Board Meeting Agenda Robert H. Helmick Room August 7, 2019 Iowa Finance Authority 11:00 am Des Moines, Iowa I. Consent Agenda • …

Board Meeting Agenda Robert H. Helmick Room August 7, 2019 Iowa Finance Authority 11:00 am Des Moines, Iowa

I. Consent Agenda

• Approval of Minutes of the July 10, 2019, IFA Board Meeting • AG 19-042B, Dustin D. Belknap • AG 19-043B, Christopher and Kristen Prendergast • AG 19-044B, Jordan Lee and Evelyn Mae Barry • AG 19-045B, Michael and Hillary Engbers • AG 19-046B, Christopher Henry and Sarah Beth Miller • AG-TC 19-07, Beginning Farmer Tax Credit Program • PAB 19-04A, Wellspire-Bettendorf, LLC Project • PAB 19-05A, R&R Realty Projects • WQ 19-12, SRF Planning and Design Loans • WQ 19-13, SRF Construction Loans

II. Administration • Director’s Report • GEN 19-08, Delegation of Signature Authority • Response to the State Auditor’s Review • Notice of Intended Action, Chapter 21: Home and Community-Based Services Revolving

Loan Program • Accounting and Finance

o June 2019 Financial Statement o FIN 19-10, HOME Loan Forgiveness, Saratoga Springs o FIN 19-07A, Amending Resolution: East Central Development Corporation Loan

• Communications Report III. HousingIowa

o HI 19-13, SHTF Project-Based Housing Awards o HI 19-14, National Housing Trust Fund Award

IV. Private Activity Bonds • PAB 14-09B-2, Fort Des Moines Apartments Project • PAB 17-09B-2, Cottage Grove Place Project

V. Miscellaneous • Receive Comments from General Public – 5 min/person: 30 minutes total time

VI. Adjournment – Next meeting is September 4, 2019 Items on the consent agenda may be removed from the consent agenda for separate consideration at the request of any Board member. Agenda items may be taken out of order at the discretion of the Board Chair.

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BOARD MEETING MINUTES

Iowa Finance Authority Des Moines, Iowa

July 10, 2019

Board Members Present Ashley Aust Darlys Baum

Ruth Randleman Amy Reasner

Jane Bell Lyle Borg

John Eisenman Michel Nelson

Gilbert Thomas Michael Van Milligen

Stefanie Devin

Board Members Absent

None

Staff Members Present Debi Durham, Executive Director Jess Flaherty, Executive Officer Lori Beary, Community Development Director Rita Eble, HOME Program Analyst Derek Folden, MultiFamily Underwriter Cindy Harris, Chief Financial Officer Steve Harvey, Accounting Director Ashley Jared, Communications Director Carolann Jensen, Chief Operating Officer Josh Kasibbo, Accounting Manager

Elizabeth Krugler, Assistant Communications Director Tim Morlan, MultiFamily Underwriter Jennifer Pulford, Loan Servicing Specialist Terri Rosonke, HousingIowa Development Specialist Matt Rousseau, ITG Deputy Director Brian Sullivan, Interim Chief Programs Officer Lauren Selfridge, Communications Intern Michelle Thomas, Accounting Manager Dave Vaske, LIHTC Manager Becky Wu, Loan Servicing Specialist

Others Present

David Grossklaus, Dorsey & Whitney Sue Foecke, Senate Democrat Staff

James Smith, Dorsey & Whitney Emily Willits, Iowa Attorney General

Kim Norvell, Des Moines Register Jessica Flannery, House Democrat Staff

Scott Fitzpatrick, MHEG Brandon Foldes, SHYFT Collective

Shane Boyer, SHYFT Collective

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Call to Order Chair Nelson called to order the July 10, 2019 meeting of the Iowa Finance Authority (IFA) Board of Directors at 11:00 a.m. Roll call was taken, and a quorum was established. The following Board members were present: Aust, Baum, Bell, Borg, Devin, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen.

Consent Agenda Chair Nelson introduced the consent agenda and asked if anyone wanted to request items be removed. Mr. Van Milligen stated he would be abstaining from voting on the consent agenda due to a conflict of interest. Mr. Van Milligen stated that he is the City Manager for the City of Dubuque and they were receiving a SRF Construction Loan. MOTION: Mr. Thomas made a motion to approve the items on the consent agenda, which included the following:

Approval of Minutes of the June 5, 2019, IFA Board Meeting AG 19-038B, Scott W. Beary AG 19-039B, James S. and Brook J. Soppe AG 19-040B, Ryan V. and Lisa J. Borntrager AG 19-041B, Brandon Lee and Nicole E. Bruning AG-LP 19-03, Loan Participation Program AG-TC 19-06, Beginning Farmer Tax Credit Program WQ 19-11, SRF Construction Loans

On a second by Ms. Randleman, the Board unanimously approved the items on the consent agenda. Mr. Van Milligen abstained from voting.

Election of Officers Chair Nelson asked for nominations for the IFA Board Officers. Ms. Baum made a motion to nominate the slate of officers as follows: Mr. Nelson for Board Chair, Ms. Randleman for Vice Chair and Mr. Thomas for Treasurer. On a second by Ms. Bell, the Board unanimously approved the slate of officers.

Years of Service Awards Chair Nelson and Director Durham presented Years of Service Awards to the following IFA employees and thanked them for their service to the organization: 5 years of service – Deanna Bahr, Teresa Middleton 10 years of service – Melody Berns, Debra Briggs, Jess Flaherty, Megan Hay, Ashley Jared, Karla Martinez 15 years of service – Steve Harvey, Cynthia Thompson 20 years of service – Rachael Hoffman, Nancy Wallis

Executive Director’s Report Ms. Durham gave an update on her recent travels and meetings around the state. She gave an update on the software upgrade for Iowa Title Guaranty.

May 2019 Financial Statement Mr. Harvey presented highlights of the May 2019 financial statement that was included in the board packet.

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MOTION: On a motion by Ms. Randleman and a second by Ms. Baum, the board unanimously accepted the May 2019 Financial Statement.

FIN 19-09, Authorizing Resolution for Single Family Bonds 2019 DEF Ms. Harris stated that FIN 19-07 would authorize the issuance of bonds in an amount not to exceed $125 million. She stated that the expected par size of the bond issue is currently anticipated to be about $85 million. The proceeds will be used to finance new Fannie Mae, Freddie Mac and GNMA mortgage-backed securities (“MBS”) from the FirstHome and Homes for Iowans loan program; down payment assistance and cost of issuance. The 2019 Bonds will be issued within the 1991 Single Family Indenture.

HI 19-11, HOME Award

Ms. Eble recommended approval of HI 19-11 which would award approximately $2.5 million in HOME funds. The awards include Tenant Based Rental Assistance and Homebuyer assistance projects. Mr. Thomas stated he would abstain from voting because he was a member of the board of one of the proposed recipients. MOTION: On a motion by Ms. Randleman and a second by Mr. Eisenman, the Board approved HI 19-11.

HI 19-12, LIHTC Settlement Agreement RE 2019 QAP Ms. Willits presented a LIHTC settlement agreement to the board. She stated the agreement would place the project, Central Avenue Historic Residences, at the top of the waiting list for returned credits and that they would receive five additional points in the next application round if they did not receive returned credits this year. Mr. Van Milligen stated he would abstain from voting because the project will be located in the City of Dubuque where he is the City Manager.

MOTION: On a motion by Ms. Reasner and a second by Mr. Thomas, the Board approved HI 19-12.

GEN 19-07, Purchase of 1963 Bell Avenue Ms. Aust stated she would abstain from discussion and votes regarding the purchase of 1963 Bell Ave due to her conflict of interest because she is employed by the seller. Ms. Durham stated that she believed that it was in the best interest of IFA both financially and strategically to purchase the building at 1963 Bell Avenue from Hubbell Realty Company. She stated that staff have been working with SHYFT Collective to do a full financial analysis with IFA as the landlord and Iowa Economic Development Authority (IEDA) as a tenant, as well as leasing the remaining space in the next few years. Brandon Foldes, SHYFT Collective, presented the full financial analysis to the board and answered questions. The board asked Ms. Harris and Ms. Jensen their opinion on purchasing the building; both stated they believed it was the best option for IFA financially. The board had a lengthy discussion regarding the purchase. Ms. Bell stated that she was hesitant due to the fast pace of the transaction and short amount of time to make a decision. Ms. Randleman made a motion to amend GEN 19-07 in Section 3 c.) to say “A form of lease with the Iowa Economic Development Authority (“IEDA”) confirming IEDA’s intent to lease a portion of the Property upon acquisition of the Property by the Authority on terms consistent with the financial projections contained in the July 9, 2019 SHYFT Collective 1963 Bell Avenue Lease v. Own Financial Analysis.” Mr. Eisenman seconded the motion. A roll call vote was taken with the following results: YES: Baum, Bell, Borg, Eisenman, Randleman, Reasner, Thomas, Van Milligen, and Nelson; NO: None; ABSTAIN: Aust. The motion passed.

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There was no further discussion and a motion was made by Mr. Thomas to approve GEN 19-07 as amended. Ms. Reasner seconded the motion. A roll call vote was taken with the following results: YES: Baum, Bell, Borg, Eisenman, Randleman, Reasner, Thomas, Van Milligen, and Nelson; NO: None; ABSTAIN: Aust. The motion passed.

Miscellaneous

Receive Comments from General Public Chair Nelson opened the public comment period and asked if anyone in the audience would like to address the Board.

Adjournment On a motion by Mr. Thomas and a second by Mr. Eisenman, the July 10, 2019, meeting of the IFA Board of Directors adjourned at 12:38 p.m. Dated this 7th day of August, 2019 Respectfully submitted: Approved as to form: Deborah Durham Michel Nelson, Chair Executive Director Iowa Finance Authority

To: IFA Board of Directors From: Tammy Nebola, Iowa Ag Program Specialist

Lori Beary, Community Development Director Date: July 29, 2019 Re: Iowa Agricultural Division Beginning Farmer Loan and Tax Credit Programs

Consent Agenda

Iowa Agricultural Development Division

Authorizing Resolutions AG 19-042 Dustin D. Belknap This is a resolution authorizing the issuance of $142,181 for Dustin D. Belknap. The bond will be used: To purchase approximately 36.93 acres of agricultural land in Des Moines County. The lender is Farmers Savings Bank in Wever.

• Need Board action on Resolution AG 19-042B AG 19-043 Christopher and Kristen Prendergast This is a resolution authorizing the issuance of $182,000 for Christopher and Kristen Prendergast. The bond will be used: To purchase approximately 59.41 acres of agricultural land in Jasper County. The lender is Leighton State Bank in Pella.

• Need Board action on Resolution AG 19-043B AG 19-044 Jordan Lee and Evelyn Mae Barry This is a resolution authorizing the issuance of $501,312 for Jordan Lee and Evelyn Mae Barry. The bond will be used: To purchase approximately 134.22 acres of agricultural land in Harrison County. The lender is Shelby County State Bank in Harlan.

• Need Board action on Resolution AG 19-044B AG 19-045 Michael and Hillary Engbers This is a resolution authorizing the issuance of $189,000 for Michael and Hillary Engbers. The bond will be used: To purchase approximately 25 acres of agricultural land in Jasper County. The lender is First State Bank in Lynnville.

• Need Board action on Resolution AG 19-045B

AG 19-046 Christopher Henry and Sarah Beth Miller This is a resolution authorizing the issuance of $453,385 for Christopher Henry and Sarah Beth Miller. The bond will be used: To purchase approximately 115 acres of agricultural land in Fayette County. The lender is First National Bank in Waverly.

• Need Board action on Resolution AG 19-046B

Beginning Farmer Tax Credit Program AG-TC #19-07, Beginning Farmer Tax Credit Program The Agricultural Assets Transfer Tax Credit commonly referred to as the Beginning Farmer Tax Credit (BFTC) program allows agricultural asset owners to earn tax credits for leasing their land, equipment and/or breeding livestock to beginning farmers. Leases must be for terms of 2-5 years. The tax credit for cash rent leases is 5% of the amount of the rent. The tax credit for crop share leases and the flex portion is 15%. The maximum amount of tax credits allocated cannot be more than $12 million in any one year. Attached are the BFTC applications reviewed last month. The IADD Board has recommended approval.

Resolution B

Page 1

RESOLUTION

AG 19-042B

A Resolution authorizing the issuance and sale of an Agricultural Development Revenue Bond

to finance the acquisition of a Project by a Beginning Farmer; the execution of a Financing Agreement

providing the terms and sale of such Bond and for the repayment of the loan of the proceeds of such

bond; and related matters.

WHEREAS, the Iowa Finance Authority (the “Authority”) is a public instrumentality and

agency of the State of Iowa established and empowered by the provisions of Chapter 16 of the Code of

Iowa (together, the “Act”) to issue its negotiable bonds and notes for the purpose of financing in whole

or in part the acquisition by construction or purchase of Agricultural Land, Agricultural Improvements,

or Depreciable Agricultural Property by a Beginning Farmer; and

WHEREAS, the Authority has received and has approved an Application from the Beginning

Farmer identified on Exhibit A hereto (the “Beginning Farmer”) to issue its Agricultural Development

Revenue Bond (the “Bond”) in the principal amount identified on Exhibit A hereto (the “Principal

Amount”) to finance the acquisition of the Project identified on Exhibit A hereto (the “Project”); and

WHEREAS, it is necessary and advisable that provisions be made for the issuance of the Bond

in the Principal Amount as authorized and permitted by the Act to finance the cost of the Project to that

amount; and

WHEREAS, the Authority will loan the proceeds of the Bond to the Beginning Farmer pursuant

to the provisions of a Financing Agreement among the Authority, the Bond Purchaser identified in

Exhibit A hereto (the “Lender”) and the Beginning Farmer (the “Agreement”), the obligation of which

will be evidenced by a Promissory Note the repayment of which will be sufficient to pay the principal

of, redemption premium, if any, and interest on the Bond as and when the same shall be due and payable;

and

WHEREAS, the Bond will be sold to the Lender pursuant to and secured as provided by the

Agreement; and

NOW, THEREFORE, BE IT RESOLVED by the Iowa Finance Authority as follows:

Section 1. The Project Consistent with the Act. It is hereby determined that the Project, as

described in the representations and certifications of the Beginning Farmer in the Application to the

Authority and in the Agreement qualifies under the Act for financing with the proceeds of the Bond, and

further, it is found and determined that the financing of the Project will promote those public purposes

outlined in the Act.

Section 2. Authorization of the Bond. In order to finance the cost of the Project, the Bond

shall be and the same is hereby authorized, determined and ordered to be issued in the Principal Amount.

