DEPARTMENT PERFORMANCE
Iowa Finance Authority (IFA)
Carolann Jensen, Interim 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
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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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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.
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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:
IFA and the Iowa Department of Natural Resources jointly administer the State Revolving Fund that aids the construction and rehabilitation of wastewater and drinking water infrastructure. The program has two different types of loans to assist Iowa communities. Planning & Design (P&D) loans offer zero percent interest for up to three years as interim financing for the planning and design phases of water and wastewater infrastructure projects. In FY17, IFA closed over $18 million in P&D loans. Since the program began in FY06, IFA has closed over $175 million in P&D loans.
The interest rate for SRF Construction loans is 1.75% for 20-year loans and 2.75% for 30-year loans. In FY16, IFA closed over $239 million in Clean Water and Drinking Water SRF loans. Since the program began, the SRF Program has provided over $2.8 billion in low-interest construction loans to insure safe drinking water and improve water quality in Iowa.
As a result of loans in FY17, over 153,000 more Iowans benefitted from P&D loans and almos 712,000 Iowans benefitted from SRF Construction loans to improve drinking water and wastewater infrastructure. |
