Jump to content

User:Ashleyjared

From Wikipedia, the free encyclopedia




Overview

[edit]


The Iowa Finance Authority (IFA) is the State of Iowa's housing agency. IFA was established in 1975 by the Iowa General Assembly for the preservation and advancement of safe, decent and affordable housing for low and moderate-income Iowans. IFA assists approximately 3,000 Iowans become first time homebuyers annually through the use of mortgage revenue bond loans.
IFA also administers the state's Title Guaranty Division as well as a variety of programs that promote the state's water quality.

With 90 staff members IFA administers a wealth of programs for the state.

Through its Community Development Loan program, IFA issues municipal bonds for a wide range of projects. Eligible entities include manufacturing facilities, multifamily housing developers and charitable organizations. IFA holds an AA credit rating from Standard & Poors credit rating agency.

IFA's Board of Directors and Executive Director are appointed by the Governor of Iowa.

History

[edit]

1975 - House File 823 is signed into law on June 13. 1975, creating the Iowa Housing Finance Authority. Bill McNarney named Acting Staff. 1977 - IHFA issues its first bond issue, creating a program to assist first-time homebuyers.

  • IHFA issues its first multifamily bonds

1985 - The Iowa Legislature creates the Title Guaranty Division

  • IHFA changes its name to the Iowa Finance Authority

1986 - IFA undertakes new programs to assist statewide economic development efforts,

including the Economic Development Bond Bank, Targeted Small Business Guaranty Fund and a School Finance Program

1987 - Larry Tuel becomes IFA's Executive Director

  • Title Guaranty issues first Lender's Certificate
  • IFA issues the first Low-Income Housing Tax Credits

1989 - State Revolving Loan Fund (SRF) for Drinking Water is introduced - Iowa is the first state to issue SRF bonds
1991 - Ted Chapler becomes IFA's Executive Director
1995 - IFA provides homeownership assistance to its 30,000th Iowa family
1996 - State Revolving Fund for clean water is introduced
1999 - Darlene Jeris becomes IFA's Executive Director
2000 - Michael Tramontina becomes IFA's Executive Director

  • The First-Time Homeownership Program is renamed FirstHome
  • IFA become Section 8 Contract Administrator in cooperation with the U.S. Department of Housing and Urban Development

2002 - In cooperation with the Iowa Department of Economic Development, IFA lanuched the Main Street Revitilization Loan Program
2003 - Governor Vilsack creates the Iowa Council on Homelessness
2004 - IFA initiates the Senior Living Revolving Loan Fund

  • IFA initiates the Home and Community-Based Services Revolving Loan Fund
  • IFA takes over administartion of the Home and Community-Based Rent Subsidy Program
  • IFA unveils the Aftercare Rent Subsidy Program
  • IFA receives its first Issuer Credit Rating (AA-) from Standard & Poor's

2005 - Bret L. Mills becomes IFA's Executive Director

Programs

[edit]


  HousingIowa

IFA adminsters a wide array of single family and multifamily housing programs that promote the advancement of affordable homeownership and rental opportunities for Iowans.



Single Family

FirstHome and FirstHome Plus
Military Homeownership Assistance
Affordable Rental Housing
Housing Tax Credits Low-Income Housing Tax Credit
Multifamily Loan Program
State Housing Trust Fund
Housing Tax Credit Compliance
Section 8 Compliance Section 8 (housing)
Iowa Council on Homelessness


  State Revolving Fund                            

The State Revolving Fund (SRF) is one of Iowa's primary sources for financing projects designed to improve Iowa's water quality. The Iowa Finance Authority and Iowa Department of Natural Resources jointly administer the program. Two funds, one for water quality and one for wastewater pollution control, have provided low-cost financing worth nearly $1 billion to Iowa communities, farmers, watershed groups and others.


Local Water Protection Program
Onsite Wastewater Assistance Program (OSWAP)
SRF Construction Loans
Stormwater Loan Program
Livestock Water Quality Program
Planning & Design Loans
Wastewater Treatment Financial Assistance Program


  Title Guaranty Division

The Iowa General Assembly created Title Guaranty in 1985 to provide guarantees of Iowa real property titles, facilitate mortgage lenders’ participation in the secondary market and to help assure the integrity of Iowa’s land-title transfer system. All revenue in excess of operation expenses goes toward home ownership programs for first-time homebuyers. Title Guaranty offers Commitments, Certificates and Endorsements that provide low cost title protection for real estate located in Iowa.


  Iowa Mortgage Help

The Iowa Mortgage Help (IMH) initative's mission is to motivate Iowa homeowners who may be struggling with their mortgage to seek help by calling the hotline at 877.622.4866 or by visiting the Iowa Mortgage Help website. IMH is the only State of Iowa sponsored foreclosure prevention service.

Several public and private organizations and businesses teamed up to create IMH with the assistance of grant from Neighborworks America.IMH is committed to making Iowans aware of the free, trusted, Iowa state-sponsored mortgage counseling resources to help them achieve the best possible solution to their individual financial situation. The following businesses and organizations provided funds or in-kind services to support IMH: Iowa Home Ownership Education Project, Iowa Mediation Service,Iowa Legal Aid, Iowa Attorney General's Office. Iowa Finance Authorityand Strategic America. Participating Local Counseling Agencies are active in the initiative throughout the state.

[edit]

Iowa Finance Authority
Iowa Mortgage Help
Iowa State Revolving Fund