Iowa Administrative Code
Agency 265 - Iowa Finance Authority
Chapter 39 - Home Investment Partnerships Program
Rule 265-39.8 - Allocation of Funds

Universal Citation: IA Admin Code 265-39.8

Current through Register Vol. 47, No. 6, September 18, 2024

(1) IFA may retain up to 10 percent of the state's annual HOME allocation from HUD for administrative costs associated with program implementation and operation.

(2) Not less than 15 percent of the state's annual HOME allocation shall be reserved for eligible housing activities developed, sponsored or owned by CHDOs.

(3) Subrecipients shall identify general administrative costs in the HOME application. IFA reserves the right to negotiate the amount of funds provided for general administration, but in no case shall the amount for general administration exceed 10 percent of a total HOME award. Only local government and nonprofit recipients are eligible for general administrative funds. Subrecipients must certify that all general administrative costs reimbursed by HOME funds are separate from and not reimbursed by HOME as technical services costs.

(4) IFA reserves the right to negotiate the amount and terms of a HOME award.

(5) IFA reserves the right to make award decisions such that the state maintains the required level of local match to HOME funds.

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