261—23.12 (15) Interim financing program. The objective of the CDBG interim financing program is to benefit persons living in eligible Iowa communities by providing short-term financing for the implementation of projects that create or retain employment opportunities, prevent or eliminate blight or accomplish other federal and state community development objectives. Up to $25 million shall be made available for grants under the CDBG interim financing program during any program year.
	 23.12(1) Eligible activities. Funds provided through the interim financing program shall be used for the following activities:
	  1. 	 Short-term assistance, interim financing or construction financing for the construction or improvement of a public work.
	  2. 	 Short-term assistance, interim financing or construction financing for the purchase, construction, rehabilitation or other improvement of land, buildings, facilities, machinery and equipment, fixtures and appurtenances or other projects undertaken by a for-profit organization or business or a nonprofit organization.
	  3. 	 Short-term or interim financing assistance for otherwise eligible projects or programs.
	 23.12(2) Restrictions on applicants.
	  a.   	 No significant negative land use or environmental impacts shall occur as a result of the project.
	  b.   	 Applications must provide evidence that the proposed project shall be completed within 30 months of the date of grant award.
	  c.   	 The amount of funds requested shall not exceed $20 million.
	  d.   	 Applications must provide evidence of an irrevocable letter of credit or equivalent security instrument from an AA- or better-rated lending institution, assignable to IDED, in an amount equal to the CDBG short-term grant funds requested, plus interest, if applicable.
	  e.   	 Applications must provide evidence of the commitment of permanent financing for the project.
	  f.   	 Applications must include assurance that program income earned or received as a result of the project shall be returned to IDED on or before the end date of the grant contract.
	 23.12(3) Application procedure. Applications may be submitted at any time in a format prescribed by IDED. Applications shall be processed, reviewed and considered on a first-come, first-served basis to the extent funds are available. IDED shall make funding decisions within 30 days of a receipt of a completed application. Applications that are incomplete or require additional information, investigation or extended negotiation may lose funding priority.
	 23.12(4) Application review. Applications shall be reviewed and funding decisions made based on the following review criteria:
	  1. 	 Degree to which CDBG funds would be leveraged by other funding sources.
	  2. 	 Reasonableness of the project cost per beneficiary ratio.
	  3. 	 Documented need for the CDBG assistance.
	  4. 	 Degree of public benefit, as measured by the present value of proposed assistance to direct wages and aggregate payroll lost, indirect wages and aggregate payroll lost, dislocation and potential absorption of workers and the loss of economic activity.