Iowa Finance Authority
Programs

Iowa Finance Authority Programs

 SINGLE-FAMILY PROGRAMS

FirstHome Program
The Iowa Finance Authority's (IFA)
FirstHome program offers qualified first-time home buyers affordable mortgage financing with a fixed interest rate. The program provides the benefit of safe, fixed interest rate mortgages, paired with the convenience of working with a local lender.

FirstHome Plus Program
The IFA FirstHome Plus program offers qualified first-time home buyers affordable mortgage financing with up to $2,500 in down payment and closing cost assistance. The program provides the benefit of working with a local lender. The grant must be used in conjunction with the FirstHome program and the same eligibility requirements apply. Grant subject to a one-time use.

Homes for Iowans Program
The Homes for Iowans program offers qualified home buyers with affordable mortgage financing. The program provides the benefit of a safe, fixed interest rate, paired with the convenience of working with a local lender.

Homes for Iowans Plus Program
The Homes for Iowans Plus program offers qualified home buyers affordable mortgage financing with up to $2,500 in down payment and closing cost assistance. The program provides the benefit of working with a local lender. The grant must be used in conjunction with the FirstHome program and the same eligibility requirements apply. Grant subject to a one-time use.

Military Homeownership Assistance Program
The Iowa Legislature created the Military Homeownership Assistance program in 2005 to help eligible members of the armed forces purchase qualified homes in Iowa through a $5,000 down payment and closing cost assistance grant. These funds may be used in conjunction with the FirstHome and Homes for Iowans programs. Grant subject to a one-time use.


Mortgage Credit Certificate Program
The Mortgage Credit Certificate program assists eligible home buyers by reducing their household's federal tax liability every year for the life of their mortgage. A percentage of the homeowners' mortgage interest becomes a tax credit that can be deducted dollar-for-dollar from federal income tax liability, up to a maximum of $2,000 annually.


 AFFORDABLE RENTAL PRODUCTION PROGRAMS

Housing Tax Credit Program
The Tax Reform Act of 1986 created an incentive for Housing Tax Credit project owners to invest in the development of rental housing for individuals and families with fixed or limited incomes. The tax credit provides a dollar for dollar reduction (or credit) to offset an owner's federal tax liability on ordinary income. IFA administers Housing Tax Credit allocation and compliance.

HOME Program
The HOME
 is the largest federal block grant for state and local governments, designed exclusively to create affordable housing. The intent of the HOME program is to provide decent affordable housing to lower-income households, expand the capacity of nonprofit housing providers, strengthen the ability of state and local governments to provide housing and leverage private sector participation.

Affordable Assisted Living

The Iowa Affordable Assisted Living portal provides information, resources and a property directory for affordable, assisted living in Iowa for developers, operators and consumers. 

Aftercare Rent Subsidy Program
The Aftercare Rent Subsidy program
provides financial assistance for youth who are aging out of the foster care system and are participants in the Aftercare Services Program. The program’s goal is to teach Iowa youth independence, life skills and renter rights and responsibilities.

Home- and Community-Based Services Rent Subsidy Program

The Home- and Community-Based Service Rent Subsidy program provides temporary rental assistance for people who receive medically necessary services through Medicaid waivers, until the person becomes eligible for another public or private rent subsidy.

Home- and Community-Based Services Revolving Loan Fund

The Home and Community-Based Services Revolving Loan program fund assists in the development and expansion of facilities and infrastructure that provide adult day services, respite services and congregate meals for low-income individuals.

Main Street Mortgage Loan Program
A partnership between Main Street Iowa, IFA and the Federal Home Loan Bank of Des Moines, the Main Street Mortgage Loan 
program provides funds to Main Street communities in Iowa for community development projects.


Multifamily Housing Loan Program
The IFA
Multifamily Housing Loan program
seeks to preserve the existing supply of affordable rental units and to foster the production of new affordable units in Iowa.

State Housing Trust Fund
The State Housing Trust Fund 
(SHTF) helps ensure decent, safe and affordable housing for Iowans through two programs. The Local Housing Trust Fund Program and the Project-Based Housing Program aid in the development and rehabilitation of affordable housing throughout the state. IFA administers both programs and provides technical assistance to housing-related organizations.

National Housing Trust Fund
The National Housing Trust Fund (NHTF) is a new affordable housing production program that will complement existing Federal, State, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low-income, including homeless families.  Please note the National Housing Trust Fund is a new federal funding source allocated by HUD, similar to the HOME program, and is separate from Iowa's State Housing Trust Fund programs.


Workforce Housing Loan Program
The Workforce Housing Loan Program provides financial assistance in the form of a repayable loan to cities and counties that demonstrate a need for additional workforce rental housing for Iowans as a result of employment growth within the local unit of government’s jurisdictional boundaries.  Only cities and counties in Iowa are eligible applicants for Workforce Housing Loan Program assistance. 


  HOMELESSNESS PROGRAMS

Emergency Solutions Grant
The
Emergency Solutions Grant (ESG) program is a federal program of the U.S. Department of Housing and Urban Development designed to assist people to quickly regain stability in permanent housing after experiencing a housing crisis and/or homelessness.

Shelter Assistance Fund
The Shelter Assistance Fund (SAF) is a state-funded program that supports the rehabilitation, expansion or costs of operations of group home shelters for the homeless and domestic violence shelters.

Housing Opportunities for Persons with AIDS
The Housing Opportunities for Persons with AIDS (HOPWA) is a federal program of the U.S. Department of Housing and Urban Development designed to assist persons who have been diagnosed with HIV/AIDS and their families who are homeless or at-risk of homelessness.

