Iowa Admin. Code r. 265-11.3

Current through Register Vol. 47, No.14, January 8, 2025

Rule 265-11.3 - Loan terms

(1)Amount of loans. The principal amount of each loan is between $50,000 and $250,000.

(2)Term of loan. Loans are amortized over not more than 30 years; the actual term of the loan is determined by the authority depending on the economic feasibility of the project.

(3)Interest rate. Interest is charged on the loan at a rate related to the authority's cost of funds for the loan term as determined and announced by the authority from time to time.

(4)Loan fee. The authority may charge a fee in the amount of 1 percent of the initial loan amount at closing.

Iowa Admin. Code r. 265-11.3

Adopted by IAB November 27, 2024/Volume XLVII, Number 11, effective 1/1/2025