Regional Housing Trust Fund, Inc.
The Northwest Iowa Regional Housing Trust Fund is an independent, nonprofit organization that has been established to address the housing needs of low and moderate income residents in Buena Vista, Emmet, Lyon, O'Brien, Osceola, and Sioux Counties. The mission of the Housing Trust Fund is to promote the creation and preservation of affordable housing for low to moderate income persons residing within the region. This regional trust fund was certified by the Iowa Finance Authority in October, 2009.
· The Applicant(s) must own and occupy the property throughout the term of the agreement. (Owners must hold a fee simple title or have a 99 year lease. Contract for Deed Holders are not eligible property owners.)
· The Applicant(s) must be current with their mortgage, taxes and utility payments.
· The Applicant(s) will be required to complete, sign and agree to all program paperwork including but not limited to: application, additional income and asset information, verification of eligible immigration status, authorization of a credit review and the required loan and grant documents.
· The financing of projects that receive approval will be provided in grants and low interest loans based on the following income qualifications.
Households at 30% or below the MRB/HUD Income Limits (See Attached Income Limits)
· Eligible for forgivable loans/grants up $5,000 for minor home repairs, energy efficiency projects, and/or lead based paint hazard reductions activities. Grant will be forgiven over a five year period at a rate of 20% per year. A promissory note and mortgage will be filed against the assisted property.
Households between 31% and 80% of the MRB/HUD Income Limits (See Attached Income Limits)
· Eligible for a combination of forgivable loans/grants up $5,000 and low interest loans (2%) up to $10,000 for home repairs, energy efficiency projects, and/or lead based paint hazard reduction activities. Forgivable Loans/Grants will be forgiven over a five year period at a rate of 20% per year. Loans will be amortized over a five year period with payments due monthly. A promissory note and mortgage will be filed against the assisted property. Funding will be limited to a maximum $15,000. (The required forgivable loan/grant to repayable loan ratio will be 1:2; therefore at least 66.67% of the request will be in the form of a repayable loan.)
· Applicants applying for repayable low interest (2%) loans must have a credit score of 620 or higher.
· Applicants will be required to obtain 2 (two) written quotes from 2 (two) different contractors detailing the planned improvements to the property. Upon completion, written verification/certification from the contractor will be required. (All work must be completed within six months from the date of the written quote.) The verification/certification must state that the work specified in the quote and approved for funding has been completed in full, and must be signed and dated by both the contractor and owner. Payment will be made within 30 days from receipt of the verification/certification form. A check will be made payable to both the applicant and contractor. Northwest Iowa Regional Housing Trust fund (NIRHTF) reserves the right to inspect all work to insure that the work has been satisfactorily completed and complies with all local housing codes.
· Approved applicants will be assessed a $50 application fee which will be added to the loan amount as well as the actual costs for recording fees and other direct loan processing costs.
The NIRHTF agrees not to discriminate based upon race, color, national origin, religion or creed, sex, sexual orientation, gender identity, age, disability, mental or physical, membership in class, such as unmarried mothers or recipients of public assistance, or familial status. However, priority will be given to meet income target goals as stated in the Housing Assistance Plan.