Iowa Finance Authority
Programs

Multifamily Loan Program

The Multifamily Loan Program provides a variety of affordable financing options to multifamily property owners and developers to assist in the preservation of existing affordable rental units and to foster the production of new affordable units in Iowa. Since the inception of the Multifamily Loan Program in 2002, IFA has provided $130 million in financing.
 

Eligible Applicants
 Any organization in good standing with a project to be located in Iowa. 

Eligible Projects

  • Preservation:  Eligible projects must have been developed using at least one of the following: housing tax credits, state or local HOME funding, tax-exempt bonds, a HUD or USDA Rural Development program (i.e., Section 515), Authority Housing Assistance Funds
  • Housing Tax Credit Financing: Projects allocated either four percent or nine percent tax credits that have not yet started construction or have not obtained permanent financing.
  • Workforce housing:  Loans may be made to an Iowa city or county for the purpose of being reloaned by the borrower in order to provide financial assistance to rehabilitate or construct new rental workforce or affordable multifamily housing within the borrower’s jurisdiction.
  • Unrestricted Projects: Projects that currently have no affordability restrictions are eligible for assistance.

Application Period
Ongoing
 


 

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Tim Morlan | Underwriter
Derek Folden | Underwriter