Iowa Council on Homelessness
The state of Iowa, through the
Iowa Council on Homelessness (ICH), is committed to ensuring that all Iowans have access to safe, decent and affordable housing. The ICH and its 38 members work to identify issues, raise awareness and secure resources that will allow all homeless Iowans to become self-sufficient.

  AGRICULTURE PROGRAMS

Beginning Farmer Loan Program
The Beginning Farmer Loan Program assists new farmers in acquiring agricultural property. Beginning Farmer Loans are financed by participating lenders or contract sellers with the issuance of federal tax-exempt bonds offered by the Iowa Agricultural Development Division (IADD).

DNR Lease to Beginning Farmer Program
The Iowa Legislature created the DNR Lease to Beginning Farmer Program as a way to provide leasing opportunities to beginning farmers. This program is offered and administered by the Iowa Department of Natural Resources (DNR).

Loan Participation Program
The Loan Participation Program was established in 1996 to assist low income farmers in securing loans and making down payments. IADD’s participation can be used to supplement the borrower’s down payment, thereby helping a farmer secure a loan more readily.

Beginning Farmer Tax Credit Program
The Beginning Farmer Tax Credit Program is an incentive to keep land in production agriculture, by allowing agricultural asset owners to earn tax credit for leasing their land to beginning farmers. The program includes tax credit for the leasing of agricultural land, depreciable machinery or equipment, breeding livestock and buildings.


  COMPLIANCE DIVISION

Housing Tax Credit Program
The Internal Revenue Code requires housing credit agencies to include in their Housing Tax Credit Allocation Plan a procedure to monitor all tax credit developments for compliance. IFA administers Housing Tax Credit allocation and compliance. 

Section 8 Contract Administration
Operating under a performance-based Annual Contributions Contract with the United States Department of Housing and Urban Development (HUD), IFA provides administrative Section 8
 services to HUD to monitor performance of owners and management agents participating in project-based Housing Assistance Payments.

  COMMUNITY DEVELOPMENT RESOURCES

Economic Development Loan Program
Through its
Economic Development Loan program, IFA issues bonds and loans the proceeds to private entities or organizations for eligible purposes. The interest on the bonds may be tax-exempt (if eligible under the Internal Revenue Code), taxable or a combination of both.

Private Activity Bond Cap Allocation
The state of Iowa annually receives several million of volume cap (the "State Ceiling") to be allocated to certain P
rivate Activity Bonds set forth in Section 146 of the Internal Revenue Code of 1986, as amended. Section 7C of the Iowa Code distributes the State Ceiling among these types of bonds.


  IOWA TITLE GUARANTY

Residential Division
IFA's Iowa Title Guaranty Residential
 offers low-cost services to guarantee title to real property in Iowa, working with attorneys and lenders throughout the state to ensure the integrity of the land title transfer system and to facilitate lenders sales to the secondary mortgage market.

Commercial Division
The Iowa Legislature created Iowa Title Guaranty in 1986 to provide guarantees of Iowa real property titles and facilitate lenders’ participation in the secondary market. Whether you need title coverage, escrow services, closing services or construction disbursement inspections, Iowa Title Guaranty Commercial offers the best possible Iowa solution.


  WATER QUALITY DIVISION

State Revolving Fund (SRF)
The State Revolving Fund
 provides the lowest cost funds for drinking water and waste water facilities in Iowa. Federal grants allow for low-interest loans to help communities affordably build or update clean water facilities. This saves money on citizen's water and sewer bills. The Department of Natural Resources (DNR) and IFA jointly administer the SRF.

State Revolving Fund Planning & Design Loans
The Planning and Design Loans cover costs incurred in the planning and design phase of a proposed water infrastructure projects. These loans have zero percent interest for up to three years. Eligible costs include engineering fees, archeological surveys, environmental or geological studies and costs related to project plan preparation and submission. The loans may be rolled into a State Revolving Fund construction loan or can be repaid when permanent financing is committed.

State Revolving Fund Construction Loans

The State Revolving Fund Construction Loans fund the creation of public clean water and drinking water projects for cities and utilities. These loans have a low interest rate of 1.75 percent and a term of up to 30 years.

State Revolving Fund Livestock Water Quality Program
The Livestock Water Quality program (LWQ) offers low-interest loans through participating lenders to Iowa livestock producers for projects to prevent, minimize or eliminate non-point source pollution of Iowa’s rivers and streams from animal feeding operations with less than 1,000 total animal unit capacity (AUC).

State Revolving Fund Local Water Protection Program
The Local Water Protection program offers low-interest loans through participating lenders to Iowa landowners for projects to control the run-off of sediment, nutrients, pesticides or other non-point source pollutants from entering Iowa waters.

State Revolving Fund Onsite Wastewater Assistance Program
The Onsite Wastewater Assistance program (OSWAP) offers low-interest loans through participating lenders to rural homeowners for the replacement of inadequate or failing septic systems. The program is limited to owners of existing homes (not new construction) in unincorporated areas of Iowa not served by a public sewer.

State Revolving Fund Storm Water Loan Program
The Storm Water Loan program offers low-interest loans through participating lenders for projects to control storm water run-off. These loans offer incentives for developers, landowners, watershed organizations and others for installing infiltration-based storm water quality practices.

 
State Revolving Fund General Non-Point Source Program
The
General Non-Point Source program offers landowners affordable financing for a variety of water quality projects, including: landfill closure, remediation of storage tanks, restoration of wildlife habitat, stream bank stabilization and wetland flood prevention areas.