The Bond shall be issued as a single Bond in fully registered form, transferable only in accordance with

its terms, and shall be dated, shall be executed, shall be in such form, shall be payable, shall have such

prepayment provisions, shall bear interest at such rates, and shall be subject to such other terms and

conditions as are set forth in the Agreement and the Bond. However, if so requested by the Beginning

Resolution B

Page 2

Farmer and the Lender, the Chairman or Vice Chairman is hereby empowered to adjust the Principal

Amount of the Bond and any of the other terms and conditions as set forth therein or in the Agreement,

to an amount or in such manner as is mutually acceptable to the Lender and the Beginning Farmer,

provided that the principal amount of the Bond after adjustment is never more than the Principal Amount.

In the event such adjustments are made, they shall be set forth in the Agreement. The Bond and the

interest thereon do not and shall never constitute an indebtedness of or a charge either against the State

of Iowa or any subdivision thereof, including the Authority, within the meaning of any constitutional or

statutory debt limit, or against the general credit or general fund of the Authority, but are limited

obligations of the Authority payable solely from revenues and other amounts derived from the

Agreement and the Project and shall be secured by an assignment of the Agreement and the revenues

derived therefrom to the Lender. Forms of the Bond and the Agreement are before this meeting and are

by this reference incorporated in this Bond Resolution, and the Secretary is hereby directed to insert

them into the minutes of the Authority and to keep them on file.

Section 3. Agreement; Sale of the Bond. In order to provide for the loan of the proceeds of

the Bond to the Beginning Farmer to finance the Project and the payment by the Beginning Farmer of

amounts sufficient to pay the principal of, premium, if any, and interest on the Bond, and in order to

provide for the sale of the Bond to the Lender and the conditions with respect to the delivery thereof, the

Executive Director shall execute in the name and on behalf of the Authority the Agreement in

substantially the form submitted to the Authority, which is hereby approved in all respects. However,

the Executive Director is empowered to amend the Agreement prior to the execution thereof to conform

the same to any adjustments of the Principal Amount or other provisions of the Bond as authorized in

Section 2 hereof. The sale of the Bond to the Lender is hereby approved and the Chairman or Vice

Chairman and Secretary of the Authority are hereby authorized and directed to execute and deliver the

Bond to the Lender. Payment by the Lender of the purchase price, namely the Principal Amount, or

such lesser amount as determined by the Chairman or Vice Chairman pursuant to Section 2 hereof, in

immediately available funds in accordance with the Agreement shall constitute payment in full for the

Bond. The Lender shall immediately deposit such purchase price to the account or credit of the

Beginning Farmer in accordance with the Agreement to effect the making of the loan of the proceeds of

sale of the Bond to the Beginning Farmer pursuant to the Agreement.

Section 4. Repayment of Loan. The Agreement requires the Beginning Farmer in each year to

pay amounts as loan payments sufficient to pay the principal of, redemption premium, if any, and interest

on the Bond when and as due and the payment of such amounts by the Beginning Farmer to the Lender

pursuant to the Agreement is hereby authorized, approved, and confirmed.

Section 5. Filing of Agreement. The Executive Director is authorized and directed to file a

copy of this resolution and the Agreement with the Iowa Secretary of State pursuant to Sections 16.26(7)

and 175.17(7) of the Act to evidence the pledge of or grant of a security interest, in the revenues to be

received under, and all of the Authority’s interests in the Agreement, by the Authority to the Lender.

Section 6. Miscellaneous. The Chairman, Vice Chairman, and/or Secretary are hereby

authorized and directed to execute, attest, seal and deliver any and all documents and do any and all

things deemed necessary to effect the issuance and sale of the Bond and the execution and delivery of

the Agreement, and to carry out the intent and purposes of this resolution, including the preamble hereto.

Resolution B

Page 3

Section 7. Severability. The provisions of this resolution are hereby declared to be separable,

and if any section, phrase, or provisions shall for any reason be declared to be invalid, such declaration

shall not affect the validity of the remainder of the sections, phrases, and provisions.

Section 8. Repealer. All resolutions, parts of resolutions or prior actions of the Authority in

conflict herewith are hereby repealed to the extent of such conflict.

Section 9. Effective Date. This resolution shall become effective immediately upon adoption.

Passed and approved this 7th day of August, 2019.

(Seal)

____________________________________

Deborah Durham, Secretary

Resolution B

Page 4

EXHIBIT A

1. Project Number: AG 19-042

2. Beginning Farmer: Dustin D. Belknap

1120 Main St

Mediapolis, IA 52637-7836

3. Bond Purchaser: Farmers Savings Bank

3542 168th St, PO Box 38

Wever, IA 52658-0038

4. Principal Amount: $142,181

5. Initial Approval Date: 7/24/2019

6. Public Hearing Date: 7/24/2019

7. Bond Resolution Date: 8/7/2019

8. Project: To purchase approximately 36.93 acres of agricultural

land

Resolution B

Page 1

RESOLUTION

AG 19-043B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








(Seal)

____________________________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Christopher and Kristen Prendergast

9322 W 70th St S

Prairie City, IA 50228-8340

3. Bond Purchaser: Leighton State Bank

900 Washington St, PO Box 6

Pella, IA 50219-0006






land

Resolution B

Page 1

RESOLUTION

AG 19-044B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








(Seal)

____________________________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Jordan Lee and Evelyn Mae Barry

3244 210th St

Woodbine, IA 51579-5045

3. Bond Purchaser: Shelby County State Bank

508 Court St, PO Box 29

Harlan, IA 51537-0029






land

Resolution B

Page 1

RESOLUTION

AG 19-045B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








(Seal)

____________________________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Michael and Hillary Engbers

11946 S 60th Ave E

Lynnville, IA 50153-8601

3. Bond Purchaser: First State Bank

413 East St, PO Box 187

Lynnville, IA 50153-0187





8. Project: To purchase approximately 25 acres of agricultural

land

Resolution B

Page 1

RESOLUTION

AG 19-046B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








(Seal)

____________________________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Christopher Henry and Sarah Beth Miller

1603 Rubble Rd

Waverly, IA 50677-4383

3. Bond Purchaser: First National Bank

316 E Bremer Ave, PO Box 837

Waverly, IA 50677-0837





8. Project: To purchase approximately 115 acres of agricultural

land

RESOLUTION

AG-TC 19-07

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the statutory directives set

forth in Chapter 16 of the Code of Iowa, has established the Iowa Agricultural Development Division (“IADD”)

to administer the Agricultural Assets Transfer Tax Credit program and the Custom Farming Contract Tax Credit

(together the “Iowa Agricultural Tax Credit Programs”); and

WHEREAS, the Authority offers tax credits under the Iowa Agricultural Tax Credit Programs as a means

of encouraging the execution of assets transfer agreements and custom farming contracts with beginning farmers;

and

WHEREAS, the Authority has received applications seeking tax credit allocations from the Iowa

Agricultural Tax Credit Programs; and

WHEREAS, the IADD has determined the applications meet the eligibility requirements of Chapter 16;

and

WHEREAS, the IADD Board has recommended approval of the tax credit applications set forth on

Exhibit A; and

WHEREAS, the Authority desires to authorize the allocation of tax credits set forth on Exhibit A;

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as follows:

SECTION 1. The Board authorizes the Executive Director to execute and deliver for and on behalf of

the Authority any and all certificates, documents, opinions or other papers and perform all other acts as may be

deemed necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution.

SECTION 2. The Board authorizes allocating tax credits to the asset owners set forth on Exhibit A,

attached hereto, against taxes imposed in chapter 422, division II, as provided in section 422.11M, and in chapter

422, division III, as provided in section 422.33, and such other restrictions as may be deemed necessary and

appropriate by the Executive Director.

SECTION 3. The Board authorizes the Executive Director to certify said tax credits in the manner

deemed necessary and appropriate by the Executive Director, subject to the terms and conditions of this

Resolution.

SECTION 4. The provisions of this Resolution are declared to be separable, and if any section, phrase

or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the

remainder of the sections, phrases and provisions.

SECTION 5. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith

are hereby repealed to the extent of such conflict and this Resolution shall become effective immediately upon

adoption.

PASSED AND APPROVED this 7th day of August 2019.

(Seal)


Project # Owner Name County Beginning Farmer Rental Type Rent/% Term(Years) Total Award

3709 James & Barbara Watson Living Trust SacJarid & Pamela Currie and

Nick & Amanda CurrieShare Crop 50% 5 19,993.10$

3743 Joy Schwab Hancock Nathan & Laina Legler Flex 0% 2 3,345.38$

3761 Anita Hallquist Cherokee Kale Nelson Cash Rent $300 2 3,810.00$

3764 McCoskey Limited Partnership HamiltonJacob Grandgeorge and

Brad & Paige GrandgeorgeFlex 0% 2 6,030.18$

3766 Susan M May MitchellGabriel Kyle & Amy Marie

MayCash Rent $200 5 10,653.00$

3767 Duane F & Helen I May MitchellGabriel Kyle & Amy Marie

MayShare Crop 50% 5 65,989.25$

3770 Sutton Farms Inc Greene Justin Ostrander Flex 0% 5 42,909.95$

3771 William K Sutton Trust Greene Justin Ostrander Flex 0% 5 9,832.20$

3772Sutton Farms Inc and William K & Donna K

SuttonGreene Justin Ostrander Flex 0% 5 10,573.70$

3773 William K & Donna K Sutton Greene Justin Ostrander Flex 0% 5 10,576.50$

3774 D & J L, LLC Plymouth Alex & Lindsay Langel Share Crop 50% 5 118,288.05$

3775William K & Donna K Sutton and Sharon &

John WarderGreene Justin Ostrander Flex 0% 5 5,299.60$

3776 Kevin & Tamara Neubauer Ida Seth Taylor Neubauer Cash Rent $227.98 5 6,018.75$

3777 Darrell W & Janice F Hawthorne Calhoun Conner & Ashley Hildreth Cash Rent $250 2 13,775.00$

3778 Steven J & Cynthia M Zahnd Marshall Joshua Lee Pfantz Cash Rent $260 2 9,386.00$

3779 Roberta Rae Edgar and Bruce Allen Nygren Marshall Joshua Lee Pfantz Cash Rent $280.32 3 9,322.08$

3785 Russell J Collingwood Iowa Charles Boland Share Crop 50% 2 13,496.88$

3786 Ronald & Judith Clayton Poweshiek Scott Clayton Share Crop 50% 5 214,899.70$

3787 Dean McClelland Poweshiek Jill Clayton Cash Rent $273.38 5 20,000.00$

3789 Susan M May and Duane F & Helen I May MitchellGabriel Kyle & Amy Marie

MayHybrid $200/50% 5 14,469.38$

3790 Pam Don Inc Fremont Ty Schillerstrom Share Crop 50% 2 9,694.32$

3794 David P & Carol J Danner Carroll Jason Vonnahme Cash Rent $200 2 1,800.00$

3795 Charles R Sand Rev Trust Cherokee JS Co Inc Share Crop 50% 5 47,368.40$

3796 Phillip G and Lisa A Blum Crawford John Blum Share Crop 50% 5 29,964.90$

3800 KLA Farms Inc Wright Troy J Anderson Share Crop 50% 4 20,191.84$

717,688.16$

Beginning Farmer Tax Credit Program

Exhibit A

Page 1 of 1

To: IFA Board of Directors

From: Lori Beary, Community Development Director

Date: 7/29/19

Re: Consent Agenda

Private Activity Bond Program

PAB #19-04 Wellspire-Bettendorf, LLC Project

This is an application for $41,600,000 of Iowa Finance Authority Revenue Bonds for the

Wellspire-Bettendorf Project. The bonds will be used to construct a senior living campus

consisting of 105 independent living units, 33 assisted living suites and a 40 bed nursing facility.

Genesis Health System and WesleyLife, which are each 501 c(3) entities are the sole members of

WellSpire, LLC.

• Resolution PAB 19-04A

PAB #19-05 R&R Realty Projects

This is an application for $32,000,000 of Iowa Finance Authority Midwestern Disaster Area and

Small Business Development Revenue Bonds for Sonoma Building, LLC, Dice Building, LLC

and Three Fountains II, LLC. The bonds will be used to refinance several series of bonds.

• Resolution PAB 19-05A

State Revolving Fund

SRF Planning and Design Loans - WQ 19-12

This is a resolution to approve SRF Planning and Design Loans totaling $6,713,000 for Clarion,

Elk Run Heights, Elliot, McGregor, Miles, Nevada, Osceola, Pella and Raymond. P&D loans have

0% interest for up to 3 years to help communities with the costs during the planning and design

phase of their wastewater or drinking water project.

SRF Construction Loans - WQ 19-13

This is a resolution to approve SRF Construction Loans totaling $21,539,000 for Fort Dodge,

Hawarden, Melcher-Dallas, Wapello and Woodland Ridge LOA. SRF loans have an interest rate

of 1.75% for 20 years or 2.75% for 30 years.

RESOLUTION

PAB 19-04A

Approving an Application for $41,600,000

Iowa Finance Authority Revenue Bonds

(Wellspire-Bettendorf, LLC Project), in one or more series

For Wellspire-Bettendorf, LLC (the “Borrower”)

And Evidencing the Intent to Proceed with the Issuance of

$41,600,000 Revenue Bonds

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State of

Iowa duly organized and existing under and by virtue of the Constitution and laws of the State of Iowa

(the “Authority”) is authorized and empowered by Chapter 16 of the Code of Iowa (the “Act”) to issue

bonds and notes for the purpose of financing or refunding the cost of certain projects defined in the Act

that further the development and expansion of family farming, soil conservation, housing, and business

in the State; and

WHEREAS, the Authority has received the Private Activity Bond Program Application set forth

in Exhibit A attached hereto (the “Application”) which Application is incorporated herein as though set

out here in full; and

WHEREAS, the Application is a request that the Authority issue its revenue bonds in an amount

not to exceed $41,600,000 (the “Bonds”) and loan the proceeds from the sale of the Bonds to the

Borrower listed in the Application for the purposes stated therein (the “Project”); and

WHEREAS, the Authority and the Borrower desire to comply with the requirements of Treasury

Regulation 1.150-2 (the “Regulations”) with respect to the Project;

NOW, THEREFORE, Be It Resolved by the Board of the Authority, as follows:

Section 1. Approval of Application. The Application is hereby approved, and the Executive

Director of the Authority is authorized to notify the Borrower of such approval.

Section 2. Reimbursement from Bond Proceeds. Based upon representations of the

Borrower, the Authority declares (a) that the Borrower proposes to undertake the Project, (b) that except

for (i) expenditures aggregating no more than the lesser of $100,000 or 5% of the proceeds of the Bonds,

(ii) preliminary expenditures (as described in the Regulations) in an amount not to exceed 20% of the

issue price of the Bonds, and (iii) other expenditures made not earlier than 60 days before the date

hereof, no expenditures for the Project have been made by the Borrower and no expenditures will be

made by the Borrower until after the date hereof, and (c) the Borrower reasonably expects to reimburse

the expenditures made for costs of the Project with the proceeds of the Bonds. This Resolution is a

declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations.

