HOME Program

HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing.

The intent of the HOME program is to:

• Provide decent affordable housing to lower-income households,
• Expand the capacity of nonprofit housing providers,
• Strengthen the ability of state and local governments to provide housing, and
• Leverage private sector participation
  
  Email the Iowa Finance Authority's HOME program team to receive updates about the program.

Public Comment

Conflict of Interest: Public Notice - Tim Morlan
To submit public comments on this disclosure:
Email:  Carolann Jensen (Chief Administration Officer)
Mail:  HOME Program, Iowa Finance Authority, 2015 Grand Avenue, Des Moines, IA  50312
FAX:  to 515-725-4901

The Iowa Finance Authority, in compliance with CFR Title 24, Part 92 Subpart H, Section 92.356 for the HOME Investment Partnership Program, recognizes that a conflict of interest may exist under the following definition:

(b) Conflicts prohibited.  No persons described in paragraph (c) of this section who exercise or have exercised any functions or responsibilities with respect to activities assisted with HOME funds or who are in a position to participate in decision-making process or gain inside information with regard to these activities, may obtain a financial interest or benefit from a HOME-assisted activity, or have an interest in any contract, subcontract or agreement with respect thereto, or the proceeds thereunder, either for themselves or those with whom they have family or business ties, during their tenure or for one year thereafter.

(c) Persons covered.  The conflict of interest provisions of sub-paragraph (b) of this section apply to any person who is an employee, agent, consultant, officer, or elected official or appointed official of the participating jurisdiction, State recipient, or sub-recipient which are receiving HOME funds.  

Tim Morlan, Underwriter, is an employee for the Iowa Finance Authority. The Iowa Finance Authority is the state agency designated by the Governor to administer the HOME program on behalf of The State of Iowa. The State of Iowa is the participating jurisdiction. The Authority began administration of the HOME program on July 1, 2010.
 
In March 2012, Tim Morlan notified IFA that his wife, Nelea Gillett Morlan is employed by Keyway Management Company LLC as a Compliance Manager, and that Keyway Management has been hired as the property management firm for the following HOME-assisted properties. None of the properties listed received an allocation of HOME funds from the Iowa Finance Authority, however, all of the properties have HOME compliance obligations.

Mrs. Morlan is a Compliance Manager for Keyway Management Company. Keyway has been hired by the ownership entities for a number of affordable rental properties as their management company. In Mrs. Morlan’s role as a Compliance Manager, she is responsible for the continued success of all LIHTC, HUD and Rural Development properties, and reports directly to Keyway’s Chief Executive Officer. She performs the following tasks:

•    Oversees the processing of data for Tax Credit, Rural Development and HUD properties.
•    Ensures that Rural Development transmissions and HAP requests are processed and
     submitted in a timely manner.
•    Oversees the monitoring of all inspections and, when appropriate, provides responses
      to all regulatory agencies.
•    Files annual compliance reports with the appropriate agency for all Low Income Tax
     Credit and HOME properties.

Mr. Morlan, as the Iowa Finance Authority underwriter, analyzes the financial viability of applicants for LIHTC, HOME and the Iowa Finance Authority’s multi-family loan programs. He also participates in the Asset Management team and makes recommendations to management on modifying loans to maintain financial viability of rental projects in the Iowa Finance Authority’s loan portfolio.  Mr. Morlan is not involved in the HOME compliance functions of the agency in any way. While Mrs. Morlan, a family member of Mr. Morlan, does receive a financial benefit from a HOME-assisted activities, and has an interest in related property management contracts, Mr. Morlan does not in any way control or participate in the decision-making process by the Iowa Finance Authority related to the allocation of HOME funds for these properties.

The full public disclosure memo is available below.

Conflict of Interest Public Notice: Tim Morlan