HomeMy WebLinkAboutIowa Finance Authority-Amendment to Grant Agreement-02.09.2009 v_9.a5
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FIRST AMENDMENT
TO
JUMPSTART HOUSING ASSISTANCE PROGRAM
GRANT AGREEMENT
BETWEEN THE
IOWA FINANCE AUTHORITY
AND
CITY OF WATERLOO
DATED AS OF FEBRUARY J�,,2009
WHEREAS,the Iowa Finance Authority ("Authority") is a public instrumentality and
agency of the State of Iowa authorized and empowered by the provisions of Chapter 16
of the Code of Iowa, as amended (the "Act") to assist in the protection, preservation,
creation, and improvement of access to safe and affordable housing; and
WHEREAS, City of Waterloo ("Grantee") is an Iowa Municipal Corporation; and
WHEREAS, the Jumpstart Housing Assistance Program (the "Program") was created
within the Authority in accordance with Iowa Code section 16.40 and rules promulgated
by the Authority and set forth in the Iowa Administrative Code Section 265, Chapter 29
(the "Rules") to provide financial assistance for the purpose of providing financial
assistance for housing for victims of the natural disasters of 2008; and
WHEREAS, the Authority and the Grantee previously entered into a Grant
Agreement (the "Agreement") pursuant to which the Authority granted certain funds to
the Grantee with which to make loans to persons whose homes were adversely affected
by the natural disasters of 2008; and
WHEREAS,the Iowa General Assembly in January 2009, passed 2009 Iowa Acts HF
64 ("HF 64"), continuing the Program, making certain modifications thereto, and
appropriating twenty-four million dollars ($24,000,000.00) to the Authority for the
Program; and
WHEREAS, the Authority and the Grantee desire to amend the Agreement to allow
the Grantee to receive monies from the newly appropriated funds which to award
financial assistance to eligible residents pursuant to the Program in order to facilitate the
purposes of the Program as set forth in HF 64 and the Authority's rules;
NOW THEREFORE, for and in consideration of the premises and the respective
covenants, agreements and representations hereinafter contained, the Grantee and the
Authority hereby agree to amend the Agreement as follows:
1. New Exhibit A. Exhibit A to the Agreement shall be and hereby is stricken, and
an Amended Exhibit A, as attached hereto, is hereby adopted in its place.
2. New Schedule 1. Schedule 1 to the Agreement shall be and hereby is stricken,
and an Amended Schedule 1, as attached hereto, is hereby adopted in its place.
3. Agreement otherwise Unchanged. Except as expressly modified by the terms of
this First Amendment, the terms of the Agreement remain unchanged and in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the date first above written, by their officers duly appointed and authorized.
x ==z IOWA FINANCE AUTHORITY
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�, , • Date: 2 -/2-p,
CITY OF WATERLOO
By: (. .//ib
Timoth• Ur Hurley
Title: Mayor
Date: February 9, 2009
AMENDED EXHIBIT A
GRANT DATA
Date of Grant Agreement: 101,2 , 2009
Name and address of Grantee: City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Authorized Representative of Grantee: Mayor Tim Hurley
Initial allocation of grant funds: See attached Schedule 1
Other Local Government Participants represented by Grantee (if any): See attached
Schedule 1
Housing assistance targets: See attached Schedule 1
General Obligations. The Grantee shall administer the Program within its jurisdiction by
processing applications for financial assistance under the Program and awarding financial
assistance as appropriate. Grantee shall comply with the program rules and all other
reasonable directives or requests of the Authority related to the Program. Grantee shall
utilize forms, online applications, and similar materials provided by the Authority and
shall keep all computer and other records up to date and current. No financial assistance
shall be provided that is not documented by means of the appropriate forms or software.
Special Conditions:
Grantee shall provide Jumpstart Housing assistance to eligible residents with a family
income equal to or less than 150% of area median income. Applications must be
submitted by 9/1/09. Forgivable loans of up to $24,999 are authorized, with first priority
given to eligible residents who have not previously received Jumpstart Housing funding;
second priority to eligible residents who have received less than $24,999 in Jumpstart
Housing funding in the past; and third priority to eligible residents who have previously
received $24,999 but continue to have unmet needs for down payment assistance,
emergency housing repair or rehabilitation, interim mortgage assistance, or energy
efficiency assistance.