Section 3. Intent to Issue Bonds. It is hereby determined necessary and advisable that the

Authority proceed with the issuance and sale of the Bonds as permitted by the Act and that the Authority

hereby declares its intent to issue the Bonds to finance the Project, and that such actions will be taken by

the Authority as may be required by the Act to authorize, issue and sell the Bonds.

Section 4. Execution and Approval of Agreements. The Authority will enter into all

agreements necessary to be entered into by the Authority in connection with the issuance and sale of the

Bonds. The Authority’s Program Counsel and/or General Counsel shall approve all agreements to be

entered into in connection with the issuance of the Bonds, and such agreements shall be authorized and

approved after due consideration by the Authority prior to their execution by the Authority.

Section 5. Notice and Governor Approval. The Executive Director, and the staff of the

Authority are directed, on behalf of the Authority, to publish notice of the proposal to issue the Bonds,

to conduct a public hearing on such proposal and, following such hearing, obtain the approval of the

Governor as the chief elected executive officer, all as required by Section 147(f) of the Internal Revenue

Code of 1986, as amended.

Section 6. Preliminary Official Statement. The Executive Director and the staff of the

Authority are authorized to cooperate in the preparation of a preliminary official statement with respect

to the Bonds, and that the Executive Director is authorized to execute and deliver such certificates to

comply with SEC Rule 15c2-12 in connection with the offer, sale and issuance of the Bonds.

Section 7. Further Actions. The officers, Executive Director and Program Counsel of the

Authority are hereby authorized and directed to take such further actions as may be necessary to effect

the intent and purpose of this Resolution, the accomplishment of the Project and the sale and issuance of

the Bonds.

Section 8. Not Obligations of the Authority. The Bonds, when issued, shall be limited

obligations payable solely out of the revenues derived from the debt obligation, collateral, or other

security furnished by or on behalf of the Borrower. The Bonds, the interest thereon and any other

payments or costs incident thereto do not constitute an indebtedness or a loan of the credit of the

Authority, the State of Iowa or any political subdivision thereof within the meaning of any constitutional

or statutory provisions. The Authority does not pledge its faith or credit nor the faith or credit of the

State of Iowa nor any political subdivision of the State of Iowa to the payment of the principal of, the

interest on or any other payments or costs incident to the Bonds. The issuance of the Bonds and the

execution of any documents in relation thereto do not directly, indirectly or contingently obligate the

State of Iowa or any political subdivision of the State of Iowa to apply money from or levy or pledge

any form of taxation whatever to the payment of the principal of or interest on the Bonds or any other

payments or costs incident thereto. The Authority has no taxing power.

Section 9. Costs. It is to be understood that the Borrower shall pay all reasonable and

necessary costs, including costs of counsel, and expenses of the Authority related to the Bonds and the

Project.

Section 10. Repealer. All resolutions, parts of resolutions, and prior actions of the Authority

in conflict herewith are hereby repealed to the extent of such conflict.



(Seal)

RESOLUTION

PAB19-05A

Approving an Application for not to exceed $32,000,000 for the Reissuance of

Iowa Finance Authority Midwestern Disaster Area and Small Business Development Revenue

Bonds, in one or more series

For Sonoma Building, LLC, Dice Building, LLC, and Three Fountains II, LLC (collectively the

“Borrowers”)

And Evidencing the Intent to Proceed with the Reissuance of not to exceed

$32,000,000 Midwestern Disaster Area and Small Business Development Revenue Bonds

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State

of Iowa duly organized and existing under and by virtue of the Constitution and laws of the State

of Iowa (the “Authority”) is authorized and empowered by Chapter 16 of the Code of Iowa (the

“Act”) to issue bonds and notes for the purpose of financing or refunding the cost of certain

projects defined in the Act that further the development and expansion of family farming, soil

conservation, housing, and business in the State; and

WHEREAS, the Authority has received the Private Activity Bond Program Application set

forth in Exhibit A attached hereto (the “Application”) which Application is incorporated herein as

though set out here in full; and

WHEREAS, the Application is a request that the Authority enter into certain amendments

to the documents pursuant to which the bonds listed in the Application (the “Bonds”) were

originally issued, which amendments will result in a reissuance of the Bonds in an amount not to

exceed $32,000,000 (the “Reissuance”);


Section 1. Approval of Application. The Application is hereby approved, and the

Executive Director of the Authority is authorized to notify the Borrowers of such approval.

Section 2. Intent to Reissue Bonds. It is hereby determined necessary and advisable

that the Authority proceed with the Reissuance of the Bonds as permitted by the Act and that the

Authority hereby declares its intent to reissue the Bonds, and that such actions will be taken by the

Authority as may be required by the Act to reissue the Bonds.

Section 3. Execution and Approval of Amendments and Agreements. The Authority

will enter into all amendments to existing agreements and any other agreements necessary to be

entered into by the Authority in connection with the reissuance of the Bonds. The Authority’s

Program Counsel and/or General Counsel shall approve all amendments and/or agreements to be

entered into in connection with the reissuance of the Bonds, and such agreements shall be

authorized and approved after due consideration by the Authority prior to their execution by the

Authority.

Section 4. Notice and Governor Approval. If necessary, the Executive Director, and

the staff of the Authority are directed, on behalf of the Authority, to publish notice of the proposal

to issue the Bonds, to conduct a public hearing on such proposal and, following such hearing,

obtain the approval of the Governor as the chief elected executive officer, all as required by Section

147(f) of the Internal Revenue Code of 1986, as amended.

Section 5. Further Actions. The officers, Executive Director and Program Counsel of

the Authority are hereby authorized and directed to take such further actions as may be necessary

to effect the intent and purpose of this Resolution, the accomplishment of the reissuance of the

Bonds.

Section 6. Not Obligations of the Authority. The Bonds are now and, when reissued,

shall be limited obligations payable solely out of the revenues derived from the debt obligation,

collateral, or other security furnished by or on behalf of the Borrowers. The Bonds, the interest

thereon and any other payments or costs incident thereto do not constitute an indebtedness or a

loan of the credit of the Authority, the State of Iowa or any political subdivision thereof within the

meaning of any constitutional or statutory provisions. The Authority does not pledge its faith or

credit nor the faith or credit of the State of Iowa nor any political subdivision of the State of Iowa

to the payment of the principal of, the interest on or any other payments or costs incident to the

Bonds. The issuance of the Bonds and the execution of any documents in relation thereto do not

directly, indirectly or contingently obligate the State of Iowa or any political subdivision of the

State of Iowa to apply money from or levy or pledge any form of taxation whatever to the payment

of the principal of or interest on the Bonds or any other payments or costs incident thereto. The

Authority has no taxing power.

Section 7. Costs. It is to be understood that the Borrowers shall pay all reasonable and

necessary costs, including costs of counsel, and expenses of the Authority related to the reissuance

of the Bonds.

Section 8. Repealer. All resolutions, parts of resolutions, and prior actions of the

Authority in conflict herewith are hereby repealed to the extent of such conflict.



(Seal)

RESOLUTION WQ 19-12

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the statutory

directives set forth in Chapter 16 of the Code of Iowa and sections 455B.291 through and including 455B.299 of the Code of Iowa, works with the Iowa Department of Natural Resources to administer the Iowa Water Pollution Control Works Financing Program and the Iowa Drinking Water Facilities Financing Program (collectively, the “SRF Program”); and

WHEREAS, the Authority offers loans under the SRF Program for planning and design expenses

associated with clean water and drinking water projects (the “Planning and Design Loans”); and WHEREAS, the Authority offers the Planning and Design Loans as zero interest loans maturing

no later than three years from execution; and WHEREAS, the communities listed on Exhibit A have applied to the Authority for financial

assistance through Planning and Design Loans; and WHEREAS, the Authority desires to approve Planning and Design Loans to the communities and

in the amounts set forth on Exhibit A;

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as follows:

SECTION 1. The Board authorizes the Executive Director to execute and deliver for and on

behalf of the Authority any and all certificates, documents, opinions or other papers and perform all other acts as may be deemed necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution.

SECTION 2. The Board authorizes funding Planning and Design Loans to the communities

and in the amounts set forth on Exhibit A attached hereto, each with an interest rate of 0%, with a maturity of not to exceed three years, and such other restrictions as may be deemed necessary and appropriate by the Executive Director.

SECTION 3. The Board authorizes the Executive Director to fund said loan from funds held

under the SRF Program, all in the manner deemed necessary and appropriate by the Executive Director, subject to the terms and conditions of this Resolution.

SECTION 4. The provisions of this Resolution are declared to be separable, and if any section,

phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions.

SECTION 5. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith are hereby repealed to the extent of such conflict and this Resolution shall become effective immediately upon adoption. PASSED AND APPROVED this 7th day of August, 2019. Deborah Durham, Secretary (Seal)

Borrower County Pop. Amount CW/DW Description

Clarion Wright 2,850 $1,500,000 DW Treatment Improvements

Elk Run Heights Black Hawk 1,133 $352,000 CW Treatment Improvements

Elliot Montgomery 327 $225,000 CW Transmission Improvements

McGregor Clayton 871 $144,000 CW Transmission Improvements

Miles Jackson 445 $390,000 CW Treatment Improvements

Nevada Story 6,800 $2,885,000 CW Treatment Improvements

Osceola Clarke 4,929 $495,000 CW Treatment Improvements

Pella Marion 10,300 $370,000 CW Treatment Improvements

Raymond Black Hawk 1,133 $352,000 CW Treatment Improvements

$6,713,000

Exhibit APlanning and Design Loans

RESOLUTION WQ 19-13


directives set forth in Chapter 16 of the Code of Iowa and sections 455B.291 through and including 455B.299 of the Code of Iowa, works with the Iowa Department of Natural Resources (the “Department”), to administer the Iowa Water Pollution Control Works Financing Program and the Iowa Drinking Water Facilities Financing Program (collectively, the “SRF Program”); and

WHEREAS, the Authority offers loans under the SRF Program as a means of financing all or part of

the construction of certain drinking water or wastewater treatment facilities; and

WHEREAS, the construction activities being undertaken meet the requirements of the SRF Program and have been approved by the Department; and

WHEREAS, the Authority offers the SRF loans at below market interest maturing no later than thirty

years from execution; and WHEREAS, the Authority desires to approve SRF Loans to the communities and in the amounts set

forth on Exhibit A;

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as follows: SECTION 1. The Board authorizes the Executive Director to execute and deliver for and on

behalf of the Authority any and all certificates, documents, opinions or other papers and perform all other acts as may be deemed necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution.

SECTION 2. The Board authorizes funding SRF Loans to the communities and in the

approximate amounts set forth on Exhibit A attached hereto, each with an interest rate of 1.75% for a maturity of twenty years or an interest rate of 2.75% with a maturity of not to exceed thirty years, and such other restrictions as may be deemed necessary and appropriate by the Executive Director.

SECTION 3. The Board authorizes the Executive Director to fund said loan from funds held under

the SRF Program, all in the manner deemed necessary and appropriate by the Executive Director, subject to the terms and conditions of this Resolution.

SECTION 4. The provisions of this Resolution are declared to be separable, and if any section,

phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions.

SECTION 5. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith are hereby repealed to the extent of such conflict and this Resolution shall become effective immediately upon adoption. PASSED AND APPROVED this 7th day of August, 2019. (Seal) Deborah Durham, Secretary

Borrower County Population Amount CW/ DW Description

Fort Dodge Webster 25,136 $15,500,000 CW Transmission Improvements

Hawarden Sioux 2,546 $3,510,000 CW Treatment Improvements

Melcher-Dallas Marion 1,288 $1,450,000 CW Transmission Improvements

Wapello Louisa 2,067 $441,000 CW Transmission Improvements

Woodland Ridge LOA Johnson 60 $638,000 DW Connection to Iowa City

$21,539,000

Exhibit A

SRF Construction Loans

RESOLUTION GEN 19-08

Resolution authorizing the Executive Director, Chief Financial Officer, Chief Operating Officer or Community Development Director to Sign Documents, Instruments and Agreements on behalf of the Authority NOW, THEREFORE, Be It Resolved by the Board of the Authority, as follows:

Section 1. Authorization to Sign Documents. The Executive Director, the Chief

Financial Officer, the Chief Operating Officer, or the Community Development Director or any one of them (each an “Authorized Officer”) are hereby authorized to execute and deliver on behalf of the Authority any agreement, document or instrument as any Authorized Officer may deem necessary or appropriate in order to implement and carry out the intent and purpose of (a) any statute or administrative rule by which the Authority is bound (other than those statutes or administrative rules requiring a person holding a specified office to sign), or (b) any resolutions adopted by the Authority prior to or after the adoption of this Resolution.

Section 2. Severability. The provisions of this Resolution are declared to be

separable, and if any section, phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions.

Section 3. Repealer. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith are hereby repealed to the extent of such conflict and this Resolution shall become effective immediately upon adoption.


____________________________________ Deborah Durham, Secretary

(Seal)

To: IFA Board of Directors From: Steven E Harvey Date: July 18, 2019 Re: June 2019 Financial Results

Year-to-Date Housing Authority Results ($ in thousands)

For the year ending June 30, 2019, the Housing Authority operated favorably to budget. The original budget has been adjusted for the change in service release premium, the Weinhardt investigation, the Eide Bailly forensic audit, the Habitat for Humanity Grant, the Region 6 HTF disaster aid grant, and the $4.2 million reimbursement to the State Appeal Board.

Operating Revenue was $218 or 0.5% below budget but 8.2% above last year. MBS interest and MBS gain on sales fell short of budget due to lower than planned MBS production.

Operating Expense was $7,192 or 19.1% below budget and 7.1% below last year. A $3,316 adjustment to the Keokuk Hospital loan reserve in June and favorable performance in interest and employee expenses were the leading factors with most expense categories running below budget.

$30,960$27,720 $29,150 $28,742

$32,782 $33,387

$10,194$13,199

$14,344 $14,477

$13,907 $13,625

$41,406 $41,185$43,847 $43,510

$47,086 $47,304

$0$5,000

$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000$50,000

FY15 FY16 FY17 FY18 FY19 Bud19 R5

Operating Revenue - YTD

Interest Revenue Fee Revenue Authority & Other Revenue

$13,106 $12,046 $12,391 $13,830 $16,193 $17,169

$9,372 $9,593 $10,747$10,404

$9,294$10,811

$3,973 $5,114$5,078 $5,073 $4,766

$5,138

$23,956

$33,692$30,868

$32,796$30,481

$37,673

-$5,000$0

$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000


Operating Expense - YTD

Interest Expense Employee Expenses Professional Services Other Expenses

1

As a result, NOIBG was $6,974 or 72.4% favorable to budget.

Net Grant Expense of $1,618 was $2,423 favorable to budget due to timing of receipts and expenditures.

