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Multifamily Loan Program

A Financing Tool for Housing Development

The Multifamily Loan Program provides financing options to multifamily property owners and developers to assist in the preservation of existing affordable rental units and to foster the production of new affordable units in Iowa.

Program Benefits

  • Flexible financing is open to any individual or organization for an affordable project located in Iowa

  • Loans of any size will be considered

  • Long-term mortgages of up to 30 years with 35-year amortization available

  • Competitive interest rates with fixed or variable terms

  • Underwriting and approval for project loans is condensed for quick processing

Eligibility Requirements for Applicants

  • Any individual or organization in good standing with IFA’s programs and the Iowa Secretary of State may be eligible for a loan.

Eligible Projects

  • Projects must have at least five units.

  • Projects must have at least 75% of the units restricted to tenants with incomes and rents at or below 80% AMI.

  • Projects must demonstrate a market need in a good location.

  • Projects must have a recorded agreement to maintain affordability for the term of the loan and meet compliance requirements.

Application Process

  • Financing is available year-round.

  • Application requirements vary depending on the type of financing and project.

  • Contact an IFA underwriter to talk specifics about your project and our current interest rates.

For questions about the Multifamily Loan Program, reach out to:

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