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Senior Living Revolving Loan Program

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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Senior Living Revolving Loan Program

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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

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