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Mandatory HOME Application Trainings |
| Several training sessions have been scheduled for 2012 HOME funds. Please view the schedule of trainings below and register here.
The application for HOME funds is a web-based application, and you will be given the opportunity to go through the application process with Iowa Finance Authority staff, as well as review the Threshold and Scoring criteria for the competition.
If you have questions about which training session you should attend, please contact Carla Pope.
A member of the Applicant Organization must attend the training. The application will require that the name of the person who participated in the training be provided. A consultant to the Applicant Organization is welcome to attend, but their participation will not count as representing the Applicant Organization in the Applicant Training requirement.
SCHEDULE
Please read the schedule carefully, as sessions are organized by applicant-type.
TENANT-BASED RENTAL ASSISTANCE APPLICANTS
- December 5, 2011: 9:00 a.m. - 11 a.m.
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HOME BUYER ASSISTANCE APPLICANTS
- December 5, 2011: 11 a.m.-4 p.m.
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JOINT HOME/HOUSING TAX CREDIT APPLICANTS
- December 12, 2011: 1:00 p.m. - 4:30 p.m.
OR
- December 14, 2011: 8:30 a.m. - 12:00 p.m.
OR
- December 14, 2011: 1:00 p.m. - 4:30 p.m.
OR
- December 15, 2011: 8:30 a.m. - 12:00 p.m
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HOME RENTAL APPLICANTS
- December 15, 2011: 8:30 a.m. to 12:00 p.m.
AND
- December 15, 2011: 1:00 p.m. to 2:00 p.m.
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HOME BUYER DEVELOPER/ HOME BUILDER APPLICANTS
- December 15, 2011: 2:00 p.m. - 4:30 p.m.
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Policy and Procedure Changes Impacting Developers of HOME-assisted Housing |
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As the Iowa Finance Authority nears our year and a half mark in administering the HOME Program, we want you to be aware of several new developments, most of which are meant to reflect changes in federal-level policy. Not only do we want you to be aware of them, but we also want you to know that our HOME staff is here to assist you in complying with them. |
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Construction Draw Inspection Required |
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As many of you know, there have been several high-profile articles in the Washington Post regarding HOME construction projects that were either dangerously built or not built at all.
We expect that the Department of Housing and Urban Development will soon begin requiring photographic evidence of the progress of all rental projects. With this in mind, we will now be requiring on-site construction inspections before the approval of each draw. Please be sure to notify your project manager of your intent to submit a draw as soon as possible, so that the scheduling of these inspections will not delay the approval and payment of your draws. |
The Washington Post articles have also highlighted projects throughout the country which have spent all of their HOME funds, but have not yet been "placed in service." For this reason, the Iowa Finance Authority will now withhold 10% of all construction projects (single-family and multifamily) until each project has been completed, leased up or sold, and monitored. This will give the projects more time to lease or sell their units to qualified tenants and also allow for a more thorough review of finished projects. This change is being implemented for all 2011 awards to developers, and going forward. |
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HOME Contract Closing Simultaneously with LIHTC Syndication Agreement Signing |
The 10% withholding will help projects from having to finish too quickly, but we know that some projects experience issues when they start too quickly. Because of this, the Iowa Finance Authority will sign the HOME written agreement (contract) simultaneously with the signing of the LIHTC syndication agreement. This applies to the 2011 awards to joint LIHTC/HOME projects. |
Finally, please be aware that Section 3 reports are due for any projects with more than $200,000 invested in HUD Community Planning and Development funding and for any contractors who have received more than $100,000 in such funding.
These reports were previously due at the completion of a project, but must now be reported to HUD on an annual basis. For that reason, the Section 3 reports are due to Sean Bagniewski by December 16, 2011. Please use the forms on the Iowa Finance Authority HOME web site and contact Sean with any questions.
It has been an exhilarating experience to transition the HOME program and to make it more effective and efficient for you, our customers. We appreciate your patience and welcome any questions you may have about these changes or any other aspects of the program. |
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