HOME

GOVERNOR'S GOALS

ECONOMIC INDICATORS

DEPARTMENT PERFORMANCE

DEPARTMENT PERFORMANCE

Iowa Finance Authority (IFA)

Debi Durham, Executive 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
Helping Iowans Improve Water Quality

•  Performance Plan - How we measure our progress


•  Strategic Plan - How we plan for progress


•  Performance Report - How we report our progress


• Department Home Page - Learn more about this department

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 and Homes for Iowans programs help low-and moderate-income Iowans achieve the dream of home ownership by providing low-cost mortgage financing through participating lenders across the state.


What we're doing about this:
The Iowa Finance Authority actively promotes its FirstHome and Homes for Iowans programs to potential homebuyers throughout the state. Staff regularly attend homeownership events across the state and participate in homebuyer education classes in cooperation with lenders and non-profit housing organizations. Cooperative advertising funds are available to preferred lending partners 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, and the Iowa Association of Realtors®, etc.

Why this is important:
IFA's affordable mortgage 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 the past three years, the number of minorities using these programs have steadily increased showing IFA's commitment to helping all Iowans achieve the dream of homeownership.


What we're doing about this:
IFA is taking proactive steps to form partnerships with bilingual realtors and lendors.

Why this is important:
Many Iowa communities have water quality needs, but lack the financial resources to address them. The Iowa Finance Authority (IFA) provides low-cost loans for drinking water and wastewater facilities in Iowa. This program, known as the State Revolving Fund (SRF), receives annual federal/EPA capitalization grants. Those grants, along with the repayments of principal and interest from existing loans, allow the program to keep interest rates low to help communities affordably build or update water facilities. This keeps water and sewer bills lower for Iowans.


What we're doing about this:
The Iowa Finance Authority and the Iowa Department of Natural Resources jointly administer the State Revolving Fund, which is one of Iowa's primary sources for financing projects designed to improve the state's water quality. The program has two different types of loans to assist Iowa communities. Planning & Design Loans are zero percent loans that assist with the first-phase of project expenses. State Revolving Fund Construction Loans are a low-cost construction financing option available for Iowa cities and municipalities for drinking water and wastewater infrastructure.

In FY18, IFA closed nearly $275 million in Clean Water and Drinking Water SRF loans, the most since 2011. Since the program began, the SRF Program has provided more than $3.1 billion in low-interest construction loans to ensure safe drinking water and improve water quality in more than 600 Iowa communities.

Questions and Feedback  |  About this Site