Iowa Finance Authority

Great River Housing Trust Fund Application – Upper Story Rehab

Revised March, 2016

GRHTF Application1

Applications for the Great River Housing Trust Fund Program may be submitted to theSoutheast Iowa Regional Planning Commission office at the address listed above. The applicant must submit one original application submission packageon letter-size paper. No applications will be accepted by fax or e-mail. Applications for the next round of funding will be due June 17, 2016.

Prior to completing this application, please contactSEIRPC Staff for questions regarding the Great River HousingTrust Fund Program. Completing an application does not guarantee funding.

Program Guidelines

The Great River Housing Trust Fund has funds available to developers wanting to create or substantial rehabilitate upper story units. Typically there will be commercial space on the first floor and GRHTF would assist with the creation or substantial rehabilitation of units on the upper floors. A developer can apply for $25,000 or 50% of needed rehabilitation costs per unit, whichever is less. Total GRHTF award cannot exceed $100,000 per project per round of funding. The funds will have a 5 year nonreceding affordability period. All units receiving assistance must be rented to tenants at or below 80% of HUD’s published income limits. Rents must be reasonable for area market and low income families. HUD’s rents may be referred to. A 10% local match fee will be due at the loan closing. The 10% will be figured off of the total award received from the Great River Housing Trust Fund.

The applicant must complete the application in its entirety, including all attachments. The attachments that will need to be included are:

• Sources and Uses – Provide all sources of funding for the project and where the funds will be spent.
• Construction Budget - Detailed description of rehab with supporting bids or quotes.
• Cash proforma – Provide a cash proforma for the project for a minimum of 5 years
• Floorplan for new units (does not have to be architectural plans).
• Match Commitment – A letter from your bank stating their loan amount, amortization period, and loan interest rate.
• Site Control – Please provide an option of property.
• City Support – Please provide a letter of support from the city.

Great River Housing Trust Fund Program Application Form

A. Applicant Information

Applicant:

Federal Tax ID or SS#:

Applicant Type:

Applicant Address:

City:

State:

Zip:

Telephone:

Email:

Applicant Contact Information

Name:

Title:

Authorized signer(s):

Title(s):

B. Amount of award requested: $

Has the applicant ever received an award from the Great River Housing Trust Fund?

Yes NoIf yes, total prior award(s): $

*GRHTF reserves right to adjust awards based on past award and geographic dispersion of funding

C. Proposed Use of Funds

 Upper story rehab

D. Project Description

Project Address:

City:

County:

Please provide a narrative of the proposed project.

Provide a legal description of the proposed project.

Number of housing units that will be assisted under the total Project Budget provided in

Units receiving assistance:

Units not receiving assistance:

Total Number of Units:

Is the project Ready to Proceed? Yes No

Ready to Proceed is defined as follows: A reasonable ability, as demonstrated in the application timeline, to expend at least 50 percent of the project’s approved development budget and to request reimbursement for such project-related expenditures from the GRHTF Program within six months of signing the award contract. The total project must be complete within 18 months of loan closing.

Are firm commitments in place for all sources of funds needed to complete the project, with the exception of only this application for the GRHTF Program? Yes No

If no, describe the anticipated timeline for securing the balance of funds needed to complete the project:

E. Developer/Homeowner Match

The award from GRHTF must be matched dollar for dollar and the total award cannot exceed 50% of the total Project Budget for affordable housing activities benefiting low to moderate income families. Acquisition costs do not count towards match. Assistance cannot exceed $25,000 per unit with a maximum award amount of $100,000.

If project is funded a 10% local match fee will be due at loan closing.

ACKNOWLEDGMENT, RELEASE OF INFORMATION AND CERTIFICATION

I acknowledge that I have read and understand the application materials and administrative rules. I certify that the Applicant will comply with all applicable federal, state and local laws and regulations in completing and operating the program, including, without limitation, and if applicable, local zoning laws and codes, fair housing laws and local housing plans. Further, I give permission to the Great River Housing Trust Fund and Iowa Finance Authority (IFA) to perform due diligence, perform credit checks, contact the organization’s financial institutions, and perform other related activities necessary for reasonable evaluation of this proposal. I understand that all information submitted relating to this application is a public record. I allow Great River Housing Trust Fund to use information and pictures of my project in advertising material and on social media. I certify that all representations, warranties, or statements made or furnished in connection with this application are true and correct in all material respects. I understand that it is a criminal violation under Iowa law to engage in deception and knowingly make, or cause to be made, directly or indirectly, a false statement in writing for the purpose of procuring assistance from a state agency or subdivision.

Name:

Title:

Signature

Date:

Revised March, 2016

GRHTF Application1

SOURCES and USES OF FUNDS- Please provide all sources and uses of funding for the project. Sources MUST equal uses.

CONSTRUCTION BUDGET - Provide a detailed list of rehabilitation items with supporting bids or quotes.

OTHER ATTACHMENTS – Please include the following with your application

 Floor plans (if applicable)

 Match Commitment

 Site Control

 Letter of Support from City

 Cash Proforma

Revised March, 2016

GRHTF Application1