Iowa Finance Authority (IFA)
Bret Mills,
Director
Mission Statement:
To finance, administer, advance and preserve affordable
housing and to promote community and economic development
for Iowans.
Measures:
Helping Iowans purchase their first
homes
Helping minorities purchase their
first homes
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 Performance
Plan - How we measure our progress
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Strategic
Plan - How we plan for progress
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Performance
Report - How we report our progress
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Department Home Page - Learn more about this department
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Highlighted Measure:
Number of home buyers using FirstHome.
Data Source: Iowa Finance Authority
Updated 5/1/08 |
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Why
this is important:
Homeownership is good for families, communities and the
economy. Owning a home, and building equity in that home,
is the single-most effective way for most Iowans to create
wealth. Owning a home promotes family and neighborhood
stability. The FirstHome program helps low-and
moderate-income Iowans achieve the dream of home ownership
by providing
low-cost mortgage financing through several hundred participating
lenders across the state.
What we're doing about this:
The Iowa Finance Authority is actively promoting its FirstHome
program to potential homebuyers throughout the state. Staff
frequently attend homeownership events across the state
and provide homebuyer education classes in cooperation with
lenders and non-profit housing organizations. Cooperative
advertising funds are available to lenders who promote the
program in their own marketing efforts. IFA also participates
in events hosted by the Iowa Bankers Association, the Iowa
Credit Union League, the Iowa Association of Realtors®,
etc. In FY07, the number of assisted home buyers increased
10.6% over FY06 with more than $267 million in FirstHome
loans assisting more than 3,000 first time buyers. During
the 3rd Quarter of FY08, 394 FirstHome loans were made totaling
nearly $30.8 million.
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Highlighted Measure:
Number of minority home buyers using FirstHome.
Data Source: Iowa Finance Authority
Updated 5/1/08 |
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Why
this is important:
IFA's FirstHome and FirstHome Plus programs
help qualified Iowa borrowers obtain a below-market interest
rate on mortgage loans and provide cash grants toward down
payments and closing costs. In FY05, more than 2,000 Iowans
used the programs to purchase their first homes, including
158 minorities. In FY06 that number grew 91.8% to 303, showing
IFA's commitment to helping all Iowans achieve the dream
of home ownership. In the 2nd Quarter FY08, over 6% of the
FirstHome and FirstHome Plus loans were
to minority home buyers.
What we're doing about this:
In 2004 the Iowa Finance Authority hired a bilingual marketing
specialist specifically to focus on the needs of underserved
populations, including minorities. IFA is taking proactive
steps to form partnerships with several minority groups
including the Iowa Asian Alliance, the FDIC's New Americans
Task Force, and the Asset Building Coalition of Des Moines.
In September 2005 IFA held its first housing fair for Hispanic
homebuyers in Marshalltown. During 2006, IFA has attended
several diversity conferences and minority festivals. Additionally,
staff is involved with the new Iowan Centers across the
State. In 3rd Quarter FY08, 4% or 16 of the FirstHome and
FirstHome Plus loans were to minority home buyers, which
is 5% of the FY08 goal of 300 minority home buyers.
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