Iowa Admin. Code r. 261-36.3

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 261-36.3 - Eligibility

To be eligible for approval of a loan guarantee, a borrower must demonstrate that all of the following conditions are met:

(1) The loan finances an eligible downtown resource center community catalyst building remediation grant project or main street Iowa challenge grant project within a designated district. A borrower does not need to receive a grant to be eligible for a loan guarantee under the program, but a borrower and proposed project must meet all eligibility criteria for either the community catalyst building remediation grant or main street Iowa challenge grant.

(2) The loan finances a rehabilitation project, or finances acquisition or refinancing costs associated with the project.

(3) At least 25 percent of the project costs are used for construction on the project or renovation.

(4) The project includes a housing component.

(5) The loan is used for construction of the project, permanent financing of the project, or both.

(6) A federally insured financial lending institution issued the loan.

(7) The loan does not reimburse the borrower for working capital, operations, or similar expenses.

(8) The project meets downtown resource center and main street Iowa design review criteria.

Iowa Admin. Code r. 261-36.3

ARC 7956B, lAB 7/15/09, effective 7/1/09

Adopted by IAB January 12, 2022/Volume XLIV, Number 14, effective 12/17/2021