Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 39 - Home Investment Partnerships Program › Rule 265-39.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
When used in this chapter, unless the context otherwise
				requires:
"Activity"
means one or more specific housing
				activities, projects or programs assisted through the HOME investment
				partnerships program.
"Administrative plan"
means a document that a
				HOME recipient establishes that describes the operation of a funded activity in
				compliance with all state and federal requirements.
"Affordability period"
means the length of
				time a recipient or subrecipient must impose the rent or occupancy income
				restrictions on the units assisted by HOME funds as established by federal
				program requirements.
"CHDO"
means a community housing development
				organization, which is a nonprofit organization registered with the Iowa
				secretary of state and certified as such by IFA, pursuant to
				24
				CFR 92.2 (July 24, 2013).
"Consolidated plan"
means the state's housing
				and community development planning document and the annual action plan update
				approved by HUD.
"Contract"
means a binding written agreement
				between IFA and the recipient or subrecipient for the purpose of utilizing HOME
				funds to build, buy or rehabilitate (or both buy and rehabilitate) affordable
				housing for rent or homeownership or to provide direct rental assistance to
				low-income people.
"HOME"
means the HOME Investment Partnerships
				Program, authorized by the Cranston-Gonzalez National Affordable Housing Act of
				1990.
"HUD"
means the U.S. Department of Housing and
				Urban Development.
"IFA"
means the Iowa finance authority.
"Low-income"
means families whose annual
				incomes do not exceed 80 percent of the median income for the area, as
				determined by HUD. An individual does not qualify as a low-income family if the
				individual is enrolled as a student at an institution of higher education; is
				under 24 years of age; is not a veteran of the United States military; is
				unmarried; does not have a dependent child; and is not otherwise individually
				low-income or does not have parents who qualify as low-income.
"Program income"
means gross income received
				by the participating jurisdiction, state recipient, or a subrecipient directly
				generated from the use of HOME funds or matching contributions.
"Project"
means a site or sites together with
				any building (including a manufactured housing unit) or buildings located on
				the site(s) that are under common ownership, management, and financing and are
				to be assisted with HOME funds as a single undertaking. The project includes
				all the activities associated with the site and building. For tenant-based
				rental assistance, project means assistance to one or more families.
"Recaptured funds"
means HOME funds which are
				recouped by the recipient when the housing unit assisted by the HOME program
				homebuyer funds does not continue to be the principal residence of the assisted
				homebuyer for the full affordability period.
"Recipient"
means the entity under contract
				with IFA to receive HOME funds and undertake the funded housing
				activity.
"Repayment"
means HOME funds which the
				recipient shall repay to IFA because the funds were invested in a project or
				activity that is terminated before completion or were invested in a project or
				activity which failed to comply with federal program requirements.
"Subrecipient"
means a public agency or
				nonprofit organization selected by IFA to administer all or a portion of an
				activity to produce affordable housing, provide down payment assistance, or
				provide tenant-based rental assistance under the HOME program. A public agency
				or nonprofit organization that receives HOME funds solely as a developer or
				owner of housing is not a subrecipient. The selection of a subrecipient by IFA
				is not subject to the procurement procedures and requirements under federal or
				state law.