The Iowa Finance Authority's Multifamily Housing Loan Program seeks to preserve the existing supply of affordable rental units at risk of being lost and to foster the production of new affordable units in Iowa.
Nonprofit and for-profit entities are eligible to apply for assistance under the program and must show demonstrated market need for the proposed units. Projects must be in a good location and cannot be functionally obsolete in terms of unit mix, amenities, parking and other property considerations. Eligible projects must have at least five units. IFA may require a change of management or general partner and may refer applicants to other funding options, such as tax-exempt bonds or Low-Income Housing Tax Credits, when appropriate.
