Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 40 - Iowans Helping Iowans Housing Assistance Program › Rule 265-40.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, the following definitions
				apply.
"Authority"
means the Iowa finance
				authority.
"COG"
means an Iowa council of governments as
				identified by Iowa Code chapter 28H.
"Disaster-affected home "
means a primary
				residence that was destroyed or damaged by the natural disasters of
				2010.
"Disaster compensation "
means moneys received
				by an eligible resident as a result of damage caused to the eligible resident's
				disaster-affected home by the natural disasters of 2010 from any of the
				following sources:
(I) FEMA, (2) any
			 other governmental assistance, or (3) proceeds of any insurance policy.
			 "Disaster compensation" shall not include rental assistance received from FEMA
			 or other sources.
"Eligible repair expenses "
means the
				reasonable cost of repairing damage to a disaster-affected home necessitated by
				the natural disasters of 2010. "Eligible repair expenses" shall not include
				additions to or expansions of a disaster-affected home or the purchase or
				installation of luxury items that were not part of the disaster-affected home
				prior to the natural disasters of 2010.
"Eligible resident"
means an individual or
				family who resided in a disaster-affected home that was a primary,
				owner-occupied residence at the time of the natural disasters of 2010 and
				who:
1. Is the owner of record of a
			 right, title or interest in the disaster-affected home; and
2. Has been approved by FEMA for housing
			 assistance as a result of the natural disasters of 2010.
In cases where multiple persons own a disaster-affected home
				together, such as by a tenancy in common or joint tenancy, such persons will
				generally be deemed collectively to be the "eligible resident," provided the
				requirements set forth in paragraphs "I" and "2" above are met. In the event
				that multiple persons assert inconsistent ownership claims of a
				disaster-affected home, the local government participant shall review the facts
				and, if necessary, make an allocation among the various applicants.
"FEMA "
means the Federal Emergency Management
				Agency.
"Forgivable loan "
means a loan made to an
				eligible resident pursuant to the requirements of this chapter
"Local government participant"
means:
1. Any of the following Iowa cities: Ames,
			 Des Moines, and Waterloo;
2. Any
			 COG whose territory encompasses one or more Iowa counties that have been
			 declared by the President of the United States to be disaster areas as a result
			 of the natural disasters of 2010; and
3. Any coimty that is not part of any Iowa
			 coimcil of governments and has been declared by the President of the United
			 States to be a disaster area as a result of the natural disasters of
			 2010.
"Natural disasters of 2010"
means the severe
				storms, tornadoes, and flooding that occurred in Iowa beginning June I, 2010,
				and designated by FEMA as FEMA-I930-DR.
"Program "
means the lowans helping lowans
				housing assistance program described in this chapter
"Retention agreement"
means an agreement, to
				be recorded as a lien against the property for which assistance is provided,
				requiring that if an eligible resident sells a home that was purchased or
				repaired with the assistance of a loan made under this chapter, then that
				portion of the original principal amount that has not been forgiven, if any,
				shall be repaid.