CHAPTER 11IOWA MAIN STREET LOAN PROGRAM26511.1(16) Program description. This program is intended to provide financing to facilitate upper floor housing, infill development projects and commercial properties situated in the downtown area of communities participating in the Iowa main street program administered by the Iowa department of economic development pursuant to 261—Chapter 39. Loans will be made from a pool of funds legally available to the authority. Community development corporations, community-initiated development groups and owners or others having an interest in property in selected Iowa main street program communities may apply for such loans. Applications first reviewed and approved by the Iowa department of economic development main street program for project appropriateness shall be reviewed by the authority for underwriting purposes.26511.2(16) Waiver. The authority may by resolution waive particular provisions of these rules in accordance with 265—Chapter 18.Related ARC(s): 5642C26511.3(16) Main street loan program. The purpose of the program is to assist in stimulating downtown economic development within the context of historic preservation and to establish a strong public/private partnership to revitalize downtowns and their communities by providing financing to facilitate upper floor housing, infill development projects and commercial properties situated in the downtown area of communities participating in the Iowa main street program.26511.4(16) Definitions. As used in connection with the Iowa main street loan program, the following terms have the meanings indicated.
"Applicant" means an eligible borrower that applies for an Iowa main street loan.
"Application" means those documents required by the participating lender and the authority, which shall include all of the information required by rule 265—2.8(16).
"Commercial property" means property formerly or currently used primarily for business, retail, governmental or professional purposes.
"Department" means the Iowa department of economic development.
"Downtown area" means the business area of a community that is centrally located within the community within the context of the Iowa main street program.
"Eligible borrower" means owners or others having an interest in property situated within the downtown area of a participating city, community development corporations associated with a participating city, Iowa main street program organizations associated with a participating city, community-initiated development groups associated with a participating city, or other organization associated with a participating city for purposes of implementing the Iowa main street program.
"Financing" includes loans, mortgages, and other financing arrangements to participants in the Iowa main street loan program to finance projects approved pursuant to rule 11.7(16).
"Housing" means housing as defined in Iowa Code section 16.1(14).
"Infill development" means new construction on a vacant commercial lot currently held as open space.
"Participating city" means a city participating in the Iowa main street program.
"Property" means property owned by the applicant or in which the applicant has an interest and for which the applicant proposes to expend the funds to be borrowed from the Iowa main street loan program.
"Time of application" means the date a participating lender receives an application from a participating community.
"Upper floor housing" means any housing that is attached to or contained in the same building as commercial property, whether located on the ground floor behind the traditional storefront or on other floors of the property.Related ARC(s): 2046C26511.5(16) Application. Eligible borrowers for Iowa main street loans shall apply to the department in accordance with the procedures outlined in 265—Chapter 2.26511.6(16) Public benefit. Before approving an Iowa main street loan, the department and the authority must find that the proposed project will result in one or more of the following:
- Rehabilitation of upper floor housing or commercial properties or new construction development on infill vacant lots located in the downtown area of a participating city;
- Housing in downtown areas located in a participating city; or
- Stimulation of downtown area economic development within the context of historic preservation of the downtown area in a participating city.