The treasurer of state shall adopt rules to implement a main street linked investments loan program to increase the availability of lower cost funds to stimulate building restorations or rehabilitations of historic buildings within the central business district of a city which is a certified local government, or in the Iowa main street program or the rural main street program. The rules shall include the following conditions:
1. Linked investment loans shall be limited to projects for a building restoration or rehabilitation located in the central business district whose boundaries are the same as the main street or rural main street or central business district of a city which is a certified local government project area.
2. Eligible borrowers are limited to the property owner, contract purchaser of record, or long-term lessee.
3. Loan applications under this program shall be for the restoration or rehabilitation of facades of buildings which are eligible or nominated or listed on the national register of historic places. Public buildings are excluded.
4. A facade restoration or rehabilitation must follow United States secretary of interior's standards for rehabilitation and guidelines for rehabilitating historic buildings.
5. The maximum loan amount under the main street linked investments loan program is fifty thousand dollars per project.
6. Not more than one-third of the amount authorized in section 12.34 may be used for purposes of this program and the rural small business transfer linked investment loan program under section 12.40.
89 Acts, ch 234, § 10; 91 Acts, ch 97, §3; 92 Acts, ch 1105, § 3
Referred to in § 12.40
Iowa General Assembly
Search: Iowa Code 1995
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