The purpose of this fund is to further the availability of affordable housing and supportive services for Medicaid waiver-eligible individuals with behaviors that provide significant barriers to accessing traditional rental and supportive service opportunities.
The Community-Based Housing Revolving Loan Fund provides low-interest loans to those serving a target population of Medicaid members enrolled in or eligible for Home- and Community-Based Intellectual Disability and/or Brain Injury Waivers.
Low-Interest
Supports lower-income individuals and families
Targets aspects of development not covered by other sources
Permanent supportive housing or the development of infrastructure that will provide supportive services.
Projects may be new construction, acquisition and rehabilitation of existing housing or infrastructure, or conversion and adaptive reuse.
Loans will have interest rates that are set by IFA and generally will be at 0-1%, and are fully amortizing with a maximum term of 30 years.
The minimum loan amount is $50,000, and the maximum amount is $500,000 (subject to available funds).
The required debt service coverage ratio for the loans is 1.25 to 1.
Application fee: 0.3 percent of the total loan amount
Commitment fee (construction loan): 1.0 percent of loan amount
Commitment fee (permanent loan): 2.0 percent of loan amount
Inspection fee (construction loan): 0.5 percent of loan amount
Loans are not competitive. Funding is provided to successful applicants as long as money is available. When money cycles back to IFA through the revolving loan process, additional loans will be made.
Applicants may apply for joint funding of a project using HOME funds that are also administered by IFA.
Because the process is not competitive, potential applicants may contact IFA at any time following the release of the application with questions. Staff will communicate with the applicants during the review of the application.
Note that all applicants must have written approval of their projects by the Iowa Department of Human Services before submitting an application to IFA.
Service Plan – Iowa Department of Human Services (DHS)
The applicant must submit one written Service Plan to DHS meeting the “Community Housing and Services for Persons with Disabilities Revolving Loan Program Fund – Service Provider Qualifications” document.
Each item specified in the “Service Provider Qualifications” requirements and “Expectation of Best Practices from Service Providers” must be satisfactorily addressed in the Service Plan.
Proposed Service Plans must be submitted to Karen Hyatt, 515.281.3128.
The applicant must receive written approval of the Service Plan in the form of a certificate signed by DHS before becoming eligible to proceed to Step 2 in the application process.
After DHS has approved the proposed Service Plan, the applicant may submit all required loan application forms to the Iowa Finance Authority.
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