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. 46, No. 19, March 20, 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.
