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LEADERSHIP AGENDA

Operational Scan

OPERATIONAL SCAN

DEPARTMENT PERFORMANCE

DEPARTMENT PERFORMANCE

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

MORE DEPARTMENT PERFORMANCE

  • Download PDF document Performance Plan - How we measure our progress

  • Download PDF document Strategic Plan - How we plan for progress

  • Download PDF document Performance Report - How we report our progress

  • Department Home Page - Learn more about this department

Highlighted Measure:

Number of home buyers using FirstHome.

Data Source: Iowa Finance Authority

 

Updated 5/1/08

GRAPH - Transfers of revenue to housing projection vs. actual


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

GRAPH - Minority Lending Report

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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