The Iowa Finance Authority
IFA's role in administering the State Housing Trust Fund
Iowa Finance Authority’s Role
In 2003, the Iowa Legislature created a State Housing Trust Fund (SHTF) (Iowa Code section 16.181) within the Iowa Finance Authority (IFA). The monies in the SHTF are to be used for the development and preservation of affordable housing for low-income Iowans. The two programs operated under the SHTF are the Local Housing Trust Fund (LHTF) Program and the Project-Based Housing Program.
In administering the LHTF Program, IFA offers technical assistance, establishes an Allocation Plan setting forth the administrative rules governing the program, certifies new LHTFs as meeting program requirements, accepts and reviews applications for threshold determination, makes funding recommendations to the IFA Board of Directors, establishes contracts with the grantees, and provides oversight of all awards. Program oversight of each LHTF Program award includes tracking of expenditures, semi-annual status reporting, annual organizational audit requirements, and on-going compliance monitoring. Although IFA is charged with administering the program, the state agency receives no administrative fees from SHTF revenue.
Between 2003 and February 2012, IFA has awarded more than $23.5 million to 25 LHTFs serving communities in 84 Iowa counties. The state’s investment has leveraged more than $80 million in additional resources to spur local housing development and preservation activities, directly impacting more than 8,200 affordable housing units to date.