Iowa Finance Authority Overview. April 18, 2013

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1 Iowa Finance Authority Overview April 18, 2013

2 Introduction Mission: To finance, administer, advance and preserve affordable housing and to promote community and economic development for Iowans.

3 History

4 Excellence in Financial and Program Management Major Continuous Improvement Initiatives: HOME Program Housing Tax Credits Section 8 Rent Assistance Single-Family Mortgage Programs State Revolving Fund Water Quality Title Guaranty

5 Community Investment More than $1 billion in annual investments benefitting Iowa.

6 Q: How does IFA do it???? A: The key to our success is our partnerships with over 400 lending institutions throughout the state who support our programs including: The State Revolving Fund Title Guaranty Single Family Home Mortgage Programs

7 State Revolving Fund Provides low-cost funds for nonpoint source water quality projects. Currently approximately $80 million outstanding. Examples: Brownfields clean-up Replacing private septic systems Storm water management (rain gardens, permeable paving) Buffer strips and terraces on agricultural land Manure management projects for livestock producers Closing leading landfills Wetland restoration

8 State Revolving Fund Lender Partnership IFA s purpose is to subsidize the loan, providing a lower interest rate for the borrower thus, freeing up funds for the lender. SRF has over 400 partner lenders including many Ag lenders. IFA has over $62 million of State Revolving Funds in community banks throughout the state.

9 State Revolving Fund Total federal capitalization grants received: $700 million Total loans closed since programs began: $1.9 billion SRF Program has leveraged federal funds almost 300% Total SRF assets: $1.7 billion The SRF has more than $1.2 billion outstanding in low-interest loans for municipal infrastructure projects Approximately 500 different borrowers (cities, counties, sanitary districts, municipal utilities) have benefited from the SRF

10 State Revolving Fund Loans

11 Title Guaranty Created by the Iowa Legislature in 1986 Provide guarantees of Iowa Real Property titles Facilitate mortgage sales to secondary market Help assure integrity of Land Title System

12 Products Title Guaranty Certificate Lender Coverage Owner Coverage Title Guaranty Commercial Services Closing Protection Letter GAP Coverage Mortgage Release

13 Title Guaranty Notables Title Guaranty issues more than 60,000 Coverage Certifications Annually If a lender chooses to use TG for a homebuyer property that is $500,000 or less, the buyer is eligible for free coverage Keeps Iowa revenue in Iowa

14 Single Family Programs -Affordable Homeownership Affordable Homeownership The Iowa Finance Authority has helped nearly 60,000 homeowners realize their dream of homeownership since the FirstHome program s inception in First Mortgage programs: FirstHome First time homebuyers only Homes for Iowans Anyone buying a new home Grants: Entry Cost Assistance - Plus Grant Military Homeownership Assistance Federal Tax Credit Take Credit! 2013 Mortgage Credit Certificates

15 Benefits of IFA Loans Lower cost loans No origination fees No discount points Predictable mortgage payment for 25/30 years. No prepayment penalty Entry cost assistance $2,500 Plus Grant for Closing Costs or Down Payment $5,000 Military Homeownership Assistance Grant Mortgage Credit Certificate federal tax credit 15

16 Permitted First Mortgage Financing Products* Homes for Iowans Conventional HFA Preferred Only FHA 203(b), 234(c), 203(h)& 203(ks) Rural Development 502 Guaranteed Veterans Administration (VA) FirstHome Conventional HFA Preferred Only FHA 203(b), 234(c), 203(h)& 203(ks) Rural Development 502 Guaranteed Veterans Administration (VA) *Lender follows agency underwriting guidelines for loan type. 16

17 Plus Subsidy Reimbursement $2,500 GRANT Apply to Down Payment and/or Closing Costs Not a loan, no lien minimal increase in interest rate Can be used with FirstHome or Homes for Iowans, eligibility based upon each program Can be coupled with Military Grant Can be combined with the Take Credit! MCC 17

18 Military Home Ownership Assistance up to $5000 grant Borrower Eligibility 90 days Active Duty since 09/11/01 and Discharged other than dishonorably or Injured service person, or Surviving spouse of eligible service person One time use Property Eligibility Primary residence in Iowa Immediate occupancy 1-4 family residential property Habitable safety & soundness 18

19 TAKE CREDIT! IFA s Mortgage Credit Certificate s CREDIT ANNUALLY FOR THE LIFE OF THE LOAN!!!! Credit buyers Federal Income Tax Return Credit of up to 50% of annual interest paid on mortgage loan capped at $2,000 a year Dollar for dollar reduction of the borrowers federal tax liability Balance of mortgage interest can used as an itemized deduction Estimated to benefit over 1,000 Iowa homebuyers 19

20 Helping to Create 200,000 Jobs Total jobs created in FY11: 8,011 Housing Tax Credit program 3,784 jobs for Iowans in one year/1,006 annually recurring (National Association of Home Builders) State Revolving Fund 3,714 jobs for Iowans (Federal government estimates of job creation for ARRA) Homeownership Programs 513 jobs for Iowans (National Association of Realtors)

21 Iowa Finance Authority Annual Report

22 Thank you to our banking partners! You complete our successful mission!

23 IowaFinanceAuthority.gov Twitter.com/IowaFinance Facebook.com/IowaFinance Youtube.com/IowaFinance

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