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Purpose. Primary: Develop affordable assisted living for low-income seniors Secondary: Develop service enriched housing for low-income people with disabilities. Established by Legislature. Senate File 2298, Section 170Senior Living Revolving Loan Program Fund created to further the goal of the Sen
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1. Senior Living Revolving Loan Program Iowa Finance Authority
Carla Pope
September 1, 2004
2. Purpose Primary: Develop affordable assisted living for low-income seniors
Secondary: Develop service enriched housing for low-income people with disabilities
3. Established by Legislature Senate File 2298, Section 170
Senior Living Revolving Loan Program Fund created to further the goal of the Senior Living Program
$5 million loan fund
4. Established by Legislature Authority shall develop a joint application process for allocation of federal low-income housing tax credits and this fund
New construction or acquisition and rehabilitation
5. Rules 265Chapter 20: Senior Living Revolving Loan Program
September 8, 2004: Iowa Finance Authority Board adopts rules in final form
6. Application for Loan Mark yes on line 1.13 of the LIHTC application:
Are you planning on using the Senior Living Revolving Loan Program?
7. Application for Loan Complete LIHTC application using Senior Living Revolving Loan as source of funds
Section 12: Sources of funds
Section 13: Equity
Section 14 Determination of Reservation Amount Needed
Exhibit 4h Pro Forma and Loan Schedules
8. What happens if . . . I submit my LIHTC application using Senior Living funds and all of the Senior Living funds are expended?
9. Alternative Source(s) Complete following sections with an alternative source for the construction and/or permanent loan
Section 12: Sources of funds
Section 13: Equity
Section 14 Determination of Reservation Amount Needed
Exhibit 4h Pro Forma and Loan Schedules
10. Underwriting If all funds are expended through the loan program, the LIHTC application will be underwritten using the alternative source(s).
11. Allocation of funds 80% of available funds for affordable assisted living
20% of available funds for service-enriched housing
To the extent that the greatest amount of funds can be expended
12. Priority of funding Affordable assisted living set-aside
Service-enriched set-aside
Outside of a set-aside
13. Amount of Loan Minimum: $100,000
Maximum: $2 million
IFA will hold the first mortgage on the property
Can be used for construction loan and permanent financing
14. Loan Terms Maximum loan term and amortization period: 30 years
Interest rate: Applicable Federal Rate (AFR) at time of closing
15. Debt Service Ratio 1.25:1 for IFAs first mortgage
1.15:1 overall
16. Fees Application Fee: None
Commitment fee & inspection fee for Construction Loan: 1.5%
Commitment fee for permanent loan: 2%
Due at time of closing
Loan servicing fee: None
17. For more information www.ifahome.com under Housing
See Senior Living Revolving Loan Program Information attachment to the 2005 Qualified Allocation Plan
18. For more information Submit written questions to Tim Waddell at tim.waddell@ifa.state.ia.us or
Tim Waddell
Iowa Finance Authority
100 E. Grand Ave., Suite 250
Des Moines, IA 50309
19. Response to Questions Placed on www.ifahome.com
Select Housing Programs tab
Click on Low Income Housing Tax Credits
Select an Allocation topic
Select Qualified Allocation Plan, Timeline and Q&A
Select QAP Questions & Answers