Fayette County Local
Housing Trust Fund
Loan Application Form
Non-owner Occupied Property
2011
Our Mission:
To ensure that Fayette County residents have access to wellmaintained, safe and affordable housing in both the rural and urban
areas of the county.
Purpose: The purpose of the Fayette County Local Housing Trust Fund (FCLHTF) is to
provide financing to assist in improving the stock of affordable housing within the County. The
FCLHTF will consider financial assistance in the form of partial funding or full
funding depending on the project and borrower circumstances
Eligible Projects: Projects eligible for FCLHTF funds include those that improve the
condition of existing housing through rehabilitation and/or repair, or contribute to
the development of affordable housing in Fayette County. All projects funded must
serve Fayette County households with incomes less than 80% of th e statewide
median family income. At least 30% of the distributions will be used to benefit
extremely low income households (households with less than 30% of the statewide
median family income).
Application Procedure:
Applications will be accepted by the FCLHTF on a
continuous basis. Completed applications will be reviewed for eligibility within 30
days of receipt, and recommendations will be submitted to the FCLHTF Board for final
approval. Applicants will be formally notified of approval, contingency approval, or
denial within 10 days of the final approval.
You may complete the application form manually or electronically. Submit application pages
only, in printed form or via e-mail. Additional printed documentation, photographs and maps
may be attached to clarify the project description. Do not submit a cover letter.
For applications submitted by hand or by mail:
 The original and one copy should be submitted to:
Upper Explorerland Regional Planning Commission
PO Box 219
Postville, IA 52162
 Attachments should be in B/W and not larger than 11” x 17”.
 All pages must be numbered.
 Applications should be fastened with a paper clip or other fastening that can
easily be undone for copying. Please do not use binders, covers, staples, or
page tabs.
For applications submitted electronically:
 The completed application should be submitted via e -mail to ssnitker@uerpc.org
 Applications and attachments must be submitted in Microsoft Word or Adobe
PDF format.
 Attachments should be in B/W and not larger than 8 1/2” x 14”. If any pages
are larger or in color, do not submit application via e -mail.
The FCLHTF reserves the right to act as sole judge of the content of the applications submitted
for the Board’s evaluation, selection and may, at its sole discretion, reject any or all
applications.
The FCLHTF will not be liable for any cost incurred in connection with preparation and submittal
of any application.
Staff at Upper Explorerland (1-877-474-7551 will be happy to answer questions
about the Housing Trust Fund, this form or the application process.
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PROGRAM CRITERIA:
 Eligible Existing Properties: Units in Fayette County built prior to 19 90.
 Rental requirements: Units must be rented to households with incomes not
more than 80% of the statewide MFI. All dwelling units must rent at or below
the Fayette County FY FMR as determined by HUD through out the life of the
loan, or 5 years, whichever is more. Borrower must provide $1.00 of private
funds for each $1.00 of program loan. Units must, at the completion of project,
meet Sec. 8 Housing Quality Standards and be in compliance with all applicable
local health and safety codes. Taxes and insurance must be current.
 Funding limits are set at a maximum of $5,000 per project .
 The FCLHTF will finance rental projects through low interest loans. Payments
may be deferred or amortized as fits the circumstance.
 Loan will be paid in the event that occupancy or ownership conditions change
during the loan term.
 Affordability period will be scaled to the level of assistance provided, initially 5
years for each $5000.00 of financial assistance.
 A mortgage, receding forgivable or repayable, term to be determined by the
aforementioned scale, will be required as security.
 Inspections, upon completion of the proposed project, will be required.
 Any applicant for funding will be required to demonstrat e the benefit to low
income (<80% statewide MFI) residents in Fayette County through sufficient
financial documentation.
 Applicants must demonstrate the capacity to complete the project and provide
sufficient documentation supporting the feasibility of a proposed project.
 Applicants will be required to obtain two or more quotes from the entity
providing the improvement to the property and moneys from the trust fund will
be paid directly to the provider of the improvement. On some occasions, t he
FCLHTF may require bids.
 The Fayette County Local Housing Trust Fund reserves the right to recall any
loan if the above requirements are not met.
Nondiscrimination Statement:
In accordance with Federal law, this institution is prohibited from discriminating on
the basis of race, color, national origin, sex, religion, age, disability, or marital or
family status. This is an Equal Opportunity Program.
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FAYETTE COUNTY LOCAL HOUSING TRUST FUND
APPLICATION FOR HOUSING TRUST FUND LOAN
2011
A. SUMMARY
Applicant Name:
Contact Person:
Title:
Applicant Address:
City/State/Zip:
Phone:
FAX:
Email:
Fed. ID # or Social Security #:
Loan Amount Requested: $
Type of Applicant:
 Owner: Non-occupier
 Non-Profit Corporation
 For-Profit Corporation
Other:
If Corporation, Date Established:
*** Applicant will be required to pay a $29.00 recording fee prior to project starting***
B. PROPERTY INFORMATION
Property Address:
City/State/Zip:
Type and number of unit(s):
Year Built:
Note: properties built after 1990 are NOT ELIGIBLE for this program.
C. Describe in detail the proposed “project” being undertaken:
D. What is the expected start date of the project?
What is the expected completion date?