$17,450

$7,492

$12,979

$10,714

$16,604

$9,631

$0$2,000$4,000$6,000$8,000

$10,000$12,000$14,000$16,000$18,000$20,000


Net Operating Income (Loss) Before Grants - YTD

$70,623 $73,284 $73,943 $71,057 $74,438 $73,548

$17,413 $10,365 $11,069$10,478

$11,268 $9,977

$88,140$83,721 $85,103 $81,535

$85,706 $83,525

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000

$100,000


Grant Revenue - YTD

Grant Revenue - Federal Grant Revenue - State Grant Revenue - Misc

$68,581$79,302

$70,551 $68,813 $73,739 $72,219

$18,115

$11,264

$12,387 $10,768$10,662 $11,959

$90,191 $93,704$86,313

$82,316$87,324 $87,566

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000

$100,000


Grant Expense - YTD

Grant Expense - Federal Grant Expense - State Grant Expense - IFA

2

NOIAG was $5,590 or 168.1% favorable to budget.

Total Assets have increased $137,709 since last year. IFA issued Single Family mortgage bonds in October and June in the amounts of $58,995 and $81,965 respectively.

MBS purchases finished the year $18,724 below budget.

$15,399

-$2,491

$11,769

$9,933

$14,987

$5,590

-$4,000-$2,000

$0$2,000$4,000$6,000$8,000

$10,000$12,000$14,000$16,000$18,000


Net Operating Income (Loss) After Grants - YTD

$172,378 $171,967 $204,161 $219,655 $245,398 $208,366

$400,887 $421,702$438,957

$499,427$599,430

$581,295

$146,581 $117,546$121,180

$117,800

$118,381$123,733$738,588 $737,715

$790,126$866,194

$1,003,903$946,417

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000


Assets

Cash, CE, & Inv Mortgage Backed Securities Loans Other Assets

$150,806

$208,199

$247,293$221,984 $221,276

$240,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000


MBS Purchases - YTD

3

Housing Authority Long-Term Measures

This ratio is an indicator of the Housing Authority’s financial strength and ability to increase debt to acquire assets

This ratio represents the rate of return on the Housing Authority’s assets.

This is the rate of interest earned, after interest expense is deducted, on the Housing Authority’s cash, cash equivalents, investments, MBS, and loans.

This ratio is the percentage of MBS and Loans (Mission Assets) to the Housing Authority’s total assets

14.1% 12.6% 12.4% 11.5%17.0%

24.6%28.9%

33.5%

42.5% 44.3% 41.1% 38.0% 34.8%

0%

10%

20%

30%

40%

50%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Equity to Asset Ratio > 25.0%

Actual

Budget

0.9% 0.8%0.5% 0.5%

0.7%

1.9%1.7%

1.3%

2.1%

-0.4%

1.7%1.3%

1.7%

‐0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%


Return on Assets > .85%

Actual

Budget

1.2% 1.2% 1.1%0.7% 0.7% 0.8%

1.4% 1.3%

2.0%

2.5% 2.4% 2.5%

2.0% 1.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Net Interest Margin > 1.25%

Actual

Budget

79.7% 78.8% 73.4%58.8% 64.3%

73.5% 77.8% 75.2% 74.5% 73.6% 71.2% 72.0% 71.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Assets on Mission > 75%

Actual

Budget

4

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 2,897,132 2,922,401 (25,269) -0.9 2,515,279 381,853 15.2 32,781,804 33,386,741 (604,937) -1.8 28,742,192 4,039,612 14.1 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 976,305 1,048,660 (72,355) -6.9 977,415 (1,109) -0.1 13,907,197 13,624,613 282,584 2.1 14,477,016 (569,819) -3.9 Other Revenue 45,229 7,350 37,879 515.4 12,770 32,459 254.2 396,712 292,200 104,512 35.8 290,401 106,311 36.6Total Operating Revenue 3,918,666 3,978,412 (59,746) -1.5 3,505,464 413,202 11.8 47,085,712 47,303,554 (217,841) -0.5 43,509,608 3,576,104 8.2

Operating Expense Interest Expense 2,195,169 1,462,249 732,920 50.1 1,179,476 1,015,693 86.1 16,193,294 17,169,125 (975,831) -5.7 13,829,840 2,363,454 17.1 Authority Expense - - - 0.0 - - 0.0 0 - 0 0.0 - 0 0.0 Employee Expenses 801,172 912,111 (110,939) -12.2 1,034,269 (233,097) -22.5 9,294,035 10,810,754 (1,516,719) -14.0 10,403,509 (1,109,475) -10.7 Common Expenses 168,667 197,900 (29,234) -14.8 161,555 7,112 4.4 2,336,294 2,638,911 (302,617) -11.5 1,690,892 645,402 38.2 Marketing Expense 167,019 44,219 122,800 277.7 49,781 117,238 235.5 672,920 934,195 (261,275) -28.0 843,866 (170,945) -20.3 Professional Services 349,882 349,902 (19) 0.0 401,560 (51,677) -12.9 4,765,872 5,137,980 (372,107) -7.2 5,072,993 (307,121) -6.1 Claim and Loss Expenses (3,259,197) 11,044 (3,270,241) 544,755 (3,803,952) -698.3 (3,562,054) 162,801 (3,724,855) -2288.0 393,788 (3,955,842) -1004.6 Service Release Premium 101,286 81,116 20,170 24.9 63,791 37,495 58.8 768,056 841,174 (73,118) -8.7 532,325 235,731 44.3 Miscellaneous Operating Expense 9,322 7,025 2,297 32.7 14,901 (5,579) -37.4 117,357 84,300 33,057 39.2 117,871 (514) -0.4 Overhead Allocation (9,315) (8,251) (1,064) 12.9 (7,215) (2,099) 29.1 (104,556) (106,426) 1,870 -1.8 (89,031) (15,525) 17.4Total Operating Expense 524,006 3,057,315 (2,533,309) -82.9 3,442,873 (2,918,867) -84.8 30,481,219 37,672,814 (7,191,595) -19.1 32,796,053 (2,314,834) -7.1

Net Operating Income (Loss) Before Grants 3,394,660 921,097 2,473,563 268.5 62,591 3,332,069 5323.6 16,604,494 9,630,740 6,973,754 72.4 10,713,555 5,890,939 55.0

Net Grant (Income) Expense Grant Revenue (7,253,922) (6,543,914) (710,008) 10.8 (6,293,677) (960,244) 15.3 (85,706,489) (83,524,818) (2,181,671) 2.6 (81,534,947) (4,171,542) 5.1 Grant Expense 7,569,357 7,111,297 458,060 6.4 7,263,739 305,618 4.2 87,324,242 87,565,561 (241,319) -0.3 82,315,930 5,008,312 6.1Total Net Grant (Income) Expense 315,436 567,383 (251,947) -44.4 970,062 (654,627) -67.5 1,617,753 4,040,743 (2,422,990) -60.0 780,983 836,770 107.1

Net Operating Income (Loss) After Grants 3,079,224 353,714 2,725,510 770.5 (907,472) 3,986,695 -439.3 14,986,741 5,589,997 9,396,744 168.1 9,932,572 5,054,168 50.9

Non-Operating (Income) Expense (3,863,706) - (3,863,706) 0.0 (5,721,486) 1,857,780 -32.5 (13,428,098) 4,150,000 (17,578,098) -423.6 13,524,481 (26,952,579) -199.3

Net Income (Loss) 6,942,930 353,714 6,589,216 1862.9 4,814,015 2,128,915 44.2 28,414,838 1,439,997 26,974,842 1873.3 (3,591,909) 32,006,748 -891.1

IFA Home Dept Staff Count 77 88 (11) -12.7 84 (7) -8.3 79 88 (9) -10.7 86 (7) -7.9FTE Staff Count 79 90 (11) -11.7 89 (10) -11.6 80 90 (10) -10.9 88 (8) -9.0

Income StatementHousing Authority (Rollup)

YTD as of Jun-2019Jun-2019

5

Actuals Bud19 R5 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 239,633,664 198,681,473 40,952,191 20.6 208,305,706 31,327,958 15.0 Investments 5,764,478 9,684,388 (3,919,910) -40.5 11,349,116 (5,584,638) -49.2 Mortgage Backed Securities 576,233,333 559,578,668 16,654,665 3.0 484,396,838 91,836,495 19.0 Line of Credit 23,196,543 21,715,975 1,480,567 6.8 15,030,335 8,166,208 54.3 Loans - net of reserve for losses 118,381,226 123,733,084 (5,351,858) -4.3 117,799,702 581,525 0.5 Capital Assets (net of accumulated depreciation) 8,370,674 8,461,821 (91,147) -1.1 2,331,721 6,038,952 259.0 Other Assets 22,658,831 22,417,535 241,296 1.1 20,559,469 2,099,362 10.2 Deferred Outflows 9,664,239 2,144,146 7,520,094 350.7 6,421,020 3,243,219 50.5Total Assets and Deferred Outflows 1,003,902,989 946,417,091 57,485,899 6.1 866,193,908 137,709,082 15.9

Liabilities, Deferred Inflows, and Equity Debt 618,621,026 595,911,466 22,709,560 3.8 513,254,848 105,366,178 20.5 Interest Payable 5,785,825 8,782,620 (2,996,795) -34.1 4,866,046 919,779 18.9 Unearned Income 1,364,716 1,829,337 (464,621) -25.4 1,956,819 (592,103) -30.3 Escrow Deposits 10,022,946 9,021,746 1,001,200 11.1 8,410,710 1,612,236 19.2 Reserves for Claims 1,297,225 1,133,987 163,239 14.4 1,285,324 11,901 0.9 Accounts Payable & Accrued Liabilities 3,561,245 3,458,914 102,331 3.0 3,600,460 (39,215) -1.1 Other liabilities 11,984,096 6,649,779 5,334,317 80.2 8,268,532 3,715,563 44.9 Deferred Inflows 2,593,342 2,675,257 (81,915) -3.1 4,293,439 (1,700,097) -39.6 Total Liabilities and Deferred Inflows 655,230,422 629,463,106 25,767,315 4.1 545,936,179 109,294,243 20.0

Equity YTD Earnings(Loss) 28,414,838 1,439,997 26,974,842 1873.3 (3,591,909) 32,006,748 -891.1 Prior Years Earnings 320,257,729 315,513,988 4,743,741 1.5 323,849,638 (3,591,909) -1.1 Transfers - - - 0.0 (0) 0 -100.0 Total Equity 348,672,567 316,953,984 31,718,583 10.0 320,257,729 28,414,838 8.9

Total Liabilities, Deferred Inflows, and Equity 1,003,902,989 946,417,091 57,485,899 6.1 866,193,908 137,709,082 15.9

Housing Authority (Rollup)Jun-2019Balance Sheet

6

IOWA FINANCE AUTHORITYRESERVE FOR LOAN LOSS ANALYSIS

Board Rpt

Series Description Principal Reserve % Reserve $ Loans, Net of ReservePerforming first mortgage loans 284,963 0% - Impaired first mortgage loans:

MS-12-001 - Moo Moo Land, LLC 225,642 50% 112,821 510,606 22% 113,000 397,606

Performing first mortgage loans 2,359,024 0% - Performing less than first mortage loans 126,825 5% 6,341

2,485,848 0% 6,000 2,479,848 Performing first mortgage loans 19,316,403 0% - Impaired first mortgage loans:

MF-09-004P - SA Roosevelt LP 1,587,679 25% 396,920 MF-08-003 - Welch Hotel 421,026 25% 105,256 MF-08-005 - Maquoketa Housing 215,955 25% 53,989 MF-07-001 - Humility of Mary Shelter 770,100 100% 770,100

Performing less than first mortage loans 618,650 5% 30,932 Cash Flow Loans:

HA-98-022 - Pella Housing Partners 94,103 100% 94,103 HA-98-024 - Grinnell Housing Partners 101,452 100% 101,452 MF-02-003B -West Cap Santa Clara, LLC 103,101 25% 25,775

23,228,183 7% 1,579,000 21,649,183 200-007 MF 2007 AB 19,689,690 0% - 19,689,690 200-009 MF 2008 A 3,350,090 0% - 3,350,090 200-011 MF FHLB 1 10,272,160 0% - 10,272,160 200-100 MF FHLB 2018 1,567,834 0% - 1,567,834

Performing first mortgage loans 408,455 0% - Impaired first mortgage loans:

MF-03-002 - Marsh Place, L.P. 326,956 10% 32,696 MF-02-001 - Winfield Village, L.P. 153,024 100% 153,024

Performing less than first mortage loans 1,116,417 5% 55,821 Impaired Loans:

MF-08-004 - Welch Hotel 193,227 25% 48,307 MF-08-006 - Maquoketa Housing 99,467 25% 24,867 IHC-95-034 - Countryside Assoc of Manchester 45,000 100% 45,000

Cash Flow Loans:MF-15-004 - Twin Oaks Manor 219,509 100% 219,509 HA-98-021 - Newton Housing Partners, LLC 123,603 100% 123,603 HA-98-023 - Kellogg Housing Partners, LLC 113,733 100% 113,733 HA-98-025 - Monroe Housing Partners, LLC 113,733 100% 113,733 IHC-03-001 - Stout Place 77,930 100% 77,930 IHC-92-010N - Bishop's Block 146,838 100% 146,838

3,137,547 37% 1,155,000 1,982,547 Performing first mortgage loans 3,577,749 0% - Performing unsecured loans

KK-14-R01 - Keokuk Area Hospital 2,517,467 5% 125,873 6,095,216 2% 126,000 5,969,216

Performing first mortgage loans 1,628,921 0% - Performing less than first mortgage loans 223,770 5% 11,188 Performing unsecured loans

KK-14-R01 - Keokuk Area Hospital 100,919 5% 5,046 Impaired loans:

HC-08-001 - Mahaska County Agency on Aging 116,364 10% 11,636 2,069,973 1% 28,000 2,041,973

Performing first mortgage loans 454,525 0% - Performing unsecured loans

KK-14-R01 - Keokuk Area Hospital 1,261,282 5% 63,064 Impaired loans:

TH-06-001 - The Way Home I, LLP 444,893 25% 111,223 2,160,699 8% 174,000 1,986,699

18,416,711 100% 18,417,000 (289) Risk Category 1 - fully amortizing 5,033,294 5% 251,665 Risk Category 2 - partially amortizing with balloon 41,642,100 50% 20,821,050 Risk Category 3 - interest only with balloon 8,526,489 55% 4,689,569 Risk Category 4 - less than interest only with balloon 14,093,927 60% 8,456,356 Risk Category 5 - cash flow loans 2,887,093 70% 2,020,965 Risk Category 6 - no payment loans with balloon 14,452,169 75% 10,839,127 Risk Category 7 & 8 CHDO & Forgivable 33,251,918 100% 33,251,918

119,886,977 67% 80,331,000 39,555,977 Performing first mortgage loans 141,509 0% - Forgivable Loans

CH-14-002B Hope Haven Development Ctr. 141,223 100% 141,223 CH-17-001B Hope Haven Development Ctr. 120,000 100% 120,000 CH-19-001B Hope Haven Development Ctr. 112,942 100% 112,942 CH-19-002B Hope Haven Development Ctr. 18,493 100% 18,493

