IFA American Recovery & Reinvestment Act Programs

President Obama signed the American Recovery and Reinvestment Act (ARRA) of 2009 (Public Law 111-5), on February 17, 2009. The purpose of the Recovery Act is to jumpstart the nation’s ailing economy with the primary focus of creating and saving jobs in the near term and investing in infrastructure that will provide long-term economic benefits. The Iowa Finance Authority was allocated more than $181 million through four ARRA initiatives.

Housing Tax Credit Program
TAX CREDIT ASSISTANCE PROGRAM (TCAP)
The Tax Credit Assistance Program provides Housing Tax Credit allocating agencies with monies that may serve as additional funding for Housing Tax Credit projects that have been allocated Housing Tax Credits in the 2007, 2008, or 2009 federal fiscal years. Iowa has been allocated $18.9 million in TCAP funds.

SECTION 1602 PROGRAM (EXCHANGE)
The state of Iowa received $72.7 million in Section 1602 funds, which may allow unused 2008 Housing Tax Credits from Iowa's annual per capita allocation to be exchanged for grant funds, thus assisting in filling funding gaps.

Homelessness Prevention & Rapid Re-Housing Program (HPRP)
The ARRA includes $1.5 billion Homelessness Prevention Fund. Iowa has been allocated $11.87 million for homelessness prevention and rapid re-housing. Funding is being distributed based on the formula used for the Emergency Shelter Grants program.

Water Quality
Iowa received more than $77 million for Iowa's Clean Water and Drinking Water State Revolving Funds through the ARRA. These funds will be used to provide grants and low-interest loans to help many Iowa communities build or enhance water infrastructure. 

Recovery Zone Bonds
The Iowa Legislature passed a law to ensure maximum use of Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds in Iowa. The Iowa Finance Authority (IFA) is charged with tracking the issuance of Recovery Zone Bonds, and by establishing a procedure for the waiver and reallocation of Recovery Zone Bond authority.





The Iowa Finance Authority does not discriminate in housing or services directly or indirectly on the basis of race, color, religion, sex, national origin, age, familial status, disability, gender identity, or sexual orientation. Iowa Finance Authority does not discriminate on the basis of disability status in the admission of access to, or treatment or employment in, its federally assisted programs and activities. Carla Pope 2015 Grand Avenue, Des Moines IA 50312, 515-725-4900 or 800-432-7230, has been designated to coordinate compliance with the nondiscrimination requirements. 
           

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