue your family’s farming legacy or even working to upgrade a community’s water quality infrastructure, IFA is proud to kickstart dreams into realities. The Iowa Finance Authority also offers programs to assist in community development, including issuing tax-exempt bonds, providing the lowest cost funds for drinking water and wastewater facilities in Iowa and offering Iowa Title Guaranty, which provides guaranteed title to real property in Iowa.

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