534,166 74% 393,000 141,166 1,640,895 1% 16,000 1,624,895 5,682,257 1% 57,000 5,625,257

Total Housing Authority Loans 220,728,851 102,395,000 118,333,851

100-053 Single Family

001-010 General Fund

June 30, 2019

500-062 Community Housing and Services

600-635 Ag Development

200-005 MF Program

500-047 State Housing Trust Fund

500-057 Tax Credit Assistance Proram (TCAP)

500-049 Senior Living Trust Fund

500-050 Home and Community Based Trust

500-051 Transitional Housing Trust

500-058 HOME

600-174 Ag Loan Participating Program IFA Loans

S:\Accounting\Loan Servicing\Reserve Analysis\FY2019\Board 20190630.xlsx \ Board Rpt 7/18/2019

7

Iowa Finance AuthorityHousing Agency Grant Commitments

Grant ProgramAdditions (Red) Total Disb

Local Housing Trust Fund Grant (FY16)Northwest Iowa Regional Housing Trust Fund Inc 16-04 $291,718 $155,044 0 (155,044.00) - Chariton Valley Regional Housing Trust Fund Inc 16-15 $196,789 $102,884 0 (102,883.94) - East Central Iowa Housing Trust Fund 16-24 $255,966 $80,726 0 (80,726.00) -

Subtotal $744,473 $338,654 $0 (338,653.94) - Local Housing Trust Fund Grant (FY17)

Sioux City Housing Trust Fund, Inc. 17-LHTF-01 $170,087 $8,164 0 (8,164.00) - Northwest Iowa Regional Housing Trust Fund, Inc. 17-LHTF-02 $280,380 $280,380 0 (112,920.00) 167,460.00 Southern Iowa COG Housing Trust Fund 17-LHTF-03 $229,482 $89,756 0 (89,756.07) - Eastern Iowa Regional Housing Corporation Housing Trust Fund 17-LHTF-04 $312,429 $119,913 0 (119,913.00) - Northeast Iowa Regional Housing Trust Fund 17-LHTF-07 $222,543 $60,088 0 (60,088.24) - AHEAD Regional Housing Trust Fund 17-LHTF-08 $266,935 $7,052 0 (7,052.03) 0.00 Waterloo Housing Trust Fund 17-LHTF-09 $153,667 $40,368 0 (40,368.24) - Iowa Northland Regional Housing Council LHTF 17-LHTF-10 $274,680 $111,332 0 (111,331.95) - Southwest Iowa Housing Trust Fund 17-LHTF-11 $289,324 $76,736 0 (76,736.00) - Scott County Housing Council 17-LHTF-12 $389,164 $53,520 0 (53,520.30) - Chariton Valley Regional Housing Trust Fund 17-LHTF-15 $193,046 $176,224 0 (79,124.27) 97,100.17 City of Dubuque Housing Trust Fund 17-LHTF-16 $141,283 $36,283 0 (36,283.00) - Great River Housing, Inc. 17-LHTF-17 $273,877 $273,877 0 (179,660.00) 94,217.00 Council of Governments Housing, Inc. 17-LHTF-18 $235,872 $40,729 0 (40,729.00) - East Central Iowa Housing Trust Fund 17-LHTF-19 $247,489 $191,081 0 (57,477.92) 133,603.08 Housing Fund for Linn County 17-LHTF-21 $347,910 $138,181 0 (106,030.00) 32,151.00 Council Bluffs Housing Trust Fund, Inc. 17-LHTF-22 $146,565 $93,402 0 (93,402.23) - Western Iowa Community Improvement Regional Housing Trust Fund 17-LHTF-25 $233,810 $205,244 0 (164,503.00) 40,741.00

Subtotal $4,408,543 $2,002,332 $0 (1,437,059.25) 565,272.25

Local Housing Trust Fund Grant (FY18)NIACOG Housing Trust Fund 18-LHTF-01 $240,681 $47,966 0 (47,966.43) - Southern Iowa COG Housing Trust Fund 18-LHTF-02 $253,673 $253,673 0 (253,673.00) - City of Dubuque Housing Trust Fund 18-LHTF-03 $161,456 $161,456 0 (66,946.13) 94,509.87 Sioux City Housing Trust Fund, Inc. 18-LHTF-04 $199,026 $179,197 0 (151,736.67) 27,460.00 Region 6 Housing Trust Fund 18-LHTF-05 $292,295 $123,345 0 (123,345.00) - Chariton Valley Regional Housing Trust Fund 18-LHTF-06 $206,147 $206,147 0 (18,026.64) 188,120.36 Eastern Iowa Regional Housing Corporation Housing Trust Fund 18-LHTF-07 $361,865 $361,865 0 (93,435.48) 268,429.52 Iowa Northland Regional Housing Council LHTF 18-LHTF-08 $312,626 $281,364 0 (221,893.69) 59,470.31 AHEAD Regional Housing Trust Fund 18-LHTF-09 $302,525 $282,022 0 (189,376.97) 92,644.92 Waterloo Housing Trust Fund 18-LHTF-10 $132,000 $114,000 0 (68,790.11) 45,209.89 Homeward Housing Trust Fund 18-LHTF-11 $324,374 $229,357 0 (229,357.12) - Northeast Iowa Regional Housing Trust Fund 18-LHTF-12 $275,942 $240,233 0 (208,195.68) 32,037.45 Scott County Housing Council 18-LHTF-13 $461,954 $295,880 0 (237,570.38) 58,309.36 Polk County Housing Trust Fund 18-LHTF-14 $750,960 $750,960 0 (525,096.00) 225,864.00 Great River Housing, Inc. 18-LHTF-15 $311,579 $311,579 0 (47,700.00) 263,879.00 Southwest Iowa Housing Trust Fund 18-LHTF-16 $331,727 $218,555 0 (70,154.00) 148,401.00 Council Bluffs Housing Trust Fund, Inc. 18-LHTF-17 $168,345 $168,345 0 (152,269.73) 16,075.27 Council of Governments Housing, Inc. 18-LHTF-18 $262,007 $255,007 0 (134,889.00) 120,118.00 Western Iowa Community Improvement Regional Housing Trust Fund 18-LHTF-19 $259,317 $259,317 0 (60,799.00) 198,518.00 East Central Iowa Housing Trust Fund 18-LHTF-20 $277,160 $277,160 0 (32,383.00) 244,777.00 Dallas County Local Housing Trust Fund, Inc. 18-LHTF-21 $204,203 $152,779 0 (113,807.05) 38,971.95 Story County Housing Trust 18-LHTF-22 $239,313 $239,313 0 (57,370.36) 181,942.64 Housing Fund for Linn County 18-LHTF-23 $421,839 $421,839 0 (147,922.00) 273,917.00 Housing Trust Fund of Johnson County 18-LHTF-24 $301,323 $301,323 0 (301,323.00) - Northwest Iowa Regional Housing Trust Fund, Inc. 18-LHTF-25 $345,062 $345,062 0 - 345,062.00

Subtotal $7,397,399 $6,477,744 $0 (3,554,026.44) 2,923,717.54

Local Housing Trust Fund Grant (FY19)Southern Iowa COG Housing Trust Fund 19-LHTF-01 $236,394 236,394 - 236,394.00 Northeast Iowa Regional Housing Trust Fund 19-LHTF-02 $254,951 254,951 - 254,951.00 Homeward Housing Trust Fund 19-LHTF-03 $295,311 295,311 (101,694.85) 193,616.15 Sioux City Housing Trust Fund, Inc. 19-LHTF-04 $178,355 178,355 (8,631.25) 169,723.75 City of Dubuque Housing Trust Fund 19-LHTF-05 $147,046 147,046 - 147,046.00 Region 6 Housing Trust Fund 19-LHTF-06 $268,579 268,579 (54,203.00) 214,376.00 Iowa Northland Regional Housing Council LHTF 19-LHTF-07 $285,521 285,521 (38,552.00) 246,969.00 AHEAD Regional Housing Trust Fund 19-LHTF-08 $277,104 277,104 - 277,104.00 NIACOG Housing Trust Fund, Inc. 19-LHTF-09 $225,568 225,568 (212,184.33) 13,383.67 Waterloo Housing Trust Fund 19-LHTF-10 $160,508 160,508 (18,515.36) 141,992.64 Council of Governments Housing, Inc. 19-LHTF-11 $243,339 243,339 - 243,339.00 Council Bluffs Housing Trust Fund, Inc. 19-LHTF-12 $152,788 152,788 - 152,788.00 Eastern Iowa Regional Housing Corporation Housing Trust Fund 19-LHTF-13 $326,554 326,554 (19,027.30) 307,526.70 Heart of Iowa Regional Housing Trust Fund 19-LHTF-14 $217,108 217,108 (37,237.57) 179,870.43 Chariton Valley Regional Housing Trust Fund, Inc. 19-LHTF-15 $196,789 196,789 - 196,789.00 Northwest Iowa Regional Housing Trust Fund, Inc. 19-LHTF-16 $312,551 312,551 - 312,551.00 Southwest Iowa Housing Trust Fund, Inc. 19-LHTF-17 $301,439 301,439 (108,644.00) 192,795.00 Great River Housing, Inc. 19-LHTF-18 $284,649 284,649 - 284,649.00 Story County Housing Trust 19-LHTF-19 $216,928 216,928 - 216,928.00 Housing Trust Fund of Johnson County 19-LHTF-20 $268,603 268,603 (26,860.00) 241,743.00 Housing Fund for Linn County 19-LHTF-21 $369,033 369,033 - 369,033.00 Dallas County Local Housing Trust Fund, Inc. 19-LHTF-22 $187,669 187,669 (15,313.50) 172,355.50 Scott County Housing Council 19-LHTF-23 $409,961 409,961 (66,340.37) 343,620.63 East Central Iowa Housing Trust Fund 19-LHTF-24 $255,966 255,966 - 255,966.00 Western Iowa Community Improvement Regional Housing Trust Fund 19-LHTF-25 $241,098 241,098 - 241,098.00 Polk County Housing Trust Fund 19-LHTF-26 $643,300 643,300 - 643,300.00

Subtotal $6,957,112 $0 $6,957,112 ($707,203.53) $6,249,908.47

FY19 Payments Commitment Balance Grant # Original Commitment Balance

06/30/2018FY19 Additions

8





Project Based Grant (FY17)Twin Rivers Habitat for Humanity 17-PBHP-04 $50,000 $50,000 0 (50,000.00) -

Subtotal $50,000 $50,000 $0 (50,000.00) - Project Based Grant (FY18) - $300,000

Habitat for Humanity of Buena Vista, Inc 18-PBHP-01 $50,000 $50,000 0 - 50,000.00 Heart of Iowa Habitat for Humanity 18-PBHP-02 $50,000 $50,000 0 (50,000.00) - Warren County Habitat for Humanity Inc 18-PBHP-03 $50,000 $50,000 0 - 50,000.00 Iowa Heartland Habitat for Humanity - Waterloo (Black Hawk County) 18-PBHP-04 $25,000 $25,000 0 - 25,000.00 Iowa Heartland Habitat for Humanity - Waterloo (Black Hawk County) 18-PBHP-05 $25,000 $25,000 0 - 25,000.00

Subtotal $200,000 $200,000 $0 (50,000.00) 150,000.00

Project Based Grant (FY19)Habitat for Humanity of Marion County Inc 19-PBHP-01 $50,000 50,000 (50,000.00) - Siouxland Habitat for Humanity - Hull (Sioux County) 19-PBHP-02 $50,000 50,000 (50,000.00) - Greater Des Moines Habitat for Humanity, Inc DBA Dallas County Habitat for Hum 19-PBHP-03 $50,000 50,000 - 50,000.00 Siouxland Habitat for Humanity - Hull (Sioux County) 19-PBHP-05 $50,000 50,000 - 50,000.00

Subtotal $200,000 $0 $200,000 (100,000.00) 100,000.00

Disaster Recovery Grant (FY19)Region 6 Housing Trust Fund $250,000 250,000 (250,000.00) - Habitat for Humanity of Iowa - Disaster Assistance Grant HI 18-18 $100,000 100,000 (60,537.10) 39,462.90

0 - Subtotal $350,000 $0 $350,000 (310,537.10) 39,462.90

Shelter Assistance Fund (2015)Crisis Intervention Services - NIAD Center for Human Development $45,000 $49 0 - 49.14 Opening Doors $40,000 $41 0 - 40.66 The Salvation Army of Siouxland $27,446 $25,767 0 - 25,767.10

Subtotal $112,446 $25,856.90 $0 - 25,856.90 Shelter Assistance Fund (2017)

Community Kitchen of North Iowa, Inc. SAF 17003-17 $43,130 $251 0 - 250.72 Youth Emergency Services & Shelter (YESS) SAF 77026-17 $50,000 $11,242 0 - 11,242.00

Subtotal $93,130 $11,492.72 $0 - 11,492.72 Shelter Assistance Fund (2018)

Area Substance Abuse Council SAF 57001-18 $41,250 $15,298 0 (15,298.38) - Beacon of Life SAF 77111-18 $27,271 $10,237 0 (10,237.15) - Catherine McAuley Center SAF 57002-18 $18,800 $6,567 0 (6,567.26) - Catholic Council for Social Concern SAF 78020-18 $49,613 $31,349 0 (31,349.13) - Center For Siouxland SAF 97001-18 $47,800 $36,539 0 (36,539.04) - Community Action Agency of Siouxland SAF 97005-18 $17,832 $13,485 0 (13,485.27) - Community Kitchen of North Iowa, Inc. SAF 17003-18 $24,480 $16,737 0 (16,736.58) - Council on Sexual Assault & Domestic Violence SAF 97002-18 $41,875 $20,621 0 (20,620.64) - Crisis Intervention Services SAF 62003-18 $36,383 $23,624 0 (22,779.32) 844.85 Domestic/Sexual Assault Outreach Ctr SAF 94001-18 $39,285 $27,802 0 (27,801.59) - Dubuque Community YMCA/YWCA SAF 31022-18 $39,078 $0 0 - - Family Promise of Greater Des Moines SAF 77194-18 $21,892 $9,459 0 (9,459.13) - Fort Dodge Housing Agency SAF 94013-18 $15,150 $11,021 0 (11,020.99) - Foundation 2, Inc. SAF 57003-18 $22,421 $13,075 0 (13,075.37) - Hawthorn Hill SAF 77013-18 $31,238 $12,740 0 (12,740.20) - Humility of Mary Shelter, Inc. SAF 82003-18 $158,409 $158,409 0 (158,409.00) - Institute for Community Alliances SAF None $55,000 $44,253 0 (44,253.37) - MICAH House SAF 78002-18 $68,000 $51,000 0 (51,000.00) - New Visions Homeless Services SAF 78017-18 $66,280 $51,052 0 (51,052.24) - Northern Lights Alliance for the Homeless SAF 17014-18 $25,113 $21,419 0 (21,419.04) - Opening Doors SAF 31019-18 $42,043 $27,989 0 (27,989.29) - Pathway Living Center, Inc. SAF 23020-18 $14,900 $0 0 - - Shesler Hall SAF 97004-18 $15,210 $4,908 0 (4,908.06) - The Salvation Army of The Quad Cities SAF 82005-18 $57,663 $47,101 0 (35,463.67) 11,637.27 The Salvation Army of Waterloo/Cedar Falls SAF 07005-18 $70,151 $22,575 0 (22,574.93) - Youth Emergency Services & Shelter SAF 77026-18 $15,720 $8,513 0 (5,638.00) 2,875.00

