1. Any Iowa city, county, housing agency, or developer shall be eligible to apply for loans or grants under this category. Along with the application the person shall submit the following:
a. A needs assessment for the area to be served.
b. A demographic documentation of the housing trend.
c. Evidence of a local commitment of at least twenty-five percent.
2. Applicants must be seeking funds to assist in meeting the area needs of lower and very low income families in pursuit of decent housing or in meeting the purposes of the housing improvement fund program as described in section 16.100, subsection 24.
3. For purposes of this section:
a. "Lower income families" means lower income families as defined in section 16.1, subsection 22.
b. "Very low income families" means very low income families as defined in section 16.1, subsection 40.
4. a. The Iowa finance authority shall develop criteria to award assistance based upon the applicant's financial need, the cost-benefit of the project, the accessibility to the project by handicapped persons as defined in section 321L.1, percent of private investment, percent leveraged by other programs, assessment of local housing situation, and ability to administer the program.
b. The Iowa finance authority shall give a preference in the awarding of assistance as follows:
(1) Assistance that will be used to meet the purposes of the housing improvement fund program.
(2) An applicant that is a nonprofit entity.
(3) Programs to assist lower income, the disadvantaged, or the disabled.
(4) A project that will qualify for the low-income housing credit under section 42 of the Internal Revenue Code, as defined in section 422.3.
(5) A project that will not otherwise qualify for the low- income housing credit but will provide an income mix of the residents as described in section 42(g)(1)(A) or (B) of the Internal Revenue Code, as defined in section 422.3.
(6) A project involving a community development corporation or financial institution participating in a federal or state community reinvestment program.
5. Interest charged to applicants for a loan, may range from zero to five percent. The Iowa finance authority may charge applicants an administration fee, not to exceed one percent of the principal amount of the loan or grant, to be paid as a lump sum percent.
6. A housing project which receives funds under the rural community 2000 program, for the portion of the project receiving funding under the rural community 2000 program shall provide, as nearly as practical, that twenty- five percent of the housing units, as nearly as practical, be available for very low income families and seventy-five percent of the housing units be available for lower income families.
88 Acts, ch 1217, § 6; 89 Acts, ch 83, § 8, 9; 89 Acts, ch 247, § 1; 89 Acts, ch 301, § 9--;15; 91 Acts, ch 267, §309, 310
Referred to in § 16.100, 16.141
Iowa General Assembly
Search: Iowa Code 1995
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