The Multifamily Loan Program provides financing options to multifamily property owners and developers to assist in the preservation of existing affordable rental units and to foster the production of new affordable units in Iowa.
Flexible financing is open to any individual or organization for an affordable project located in Iowa
Loans of any size will be considered
Long-term mortgages of up to 30 years with 35-year amortization available
Competitive interest rates with fixed or variable terms
Underwriting and approval for project loans is condensed for quick processing
Any individual or organization in good standing with IFA’s programs and the Iowa Secretary of State may be eligible for a loan.
Projects must have at least five units.
Projects must have at least 75% of the units restricted to tenants with incomes and rents at or below 80% AMI.
Projects must demonstrate a market need in a good location.
Projects must have a recorded agreement to maintain affordability for the term of the loan and meet compliance requirements.
Financing is available year-round.
Application requirements vary depending on the type of financing and project.
Contact an IFA underwriter to talk specifics about your project and our current interest rates.