- - Subtotal $1,062,857 $685,775 - (670,417.65) 15,357.12

Shelter Assistance Fund (2019)Area Substance Abuse Council SAF-57001-19 $27,266 27,266 (27,266.00) - Beacon of Life SAF-77111-19 $25,245 25,245 (18,913.65) 6,331.35 Catherine McAuley Center SAF-57002-19 $17,500 17,500 (12,658.92) 4,841.08 Catholic Council for Social Concern dba Catholic Charities SAF-78020-19 $49,216 49,216 (23,783.48) 25,432.52 Center For Siouxland SAF-97001-19 $39,250 39,250 (21,928.10) 17,321.90 Central Iowa Shelter & Services SAF-77129-19 $78,142 78,142 (44,932.65) 33,209.35 Children & Families of Iowa SAF-77193-19 $36,690 36,690 (16,605.56) 20,084.44 Community Kitchen of North Iowa, Inc. SAF-17003-19 $20,760 20,760 (6,765.27) 13,994.73 Council on Sexual Assault & Domestic Violence SAF-97002-19 $56,260 56,260 (37,062.27) 19,197.73 Crisis Intervention Services SAF-62003-19 $33,271 33,271 (5,577.24) 27,693.76 Domestic/Sexual Assault Outreach Ctr SAF-94001-19 $37,750 37,750 (11,830.23) 25,919.77 Domestic Violence Intervention Program SAF-52001-19 $69,879 69,879 (36,854.98) 33,024.02 Dubuque Community YMCA/YWCA SAF-31022-19 $40,185 40,185 - 40,185.00 Family Promise of Greater Des Moines SAF-77194-19 $21,408 21,408 (13,208.09) 8,199.91 Family Resources, Inc SAF-82030-19 $90,111 90,111 (19,006.46) 71,104.54 Fort Dodge Housing Agency SAF-94013-19 $15,500 15,500 (4,048.71) 11,451.29 Foundation 2, Inc. SAF-57003-19 $17,091 17,091 (7,805.93) 9,285.07 Hawthorn Hill SAF-77013-19 $33,440 33,440 (14,481.97) 18,958.03 Humility of Mary Shelter, Inc. SAF-82003-19 $119,079 119,079 (75,468.77) 43,610.23 Institute for Community Alliances SAF None-19 $63,800 63,800 (38,164.03) 25,635.97

9





MICAH House SAF-78002-19 $84,000 84,000 (21,000.00) 63,000.00 Muscatine Center for Social Action SAF-70001-19 $69,268 69,268 - 69,268.00 New Visions Homeless Services SAF-78017-19 $111,500 111,500 (45,264.54) 66,235.46 Northern Lights Alliance for the Homeless SAF-17014-19 $22,403 22,403 (5,708.96) 16,694.04 Opening Doors SAF-31019-19 $46,162 46,162 (12,681.27) 33,480.73 Pathway Living Center, Inc. SAF-23020-19 $15,440 15,440 (15,440.00) - Shelter House Community Shelter & Transition Services SAF-52003-19 $109,864 109,864 (10,689.50) 99,174.50 Shelter Housing Corporation dba Emergency Residence Project SAF-85002-19 $43,904 43,904 (24,653.18) 19,250.82 Shesler Hall SAF-97004-19 $15,020 15,020 (13,454.91) 1,565.09 The Salvation Army of Waterloo/Cedar Falls SAF-07005-19 $59,661 59,661 (37,251.60) 22,409.40 Willis Dady Emergency Shelter SAF-57010-19 $52,176 52,176 (31,554.08) 20,621.92 Youth Emergency Services & Shelter SAF-77026-19 $16,040 16,040 (2,487.00) 13,553.00

Subtotal $1,537,281 $0 1,537,281.00 (656,547.35) 880,733.65

Emergency Solutions Grant Program (FFY 2014 in CY 2015)Domestic Violence Intervention Program $101,332 $1,825 0 - 1,825.46 North Iowa Community Action Organization $123,525 $49,404 0 - 49,404.44 Youth and Shelter Services Inc $110,020 $1,330 0 - 1,330.20 YWCA Clinton $101,650 $1 0 - 0.50

Subtotal $436,527 $52,561 $0 - 52,560.60 Emergency Solutions Grant Program (FFY 2015 in CY 2016)

Crisis Intervention Services ESG 62003-16 $105,000 $18,320 0 - 18,320.02 Domestic Violence Intervention Program ESG 52001-16 $141,569 $10,451 0 - 10,451.03 Project Concern ESG 31020-16 $69,237 $19,321 0 - 19,320.61 YWCA Clinton ESG 23001-16 $90,000 $3,882 0 - 3,882.36


Area Substance Abuse Council ESG 57001-17 $74,900.00 $18 0 - 18.00 Catherine McAuley Center ESG 57002-17 $67,227.00 $0 0 - 0.01 Cedar Valley Friends of the Family ESG 09001-17 $105,000.00 $1 0 - 1.08 Children & Families of Iowa ESG 77193-17 $30,355.00 $885 0 - 885.00 Crisis Intervention & Advocacy Center ESG 25001-17 $72,000.00 $2,849 0 - 2,849.00 Domestic Violence Intervention Program, Inc. ESG 52001-17 $120,000.00 $1,531 0 - 1,531.29 Hawthorn Hill ESG 77013-17 $28,000.00 $376 0 - 375.60 Iowa Legal Aid ESG 77054-17 $61,525.00 $407 0 - 406.69 Youth & Shelter Services ESG 85003-17 $105,000.00 $35,718 0 - 35,717.85 YWCA Clinton ESG 23009-17 $105,000.00 $227 0 - 226.64


Assault Care Center Extending Shelter and Support (ACCESS) ESG 85001-18 $82,004 $48,460 0 (40,150.69) 8,308.96 Cedar Valley Friends of the Family ESG 09001‐18 $109,131 $86,605 0 (86,603.55) 0.95 Central Iowa Shelter & Services ESG 77129‐18 $158,518 $65,532 0 (65,531.78) 0.01 Children & Families of Iowa (CFI) ESG 77193‐18 $66,461 $41,736 0 (41,735.72) - Community Action of Southeast Iowa ESG 29001‐18 $51,300 $37,079 0 (37,079.30) - Crisis Intervention & Advocacy Center ESG 25001‐18 $97,971 $80,019 0 (78,662.35) 1,357.00 Domestic Violence Intervention Program ESG 52001‐18 $134,625 $74,905 0 (74,904.88) - East Central Development Corporation ESG 31024‐18 $149,114 $137,525 0 (125,618.50) 11,906.03 Family Crisis Centers ESG 84003‐18 $88,264 $66,078 0 (66,078.03) - Family Resources, Inc. ESG 82030‐18 $134,749 $27,283 0 (27,283.14) - Hawkeye Area Community Action Prog. ESG 00005‐18 $179,820 $96,078 0 (96,078.18) - Heartland Family Service (HFS) ESG 78018‐18 $89,616 $62,450 0 (62,449.64) - Home Opportunities Made Easy (HOME) ESG 77014‐18 $40,853 $26,032 0 (26,032.05) - Institute for Community Alliances ESG none $55,000 $44,078 0 (44,078.20) - Iowa Legal Aid ESG 77054‐18 $95,514 $58,869 0 (47,633.68) 11,235.32 Muscatine Center for Social Action ESG 70001‐18 $75,091 $26,392 0 (18,742.69) 7,649.70 NIAD Center for Human Development ESG 17001‐18 $76,098 $61,864 0 (61,623.01) 241.45 Shelter House ESG 52003‐18 $174,638 $70,631 0 (70,631.23) - Shelter Housing Corporation/Emergency Residence Project ESG 85002‐18 $113,093 $93,241 0 (83,231.30) 10,010.18 Upper Des Moines Opportunity, Inc. ESG 74003‐18 $145,458 $110,118 0 (109,972.45) 145.60 Waypoint Services ESG 57007‐18 $173,007 $56,949 0 (56,947.28) 2.00 West Des Moines Human Services ESG 77029‐18 $26,699 $24,837 0 (24,837.03) - Willis Dady Emergency Shelter ESG 57010‐18 $183,946 $150,961 0 (150,961.26) - Youth and Shelter Services, Inc. ESG 85003‐18 $82,722 $82,722 0 (82,722.00) - YWCA Clinton ESG 23009‐18 $113,491 $67,516 0 (67,418.89) 96.73

Subtotal $2,697,183 $1,697,961 $0 ($1,647,006.83) $50,953.93

Emergency Solutions Grant Program (FFY 2018 in CY 2019) 0Assault Care Center Extending Shelter and Support (ACCESS) ESG 85001-19 $100,456 100,456 (42,480.65) 57,975.35 Cedar Valley Friends of the Family ESG 09001-19 $122,553 122,553 (44,426.47) 78,126.53 Central Iowa Shelter & Services ESG 77129-19 $86,858 86,858 (28,072.05) 58,785.95 Children & Families of Iowa (CFI) ESG 77193-19 $29,085 29,085 (15,335.00) 13,750.00 City of Sioux City ESG 970007-19 $38,250 38,250 (8,354.08) 29,895.92 Community Action Agency of Siouxland ESG-97005-19 $54,751 54,751 (9,569.16) 45,181.84 Community Action of Southeast Iowa ESG 29001-19 $52,000 52,000 (17,691.92) 34,308.08 Crisis Intervention & Advocacy Center ESG 25001-19 $104,059 104,059 (36,457.37) 67,601.63 Domestic Violence Intervention Program ESG-52001-19 $84,752 84,752 (33,093.45) 51,658.55 East Central Development Corporation ESG-31024-19 $164,600 164,600 (47,291.46) 117,308.54 Family Crisis Centers ESG 84003-19 $68,132 68,132 (42,779.11) 25,352.89 Family Resources, Inc. ESG 82030-19 $70,276 70,276 (21,086.87) 49,189.13 Hawkeye Area Community Action Prog. ESG 00005-19 $139,500 139,500 (61,236.23) 78,263.77 Heartland Family Service (HFS) $178,224 178,224 - 178,224.00 Home Opportunities Made Easy (HOME) ESG 77014-19 $45,500 45,500 (5,912.50) 39,587.50 Institute for Community Alliances ESG none $55,000 $0 55,000 (40,088.25) 14,911.75 Iowa Legal Aid ESG 77054-19 $80,900 80,900 (37,228.00) 43,672.00

10





Muscatine Center for Social Action $64,746 64,746 - 64,746.00 NIAD Center for Human Development $76,500 76,500 (7,442.02) 69,057.98 Shelter House Community Shelter and Transition Services ESG-52003-19 $73,136 73,136 (21,897.02) 51,238.98 Shelter Housing Corporation/Emergency Residence Project ESG 85002-19 $66,647 66,647 (17,648.15) 48,998.85 The Salvation Army ESG 82005-19 $80,250 80,250 (13,189.99) 67,060.01 Upper Des Moines Opportunity, Inc. ESG 74003-19 $158,400 158,400 (68,914.39) 89,485.61 Waypoint Services ESG 57007-19 $179,000 179,000 (84,095.96) 94,904.04 West Des Moines Human Services ESG 77029-19 $38,750 38,750 (5,017.32) 33,732.68 Willis Dady Emergency Shelter ESG 57010-19 $128,824 128,824 (25,859.05) 102,964.95 Youth and Shelter Services, Inc. ESG 85003-19 $58,167 58,167 (14,566.80) 43,600.20 YWCA Clinton ESG 23009-19 $130,500 130,500 (44,723.23) 85,776.77

Subtotal 2,529,816 - 2,529,816 (794,456.50) 1,735,359.50

HOPWA (FFY 2014 IN CY 2015)Cedar Valley Hospice HOPWA $27,238 $1,302 0 - 1,302.01 Primary Health Care Inc HOPWA $165,387 $11,492 0 - 11,491.53 Siouxland Community Health Center HOPWA $51,341 $2,167 0 - 2,167.03 University of Iowa HOPWA $91,512 $10,999 0 - 10,999.11

Subtotal $335,477 $25,960 $0 - 25,959.68 HOPWA (FFY 2015 IN CY 2016)

Cedar Valley Hospice HOPWA 007-2016 $29,043 $7,737 0 - 7,736.92 Primary Health Care Inc HOPWA 077-2016 $171,152 $13,774 0 - 13,774.05 Siouxland Community Health Center HOPWA 097-2016 $65,757 $2,455 0 - 2,455.05 The Project of the Quad Cities (AIDS Project Quad Cities) HOPWA 082-2016 $61,373 $10,591 0 - 10,591.49 University of Iowa HOPWA 052-2016 $96,809 $226 0 - 225.90


Cedar Valley Hospice HOPWA 007-2017 $28,156 $10,736 0 - 10,736.32 Primary Health Care Inc HOPWA 077-2017 $180,622 $5,799 0 - 5,798.97 Siouxland Community Health Center HOPWA 097-2017 $66,759 $2,343 0 - 2,343.06 The Project of the Quad Cities (AIDS Project Quad Cities) HOPWA 082-2017 $61,093 $8,275 0 - 8,274.85 University of Iowa HOPWA 052-2017 $99,873 $28 0 - 28.18


Cedar Valley Hospice HOPWA 007-2018 $30,019 $20,839 0 (17,577.42) 3,261.17 Primary Health Care Inc HOPWA 077-2018 $194,768 $144,416 19,749 (163,772.00) 393.38 Siouxland Community Health Center HOPWA 097-2018 $66,293 $48,734 10,563 (51,181.25) 8,115.62 The Project of the Quad Cities (AIDS Project Quad Cities) HOPWA 082-2018 $64,148 $46,058 10,305 (27,943.57) 28,419.56 University of Iowa HOPWA 052-2018 $112,572 $87,457 12,000 (99,436.90) 20.01 Institute for Community Alliances HOPWA Ia Ins 2018 $13,394 $9,410 2,500 (11,909.73) -

Subtotal $481,194 $356,914 $55,117 (371,820.87) 40,209.74

HOPWA (FFY 2018 IN CY 2019)Institute for Community Alliances HOPWA Ia Ins 2019 $15,172 15,172 (9,814.67) 5,357.33 University of Iowa HOPWA 052-2019 $131,952 131,952 - 131,952.00 Siouxland Community Health Center HOPWA 097-2019 $73,541 73,541 (12,826.74) 60,714.26 Primary Health Care Inc HOPWA 077-2019 $219,283 219,283 (16,315.45) 202,967.55 Cedar Valley Hospice HOPWA 007-2019 $33,706 33,706 (5,696.38) 28,009.62 The Project of the Quad Cities (AIDS Project Quad Cities) HOPWA 082-2019 $60,868 60,868 (14,834.49) 46,033.44

