Through its Economic Development Loan Program, the Iowa Finance Authority (IFA) issues bonds and loans the proceeds to private entities or organizations for eligible purposes. The interest on the bonds may be tax-exempt (if eligible under the Internal Revenue Code), taxable or a combination of both. Since the program started in 1982, IFA has issued more than $2 billion in economic development bonds for a variety of projects, including expanding and improving health care services, industrial development and housing.  

Projects eligible for financing under the Economic Development Loan Program include land, buildings or improvements for the following:

• A voluntary nonprofit hospital, clinic or health care facility;
• loans to one or more physicians for an office building to be used exclusively by professional health care provides, including appropriate ancillary facilities;
• a private college or university or a state institution whether for the establishment of or maintenance of the college or university or state institution;
• an industry for the manufacturing, processing or assembling of agricultural or manufactured products;
• A multifamily housing unit or complex;
• A facility for a 501(c)(3) nonprofit organization; or
• Pollution control facilities that are suitable for use by any industry, commercial enterprise or utility

For more information, contact:

Lori Beary at
800.432.7230
lori.beary@iowa.gov

Application and other information

• Economic Development Loan Program Application Process
• Economic Development Loan Program Application