Iowa's Main Street Loan Program

A partnership between Main Street Iowa, the Iowa Finance Authority (IFA) and the Federal Home Loan Bank of Des Moines, the Main Street Mortgage Loan program provides funds for lending to Main Street communities in Iowa.

Main Street Iowa has identified a need for mortgage lending for multifamily housing and commercial development in Main Street communities. Specifically, there is a need for downtown infill and rehabilitation of upper floor housing in mixed-use buildings. Loans are made for the rehabilitation of upper floor housing or commercial properties or for new construction on infill lots in downtown areas of communities that participate in the Main Street Iowa program.

Projects must complement Main Street Iowa's vision of a revitalized downtown. Main Street Iowa first considers all applications for design appropriateness. If approved, IFA then reviews the applications for underwriting purposes. IFA awards loans on an ongoing basis.

Loan Amounts: Loan amounts range from $50,000 - $250,000

Interest Rates and Terms: Loans terms are 3 - 15 years, with up to a 30-year amortization. The interest rate is fixed at 1.35% above IFA's cost of funds for the proposed loan term.

Contributed By: 
National Housing Trust

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