Subtotal $534,522 $0 $534,522 ($59,487.73) $475,034.20

CoC Coordinated Services Regions Grant (FFY 2015 in CY 2017) Cedar Valley Friends of the Family CoC 2017-004 $19,134 $5,664 0 - 5,663.83 Crisis Intervention & Advocacy Center CoC 2017-009 $10,514 $0 - - East Central Intergovernmental Assn CoC 2017-006 $21,000 $175 0 - 175.24 Family Alliance for Veterans of America CoC 2017-007 $32,000 $13,741 0 - 13,740.70 Mid Sioux Opportunity Inc CoC 2017-005 $16,000 $11,772 0 - 11,772.11 Shelter House Community Shelter and Transition Services CoC 2017-008 $12,000 $4,672 0 - 4,671.55 Waypoint Services CoC 2017-003 $17,000 $0 0 - - Youth & Shelter Services CoC 2017-002 $21,000 $14,483 0 - 14,483.31 Home Forward Iowa CoC 2017-001 $19,289 $3,068 0 - 3,067.99

Subtotal $167,937 $53,575 $0 - 53,574.73 CoC Coordinated Services Regions Grant (FFY 2016 in CY 2018)

Home Forward Iowa CoC 2018‐001 $11,200 $10,433 0 (4,370.93) 6,062.48 Emergency Residence Project CoC 2018-002 $18,321 $16,756 0 (5,400.81) 11,355.22 Waypoint CoC 2018-003 $13,541 $10,559 0 (10,559.15) - Cedar Valley Friends of the Family CoC 2018‐004 $19,117 $12,840 0 (12,326.56) 513.60 Rock Rapids Municipal Housing Agency CoC 2018-005 $12,745 $10,575 0 (4,777.87) 5,797.13 East Central Intergovernmental Assn CoC 2018-006 $16,728 $14,360 0 (14,360.23) - Family Alliance for Veterans of America, Inc. (FAVA) CoC 2018‐007 $25,490 $25,490 0 - 25,490.00 Shelter House CoC 2018‐008 $11,948 $11,023 0 (9,580.62) 1,442.33 Crisis Intervention & Advocacy Center CoC 2018‐009 $20,710 $17,466 0 (17,465.68) - Community Housing Initiatives CoC 2018‐010 $11,948 $11,948 0 (10,710.40) 1,237.60 Muscatine Municipal Housing Agency CoC 2018-011 $12,745 $12,146 0 (5,774.02) 6,371.93

Subtotal $174,493 $153,597 $0 ($95,326.27) $58,270.29

CoC Coordinated Services Regions Grant (FFY 2017 in CY 2019) Upper Des Moines Opportunity Inc CoC 2019-003 $27,000 27,000 - 27,000.00 Community Housing Initiatives CoC 2019-010 $12,750 12,750 - 12,750.00 East Central Intergovernmental Assn CoC 2019-006 $13,500 13,500 - 13,500.00 Family Crisis Centers CoC 2019-005 $16,500 16,500 - 16,500.00 Crisis Intervention & Advocacy Center CoC 2019-009 $12,000 12,000 (3,735.52) 8,264.48 Friends of the Family (Cedar Valley) CoC 2019-004 $15,000 15,000 (1,735.06) 13,264.94 Northern Lights Alliance for the Homeless CoC 2019-007 $12,000 12,000 - 12,000.00

11





Shelter House CoC 2019-008 $12,000 12,000 - 12,000.00 Shelter Housing Corp/Emergency Reisdence Project CoC 2019-002 $13,500 13,500 - 13,500.00 Muscatine Center for Social Action CoC 2019-011 $13,500 13,500 - 13,500.00 Institute for Community Alliances CoC 2019-012 $34,650 34,650 - 34,650.00

- - Subtotal $182,400 $0 $182,400 ($5,470.58) $176,929.42

HOME (2013)Northeast Iowa Community Action Corporation 13-HM-113 $11,000 $18,982 0 (1,151.00) 17,831.00 Greater Des Moines Habitat for Humanity Inc 13-HM-168 $305,000 $78,347 0 - 78,347.00 Upper Explorerland Regional Planning Commission 13-HM-169 $395,000 $46,759 0 - 46,759.00 Scott County Housing Council 13-HM-177 $499,975 $428,778 0 - 428,778.00 East Central Intergovernmental Association 13-HM-192 $285,250 $180,789 0 - 180,789.00 Habitat for Humanity of Marion County Inc 13-HM-197 $154,000 $11,000 0 - 11,000.00 Iowa Community Action Association 13-HM-563 $1,099,960 $68,302 0 - 68,302.00 Anawim Housing 13-HM-573 $241,986 $2,220 0 - 2,220.00 Des Moines Municipal Housing Agency 13-HM-578 $1,100,000 $61,372 0 - 61,372.00 Mason City Housing Authority 13AUG-HM-520 $194,832 $10 0 - 10.00 Partners United for Supportive Housing - Affordable Housing Network 13AUG-HM-593 $928,948 $280 0 - 280.00

Subtotal $5,215,951 $896,839 $0 (1,151.00) 895,688.00 HOME (2014)

Home Opportunities Made Easy Inc 14-HM-159 $231,000 $117,946 0 - 117,946.00 Region XII Council of Governments Inc 14-HM-161 $412,500 $344,050 0 - 344,050.00 Upper Explorerland Regional Planning Commission 14-HM-163 $395,000 $342,280 0 - 342,280.00 Upper Explorerland Regional Planning Commission 14-HM-164 $395,000 $362,043 0 - 362,043.00 Upper Explorerland Regional Planning Commission 14-HM-165 $276,000 $198,390 0 - 198,390.00 Region XII Council of Governments Inc 14-HM-177 $412,500 $45,917 0 - 45,917.00 Region XII Council of Governments Inc 14-HM-179 $495,000 $114,860 0 - 114,860.00 Anawim Housing 14-HM-570 $327,383 $5,801 0 - 5,801.00 Iowa Community Action Association 14-HM-593 $999,586 $71,669 0 - 71,669.00

Subtotal $3,943,969 $1,602,956 $0 - 1,602,956.00 HOME (2015)

Region XII Council of Governments 15-HM-102 $224,400 $0 0 - - Region XII Council of Governments 15-HM-103 $192,500 $163,612 0 - 163,612.00 Region XII Council of Governments 15-HM-109 $412,500 $332,419 0 - 332,419.00 Region XII Council of Governments 15-HM-116 $206,250 $163,480 0 - 163,480.00 Region XII Council of Governments 15-HM-118 $206,250 $137,628 0 - 137,628.00 Habitat for Humanity of Iowa Inc 15-HM-124 $385,000 $454 0 - 454.00 East Central Iowa Council of Governments 15-HM-186 $540,000 $557,893 0 - 557,893.00 Southeast Iowa Regional Planning Commission 15-HM-199 $267,992 $17 0 - 17.00 United Neighbors Inc 15-HM-511 502,560 $266,960 0 - 266,960.00 Capax Infiniti Housing 15-HM-589 $821,815 $222,223 0 (214,682.00) 7,541.00

Subtotal $3,759,267 $1,844,686 $0 (214,682.00) 1,630,004.00 HOME (2017)

Eastern Iowa Regional Housing Corporation 17-HM-513 $503,025 $266,370 0 (260,799.00) 5,571.00 City of Clinton Iowa Housing Authority 17-HM-514 $55,522 $38,480 0 (38,480.00) - Fort Dodge Housing Agency 17-HM-515 $92,100 $74,915 0 (74,915.00) - Anawim Housing 17-HM-519 $288,638 $239,937 0 (121,221.00) 118,716.00 Upper Explorerland Regional Planning Commission 17-HM-520 $105,964 $88,101 0 (31,269.00) 56,832.00 Iowa Community Action Association 17SEPT-HM-554 $999,744 $795,510 0 (635,011.00) 160,499.00 Affordable Housing Network Inc 17-HM-523 $225,760 $167,298 0 (169,146.00) (1,848.00) Southeast Iowa Regional Planning Commission 17OCT-HM-191 $375,000 $375,000 0 (316,129.00) 58,871.00 Habitat for Humanity of Iowa, Inc 17OCT-HM-188 $462,000 $462,000 0 (229,043.00) 232,957.00 Upper Explorerland Regional Planning Commission 17OCT-HM-187 $188,500 $188,500 0 - 188,500.00

Subtotal $3,296,253 $2,696,111 $0 (1,876,013.00) 820,098.00

HOME (2019)Fort Dodge Housing Agency 19MAR-HM-570 $192,150 192,150 - $192,150Region XII Council of Governments 19MAR-HM-191 $150,000 150,000 - $150,000Eastern Iowa Regional Housing Corporation 19MAR-HM-582 $999,175 999,175 - $999,175Siouxland Interstate Metropolitan Planning Council 19MAR-HM-184 $412,500 412,500 - $412,500Affordable Housing Network Inc 19MAR-HM-576 $491,320 491,320 (6,734.00) $484,586Anawim Housing 19MAR-HM-580 $412,715 412,715 - $412,715Habitat for Humanity of Iowa, Inc 19MAR-HM-167 $462,000 462,000 - $462,000City of Clinton Iowa Housing Authority 19MAR-HM-569 $93,760 93,760 - $93,760Iowa Community Action Association 19-1-HM-565 $999,744 999,744 - $999,744Primary Health Care, Inc 19MAR-HM-583 $293,112 293,112 $293,112

Subtotal $4,506,476 $0 $4,506,476 ($6,734) $4,499,742.00

NHTF (2017)ITG 17-NHTF-1285 $2,700,000 $2,700,000 ($2,244,102.00) $455,898

$2,700,000 $2,700,000 $0 ($2,244,102.00) $455,898

Total $55,927,757 $22,028,962 $16,670,324 (15,185,225.46) 23,514,060.19

12

To: IFA Board Members From: Karen Klinkefus Date July 17, 2019 Re: YTD June 2019 Financial Results

Overhead Departments ($ in thousands)

With the completion of FY19, the Overhead departments continued to operate favorable to budget.

Operating Revenue was $332 or 13.7% unfavorable to budget and 37% unfavorable to last year. Authority fees account for most of this unfavorable variance. No Authority Fees were taken in FY15 – FY16.

Operating Expense was $865 or 17.4% favorable to budget but 8.3% unfavorable to last year. The write-off of the 2015 Grand assets was $288 vs the planned $502. Employee, common, marketing, professional service and interest expense were all favorable as well.

$413 $321 $225 $233 $271 $259

$212

$773$471

$3,051$3,326

$2,095

$2,427

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500




$66 $99

$2,583 $2,259$2,629 $2,596 $2,412

$2,744

$375$307

$230 $330 $455

$611

$3,593

$3,006$3,444

$3,794$4,109

$4,974

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000




13

As a result NOIBG was $533 or 20.9% favorable to budget but $1,546 or 330.3% unfavorable to last year. The variance from last year is due to the reduction in Authority fees.

Miscellaneous Grant Revenue comes from the Single Family program to maintain General Fund liquidity.

General Fund Liquidity The GF short term and long term liquidity goals of $2.6 million and $10.5 million were $10.5 million and $11.9 million for June.

-$2,821

-$2,535

-$393 -$468

-$2,014

-$2,547

-$3,000

-$2,500

-$2,000

-$1,500

-$1,000

-$500

$0FY15 FY16 FY17 FY18 FY19 Bud19 R5


$755

$815$0

$1,148

$3,000

$11,150

$8,950

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


Grant Revenue - YTD


14

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 20,733 20,295 438 2.2 22,561 (1,828) -8.1 271,451 258,789 12,662 4.9 232,757 38,694 16.6 Authority Revenue - - - 0.0 - - 0.0 1,553,030 1,963,097 (410,068) -20.9 2,923,476 (1,370,446) -46.9 Fee Revenue 515 417 98 23.5 296 219 73.8 6,399 5,004 1,395 27.9 4,568 1,831 40.1 Other Revenue - - - 0.0 - - 0.0 264,001 200,000 64,001 32.0 165,513 98,488 59.5Total Operating Revenue 21,248 20,712 536 2.6 22,857 (1,609) -7.0 2,094,881 2,426,890 (332,009) -13.7 3,326,313 (1,231,433) -37.0

Operating Expense Interest Expense 25,370 9,682 15,688 162.0 130 25,240 19432.1 66,239 98,778 (32,539) -32.9 215 66,025 30753.4 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 345,965 198,491 147,474 74.3 257,781 88,185 34.2 2,412,182 2,744,174 (331,992) -12.1 2,596,325 (184,143) -7.1 Common Expenses 87,782 64,690 23,092 35.7 48,917 38,865 79.5 1,049,839 1,238,061 (188,222) -15.2 644,109 405,731 63.0 Marketing Expense 7,538 20,833 (13,295) -63.8 5,545 1,993 35.9 419,083 600,000 (180,917) -30.2 467,812 (48,728) -10.4 Professional Services 23,951 24,146 (195) -0.8 61,648 (37,698) -61.1 455,207 611,248 (156,041) -25.5 330,453 124,754 37.8 Claim and Loss Expenses - - - 0.0 (48,000) 48,000 -100.0 (2,000) - (2,000) 0.0 57,000 (59,000) -103.5 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 1,041 - 1,041 0.0 0 1,041 1040930.0 19,868 - 19,868 0.0 (35) 19,903 -57027.7 Overhead Allocation (25,628) (24,608) (1,020) 4.1 (26,074) 446 -1.7 (311,380) (318,638) 7,258 -2.3 (301,430) (9,950) 3.3Total Operating Expense 466,019 293,234 172,786 58.9 299,947 166,072 55.4 4,109,039 4,973,623 (864,584) -17.4 3,794,448 314,591 8.3

Net Operating Income (Loss) Before Grants (444,771) (272,522) (172,249) 63.2 (277,090) (167,681) 60.5 (2,014,158) (2,546,733) 532,575 -20.9 (468,135) (1,546,024) 330.3

Net Grant (Income) Expense Grant Revenue (2,000,000) (200,000) (1,800,000) 900.0 (500,000) (1,500,000) 300.0 (11,150,000) (8,950,000) (2,200,000) 24.6 (3,000,000) (8,150,000) 271.7 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense (2,000,000) (200,000) (1,800,000) 900.0 (500,000) (1,500,000) 300.0 (11,150,000) (8,950,000) (2,200,000) 24.6 (3,000,000) (8,150,000) 271.7

Net Operating Income (Loss) After Grants 1,555,229 (72,522) 1,627,751 -2244.5 222,910 1,332,319 597.7 9,135,842 6,403,267 2,732,575 42.7 2,531,865 6,603,976 260.8

Non-Operating (Income) Expense 441 - 441 0.0 13,211 (12,770) -96.7 4,176,022 4,150,000 26,022 0.6 63,179 4,112,843 6509.8