Grantee shall cause its relevant personnel to participate in training provided by the
Authority.
Grantee shall cooperate with other local government participants and with the Authority
in developing and using an outreach plan to inform potential applicants of the Program.
All awards of financial assistance shall be acknowledged as being part of the Jumpstart
Housing Assistance Program.
The Grantee shall be entitled to an administrative fee. Grantee shall receive an amount
equal to five percent (5%) of the initial disbursement, which shall consist of the lesser of
thirty-percent(30%) of its initial allocation or such amount as the Grantee has reasonably
established as necessary. Subsequent thereto, Grantee shall receive five percent (5%) of
the funds loaned by the Grantee to eligible residents under the Program from subsequent
disbursements. The administrative fee shall be paid from the allocation made to the
Grantee, not in addition thereto.
Grantee shall make available all forms of financial assistance authorized by rule 265 -
-29.5, Iowa Administrative Code.
The Authority strongly encourages the Grantee to delegate the processing of Jumpstart
Interim Mortgage Assistance to one or more Iowa Mortgage Help counseling agencies,
and will provide all necessary assistance to facilitate such an arrangement.
Projected Uses of Housing Assistance.
The Grantee's targets for each of the eligible uses are as follows:
Jumpstart Housing Down Payment Assistance: 20 % of allocation
Jumpstart Housing Repair or Rehabilitation: 70 % of allocation
Jumpstart Housing Interim Mortgage Assistance: 10 % of allocation
AMENDED SCHEDULE 1
Initial Funding-September 2008 Additional Funding Pursuant to 2009 Iowa Acts HF 64-February 2009
Disaster Recovery Zone Jumpstart Housing Administration Jumpstart Housing Administration First Draw* First Draw Admin**
$ 20,000,000 5% $ 24,000,000 5% 30% 5%
City of Cedar Falls 4.64% $ 928,590.79 $ 46,430 $ 1,114,308.95 $ 55,715
City of Cedar Rapids 39.65% $ 7,930,467.61 $ 396,523 $ 9,516,561.13 $ 475,828
City of Des Moines 3.29% $ 658,711.43 $ 32,936 $ 790,453.71 $ 39,523
City of Iowa City 3.43% $ 686,196.58 $ 34,310 $ 823,435.90 $ 41,172
City of Waterloo 3.42% $ 683,988.69 $ 34,199 $ 820,786.43 $ 41,039
SWIPCO
SIMPCO
REGION XII
NWIPDC
MAPA
City of Council Bluffs
total region 2.71% $ 541,087.99 $ 27,054 $ 649,305.59 $ 32,465
NIACOG
MIDAS
REGION 6
Boone Co
Story Co
Jasper Co
Polk Co
City of Ames
City of West Des Moines
total region 8.65% $ 1,729,889.17 $ 86,494 $ 2,075,867.00 $ 103,793
INRCOG
UERPC
total region 10.63% $ 2,126,233.97 $ 106,312 $ 2,551,480.76 $ 127,574
ECICOG
total region 7.88% $ 1,575,276.63 $ 78,764 $ 1,890,331.96 $ 94,517
ECIA
BI-STATE
SEIRPC
City of Davenport
City of Dubuque
total region 10.87% $ 2,174,838.74 $ 108,742 $ 2,609,806.49 $ 130,490
SICOG
CVPD
AREA XV
Dallas Co
Warren Co
Marion Co
total region 4.82% $ 964,718.41 $ 48,236 $ 1,157,662.09 $ 57,883
*IFA will wire funds to grantee upon receipt of signed grant agreement and payment request form. The First Draw request
shall not exceed the lesser of 30%of the initial allocation of grant funds or such amount as grantee reasonably
establishes to IFA as necessary to assist eligible residents. Grantee shall request subsequent disbursements based on amount
of funds committed.
**Admin fee for first draw is automatic,additional admin fee is based on amount of funds committed.
Note:Cities and COGs printed in Bold on Schedule I,by signing the grant agreement,hereby agree to work with other eligible
local participants in their region,specifically,the COGs printed in bold above shall act as representatives for those non-bolded
COGs,counties and cities,listed directly below,for the prompt and equitable distribution of funds and overall administration
of the Jumpstart Housing Program.
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