4
E. Have you started any part of the project?
If yes, please describe:
yes
no
F. How will this project benefit low income residents in Fayette County?
G. ENCLOSE A COPY OF THE FOLLOWING DOCUMENTS, AS APPLICABLE:
Organizations:
a. Articles of Incorporation and Bylaws.
b. IRS tax determination letter.
c. Resume(s) for staff who will manage project.
d. List of current board members, with addresses.
e. Signed assurances page.
Individuals:
a. Last three years Income Tax Returns.
b. Personal Financial Statement.
c. Proof of ownership.
d. Signed assurances page.
H. PAST EXPERIENCE
Briefly describe three past housing construction projects that demonstrate
development/landlord experience. You may attach plans or photographs if you wish.
Number of
Units
Project Title and Description
Year
Completed
Total
Project
Cost
$
$
$
5
your
I. FINANCIAL INFORMATION
Project Costs. Please attach corresponding quotes and bids
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Total:
Detail of financing.
Please attach letters evidencing existing loan commitments.
AMOUNT
TYPE
(grant/loan)
RATE
TERM
Local Housing Trust Fund
Conventional Financing
State Assistance
Community Participation
Applicant’s Contribution
Other
Total
Explain form of applicant’s contribution to the project. (i.e. loan, equity, etc.):
Identify all agencies or institutions involved in the project, and what their
involvement is:
6
Desired terms of proposed financing:
Explain why assistance is needed from the Fayette County Local Housing Trust Fund
and cannot be obtained elsewhere:
J. EXPLANATIONS, ADDITIONAL COMMENTS:
K. AUTHORIZATION
To the best of my knowledge and belief, all data in this application are true and current.
I understand and agree that the Fayette County Local Housing Trust Fund and Upper
Explorerland Regional Planning Commission will verify the information contained herein to
determine the form of assistance. Verification will include obtaining a credit report for all
applicants.
I hereby give my permission to the Fayette County Local Housing Trust Fund and Upper
Explorerland Regional Planning Commission to research the applicant’s history, make
credit checks, contact the applicant’s financial institution, and perform other
related activities necessary for the reasonable evaluation of this application.
Signature:
Date
Printed Name:
Title:
7
Assurances
The applicant hereby assures and certifies that he or she will comply with the
regulations, policies, guidelines, and requirements, as they relate to the
application, acceptance and use of the Fayette County Local Housing Trust Fund
money for this project. Also, the applicant gives assurance and certifies with
respect to the loan that:





It possesses legal authority to apply for the loan, and to finance and construct
the proposed project
It will give the Fayette County Local Housing Trust Fund and Upper Explorerland
Regional Planning Commission access to and the right to examine all records, and
documents related to the loan.
The project will be properly and efficiently administered, operated and
maintained.
It will cause work on the project to be commenced with in a reasonable time
after receipt of notification from the Board indicating that funds have been
approved and that the project will be prosecuted to completion with reasonable
diligence.
It will not dispose of or encumber its title or other interests in t he site and
facilities during the period of the loan.
The applicant further agrees that in the event it fails to comply with its
undertakings hereunder, the Fayette County Local Housing Trust Fund may call,
cancel, terminate, accelerate repayment or suspe nd in whole or part the financial
assistance provided or to be provided by the Trust Fund, and that FCLHTF may
take any other action that may be deemed necessary or appropriated to effectuate
the requirements of this document.
The Applicant acknowledges that he or she has read, understood, and agrees to
the provisions of the above document.
Date:
By:
,
,
Attest:
8
Title
Title
APPENDIX 1
AFFORDABILITY REQUIREMENTS
Prices
No. of
Bedrooms
0
1
Maximum Rents
(Inclusive of Utilities)
Maximum HTF Rent
355
390
2
500
3
650
4
690
Income limits
Household Size
80% of
median
income
65% of
median
income
50% of
median
income
30% of
median
income
1
2
3
4
5
6
7
8
35,850
40,950
46,100
51,200
55,300
59,400
63,500
67,600
29,100
33,300
37,450
41,600
44,900
48,250
51,600
54,950
22,400
25,600
28,800
32,000
34,550
37,100
39,700
42,250
13,450
15,350
17,300
19,200
20,750
22,250
23,800
25,350
Notes
1. Income limits and rents are revised annually; last updated February 2, 2011.
2. Failure to meet affordability requirements will cause the interest rate on the HTF
loan to be accelerated and made retroactive to the date of loan disbursement.
APPENDIX 2 - EVALUATION OF APPLICATIONS
The following criteria will be considered by the FCLHTF when evaluating loan applications, as applicable.
Non-occupying Homeowner Applicant Scoring
Agency Scoring
1.
2.
3.
4.
Cost-effectiveness – maximum 30 points
a. Total project cost per unit, comparing relative costs of similar sized units (by no. of
bedrooms) – 10 pts
b. Amount of Housing Trust Funds requested per unit, comparing requests in each
application – 10 pts
c. Budget information complete, realistic, and indicates need for HTF loan either to make
project financially feasible, or to fill a financing gap – 10 pts
Affordability – maximum 20 points
a. Rental: all units will be affordable to households below 80% of state median income – 10
pts
b. Project includes specific plan to preserve long-term affordability of units – 10 pts
Readiness to proceed – maximum 10 points
Probability that project will be underway within 12 months judged from financial
commitments, planning review, and proposed timetable – 10 pts
Applicant Qualifications – maximum 30 points
a. Track record of capacity to complete construction projects of like kind – 15 pts
b. Financial statements are provided and show adequate financial capacity – 10 pts