154075 - Nuisance/Abandoned Property Remediation Fund
Funding Opportunity Details

Nuisance/Abandoned Property

Final Application Deadline:

Description

• Description

  Purpose

  The Nuisance Property and Abandoned Building Remediation program provides financial assistance to communities to remediate residential nuisance buildings and structures.

  The administrative rules for the Nuisance Property and Abandoned Building Remediation program can be found in Iowa Administrative Code, section 216- Chapter 22.   Please refer to these rules as necessary for more information regarding program requirements.

  Eligibility and available funds

  All cities within the state of Iowa are eligible applicants. 

  A project may include properties at multiple sites and locations, whether contiguous or not, as long as all properties to be remediated or redeveloped are included in the redevelopment plan described within the application.  

  The program has a maximum loan request of $500,000.  IEDA will evaluate requests and approve loan amounts based on application scoring, ability to repay, and the amount of program funds available.   

  Uses of Funds

  Loan monies can be utilized for the demolition or remediation and reuse of structures, with a priority focus on single-family homes. With the exception of brownfield/grayfield sites, funds can also be utilized for associated general site cleanup/clearance.  All buildings made part of the program must be documented as representing a public nuisance through abandonment, chronic building code violations, or structural dilapidation to the point of being hazardous to the public health, safety and welfare.

  Communities may use funds only for costs directly related to the project as proposed within an application and as specified in the administrative rules. The program administrative rules can be found here:  https://www.legis.iowa.gov/docs/iac/chapter/03-27-2019.261.22.pdf

  The Authority may require documentation or other information establishing the actual costs incurred for a project.  The amounts of any lien created for costs related to remediation cannot be used for the repayment of Nuisance Property and Abandoned Building Remediation program funds to IEDA.

  The amount of the loan, term, interest rate, repayment schedule, and any other conditions will be included in the contract between the community and IEDA.  

  Rates and Terms

  Assistance under the Nuisance Property and Abandoned Building Remediation program will be in the form of a short-term loan.  Interest rates will be set at 0%.  Terms will be a maximum of five years.

  Communities may make loan payments to IEDA on a quarterly, semi-annual or annual basis.

  Projects funded through the program are expected to be completed within three years but, in all cases, within the term of the loan if longer than three years.

  Evaluation criteria

  Applications should describe how the proposed activities will allow the city to undertake remediation and/or redevelopment activities in a comprehensive and coordinated manner.  
  
   IEDA staff will review applications under a competitive criteria review system.  Review criteria include:

  • Financial need of the community
  • Extent of blight in the community
  • Condition of housing stock in the community
  • Administrative and operational capacity of the community
  • Percentage of low to moderate income residents in the community

  Each of the five review criteria has a maximum of 20 points; The maximum score for an application is 100 points.  Applications must achieve a score of at least 50 points to be considered for funding.  The IEDA Director will make the final funding decision on each application and will approve final rates and terms.  Final funding decisions will be based on application scores and the amount of funding available.

  Submitting Your Application

  • Applications must be submitted electronically through iowagrants.gov
  • Applications can be submitted at any time and will be considered on a rolling basis as funds are available. Please contact IEDA before applying to ensure funding is available.
  • Costs incurred in the preparation of this application are not eligible to be reimbursed with program funds.

  • For further information concerning this program, please contact IEDA project Manager Ed Basch at 515.348.6208 or via email at Ed.Basch@iowaeda.com.

    Public Records Policies

    The Iowa Economic Development Authority (IEDA) is subject to the Open Records law (Iowa Code Chapter 22). Treatment of information submitted the IEDA in a Nuisance Property and Abandoned Building Remediation application is governed by the provisions of the Open Records law. All public records are available for public inspection.