Net Income (Loss) 1,554,788 (72,522) 1,627,310 -2243.9 209,699 1,345,089 641.4 4,959,819 2,253,267 2,706,552 120.1 2,468,686 2,491,133 100.9


Income StatementOverhead (Rollup)


15

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 20,733 20,295 438 2.2 22,561 (1,828) -8.1 271,451 258,789 12,662 4.9 232,757 38,694 16.6 Authority Revenue - - - 0.0 - - 0.0 1,553,030 1,963,097 (410,068) -20.9 2,923,476 (1,370,446) -46.9 Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Other Revenue - - - 0.0 - - 0.0 53,431 - 53,431 0.0 941 52,490 5578.1Total Operating Revenue 20,733 20,295 438 2.2 22,561 (1,828) -8.1 1,877,912 2,221,886 (343,974) -15.5 3,157,174 (1,279,262) -40.5

Operating Expense Interest Expense 25,370 9,682 15,688 162.0 130 25,240 19432.1 66,239 98,778 (32,539) -32.9 215 66,025 30753.4 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 241,257 78,933 162,324 205.6 128,432 112,825 87.8 1,021,814 1,183,636 (161,822) -13.7 1,222,974 (201,160) -16.4 Common Expenses 59,265 27,894 31,371 112.5 9,892 49,373 499.1 548,667 797,868 (249,201) -31.2 154,989 393,678 254.0 Marketing Expense - - - 0.0 140 (140) -100.0 989 - 989 0.0 10,611 (9,622) -90.7 Professional Services 2,191 8,417 (6,226) -74.0 33,901 (31,711) -93.5 253,572 288,000 (34,428) -12.0 63,158 190,414 301.5 Claim and Loss Expenses - - - 0.0 (48,000) 48,000 -100.0 (2,000) - (2,000) 0.0 57,000 (59,000) -103.5 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 1,041 - 1,041 0.0 0 1,041 1040930.0 19,868 - 19,868 0.0 (35) 19,903 -57027.7 Overhead Allocation (25,628) (24,608) (1,020) 4.1 (26,074) 446 -1.7 (311,380) (318,638) 7,258 -2.3 (301,430) (9,950) 3.3Total Operating Expense 303,496 100,318 203,179 202.5 98,422 205,074 208.4 1,597,769 2,049,644 (451,876) -22.0 1,207,481 390,287 32.3

Net Operating Income (Loss) Before Grants (282,763) (80,023) (202,741) 253.4 (75,861) (206,902) 272.7 280,143 172,242 107,901 62.6 1,949,692 (1,669,549) -85.6

Net Grant (Income) Expense Grant Revenue (2,000,000) (200,000) (1,800,000) 900.0 (500,000) (1,500,000) 300.0 (11,150,000) (8,950,000) (2,200,000) 24.6 (3,000,000) (8,150,000) 271.7 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense (2,000,000) (200,000) (1,800,000) 900.0 (500,000) (1,500,000) 300.0 (11,150,000) (8,950,000) (2,200,000) 24.6 (3,000,000) (8,150,000) 271.7

Net Operating Income (Loss) After Grants 1,717,237 119,977 1,597,259 1331.3 424,139 1,293,098 304.9 11,430,143 9,122,242 2,307,901 25.3 4,949,692 6,480,451 130.9

Non-Operating (Income) Expense 441 - 441 0.0 13,211 (12,770) -96.7 4,176,022 4,150,000 26,022 0.6 63,179 4,112,843 6509.8

Net Income (Loss) 1,716,796 119,977 1,596,818 1330.9 410,928 1,305,868 317.8 7,254,121 4,972,242 2,281,879 45.9 4,886,513 2,367,607 48.5


Income Statement010 - Admin


(a)

(a) Employee Expenses - Includes GASB 68 pension adjustment.

(b)

(b) Common Expenses - Depreciation and Building Maintenance higher than planned.

16

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 515 417 98 23.5 296 219 73.8 6,399 5,004 1,395 27.9 4,568 1,831 40.1 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 515 417 98 23.5 296 219 73.8 6,399 5,004 1,395 27.9 4,568 1,831 40.1

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 50,219 55,657 (5,437) -9.8 63,231 (13,012) -20.6 661,888 717,914 (56,026) -7.8 650,252 11,636 1.8 Common Expenses 15,681 19,168 (3,487) -18.2 14,763 918 6.2 218,247 225,317 (7,070) -3.1 191,796 26,451 13.8 Marketing Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Professional Services 4,266 7,296 (3,029) -41.5 4,242 24 0.6 62,856 82,047 (19,191) -23.4 97,230 (34,374) -35.4 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Expense 70,166 82,120 (11,954) -14.6 82,235 (12,069) -14.7 942,991 1,025,279 (82,287) -8.0 939,278 3,713 0.4

Net Operating Income (Loss) Before Grants (69,651) (81,703) 12,052 -14.8 (81,939) 12,288 -15.0 (936,593) (1,020,275) 83,682 -8.2 (934,711) (1,882) 0.2

Net Grant (Income) Expense Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Operating Income (Loss) After Grants (69,651) (81,703) 12,052 -14.8 (81,939) 12,288 -15.0 (936,593) (1,020,275) 83,682 -8.2 (934,711) (1,882) 0.2

Non-Operating (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Income (Loss) (69,651) (81,703) 12,052 -14.8 (81,939) 12,288 -15.0 (936,593) (1,020,275) 83,682 -8.2 (934,711) (1,882) 0.2

IFA Home Dept Staff Count 10 10 - 0.0 9 1 11.1 9 10 (1) -5.8 9 1 7.6FTE Staff Count 6 7 (1) -7.7 7 (1) -16.5 7 7 (0) -0.8 6 0 3.1

Income Statement011 - Accounting


17

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 24,042 16,997 7,046 41.5 20,522 3,521 17.2 219,505 216,621 2,884 1.3 196,248 23,257 11.9 Common Expenses 970 1,478 (508) -34.4 935 35 3.8 62,397 62,253 144 0.2 60,064 2,333 3.9 Marketing Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Professional Services - - - 0.0 - - 0.0 - - - 0.0 132 (132) -100.0 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Expense 25,013 18,475 6,538 35.4 21,457 3,556 16.6 281,902 278,874 3,028 1.1 256,444 25,458 9.9

Net Operating Income (Loss) Before Grants (25,013) (18,475) (6,538) 35.4 (21,457) (3,556) 16.6 (281,902) (278,874) (3,028) 1.1 (256,444) (25,458) 9.9


Net Operating Income (Loss) After Grants (25,013) (18,475) (6,538) 35.4 (21,457) (3,556) 16.6 (281,902) (278,874) (3,028) 1.1 (256,444) (25,458) 9.9


Net Income (Loss) (25,013) (18,475) (6,538) 35.4 (21,457) (3,556) 16.6 (281,902) (278,874) (3,028) 1.1 (256,444) (25,458) 9.9

IFA Home Dept Staff Count 2 2 - 0.0 2 - 0.0 2 2 - 0.0 2 - 0.0FTE Staff Count 1 1 0 5.7 1 (0) -15.2 1 1 0 17.3 1 0 4.0

Income Statement012 - Finance


(a)

(a) Employee Expenses - More hours charged to this department than planned and higher travel.

18

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 11,040 29,311 (18,270) -62.3 30,201 (19,160) -63.4 272,250 400,073 (127,823) -31.9 313,507 (41,257) -13.2 Common Expenses 9,387 10,978 (1,590) -14.5 17,939 (8,552) -47.7 165,516 93,699 71,817 76.6 185,021 (19,505) -10.5 Marketing Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Professional Services - - - 0.0 23,505 (23,505) -100.0 57,038 140,000 (82,963) -59.3 94,555 (37,517) -39.7 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Expense 20,428 40,289 (19,861) -49.3 71,645 (51,217) -71.5 494,804 633,772 (138,968) -21.9 593,083 (98,279) -16.6

Net Operating Income (Loss) Before Grants (20,428) (40,289) 19,861 -49.3 (71,645) 51,217 -71.5 (494,804) (633,772) 138,968 -21.9 (593,083) 98,279 -16.6


Net Operating Income (Loss) After Grants (20,428) (40,289) 19,861 -49.3 (71,645) 51,217 -71.5 (494,804) (633,772) 138,968 -21.9 (593,083) 98,279 -16.6


Net Income (Loss) (20,428) (40,289) 19,861 -49.3 (71,645) 51,217 -71.5 (494,804) (633,772) 138,968 -21.9 (593,083) 98,279 -16.6

IFA Home Dept Staff Count 3 2 1 50.0 2 1 50.0 2 2 0 4.2 2 0 4.2FTE Staff Count 1 3 (2) -68.9 2 (2) -64.3 2 3 (1) -31.0 2 (0) -12.9

Income Statement014 - Information Technology


19

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Other Revenue - - - 0.0 - - 0.0 210,570 200,000 10,570 5.3 164,572 45,998 27.9Total Operating Revenue - - - 0.0 - - 0.0 210,570 200,000 10,570 5.3 164,572 45,998 27.9

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 19,406 17,594 1,812 10.3 15,395 4,010 26.0 236,725 225,930 10,795 4.8 213,345 23,381 11.0 Common Expenses 2,478 5,172 (2,694) -52.1 5,388 (2,909) -54.0 55,012 58,923 (3,911) -6.6 52,239 2,773 5.3 Marketing Expense 7,538 20,833 (13,295) -63.8 5,405 2,133 39.5 418,094 600,000 (181,906) -30.3 457,200 (39,106) -8.6 Professional Services 17,494 8,433 9,060 107.4 - 17,494 0.0 81,742 101,200 (19,459) -19.2 75,378 6,364 8.4 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Expense 46,916 52,033 (5,117) -9.8 26,188 20,727 79.1 791,574 986,054 (194,480) -19.7 798,162 (6,588) -0.8

Net Operating Income (Loss) Before Grants (46,916) (52,033) 5,117 -9.8 (26,188) (20,727) 79.1 (581,004) (786,054) 205,050 -26.1 (633,590) 52,586 -8.3


Net Operating Income (Loss) After Grants (46,916) (52,033) 5,117 -9.8 (26,188) (20,727) 79.1 (581,004) (786,054) 205,050 -26.1 (633,590) 52,586 -8.3


Net Income (Loss) (46,916) (52,033) 5,117 -9.8 (26,188) (20,727) 79.1 (581,004) (786,054) 205,050 -26.1 (633,590) 52,586 -8.3

IFA Home Dept Staff Count 2 2 - 0.0 2 - 0.0 2 2 - 0.0 2 - 0.0FTE Staff Count 2 2 0 1.4 1 1 106.9 2 2 (0) -1.6 2 (0) -0.2

Income Statement019 - Marketing


(a)

(a) Employee Expenses - More hours charged to this department than planned.

(b)

(b) Professional Services - Consultant invoice timing.

20

Actuals Bud19 R5 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 10,495,260 6,343,545 4,151,715 65.4 8,592,554 1,902,706 22.1 Investments 365,372 1,108,139 (742,766) -67.0 1,108,573 (743,201) -67.0 Mortgage Backed Securities 1,060,764 1,232,727 (171,963) -13.9 1,400,269 (339,505) -24.2 Line of Credit 1,434,700 985,000 449,700 45.7 135,000 1,299,700 962.7 Loans - net of reserve for losses 397,606 530,266 (132,661) -25.0 544,620 (147,014) -27.0 Capital Assets (net of accumulated depreciation) 8,370,674 8,458,805 (88,131) -1.0 2,329,411 6,041,263 259.3 Other Assets 1,463,877 1,112,754 351,123 31.6 1,295,136 168,741 13.0 Deferred Outflows 1,355,790 1,732,481 (376,691) -21.7 1,542,331 (186,541) -12.1Total Assets and Deferred Outflows 24,944,043 21,503,717 3,440,326 16.0 16,947,893 7,996,150 47.2

Liabilities, Deferred Inflows, and Equity Debt 3,809,832 3,688,398 121,434 3.3 46,133 3,763,699 8158.4 Interest Payable - 9,682 (9,682) -100.0 - - 0.0 Unearned Income 1,180,580 1,117,054 63,526 5.7 1,513,785 (333,204) -22.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 1,667,633 1,614,056 53,577 3.3 1,847,523 (179,890) -9.7 Other liabilities 5,510,330 5,207,896 302,434 5.8 5,605,843 (95,513) -1.7 Deferred Inflows 352,851 228,418 124,433 54.5 256,704 96,147 37.5 Total Liabilities and Deferred Inflows 12,521,226 11,865,505 655,721 5.5 9,269,987 3,251,239 35.1

Equity YTD Earnings(Loss) 4,959,819 2,253,267 2,706,552 120.1 2,468,686 2,491,133 100.9 Prior Years Earnings 7,677,906 8,571,009 (893,103) -10.4 5,808,852 1,869,055 32.2 Transfers (214,909) (1,186,065) 971,155 -81.9 (599,632) 384,723 -64.2 Total Equity 12,422,817 9,638,212 2,784,605 28.9 7,677,906 4,744,910 61.8

Total Liabilities, Deferred Inflows, and Equity 24,944,043 21,503,717 3,440,326 16.0 16,947,893 7,996,150 47.2

Overhead (Rollup)Jun-2019Balance Sheet

21

To: IFA Board Members From: Joshua Kasibbo

Date Jul 15, 2019

Re: Jun 2019 YTD Single Family Financial Results

Single Family Results ($ in thousands)

Through FY19, Single Family program operated favorable to budget.

Operating Revenue was $225 or 0.8% below budget but 17.2% above last year. Fee Revenue was $457 or

39.0% above budget. Interest Revenue trailed budget by $687 or 2.6% due to below budget market volume.

Operating Expenses were $1,525 or 7.5% favorable to budget but trailed last year by $1,499 or 8.7%. Almost all

expense categories were favorable to budget, with Interest, Authority and Employee Expense accounting for

$1,440 of the favorable variance.

$24,220

$21,234$22,527 $21,879

$25,426 $26,112

$127

$660$899 $1,201

$1,627 $1,171$24,372$22,873 $23,428 $23,085

$27,058 $27,283

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000




$11,362$10,393 $10,811

$12,457$14,754

$15,732

$681$880

$951

$875

$857$916

$268$574 $413

$494

$485$456

$12,442$13,290

$14,935

$17,178$18,676

$20,201

$0

$5,000

$10,000

$15,000

$20,000

$25,000




22

As a result, NOIBG was $1,300 or 18.4% favorable to budget as well as 41.9% above last year.

Grant Revenue was $1,139 or 56.9% favorable to budget but trailed last year by $918 or 22.6%. This is because

Miscellaneous Grant Revenue (transfers from HAF) was not budgeted and this year it was only 50% of last

year.

$11,931

$9,582

$8,493

$5,907

$8,382

$7,082

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000



$2,189 $2,231

$3,198

$2,357 $2,289$2,000

$0

$1,000

$0 $1,700

$850

$0

$2,189

$3,231 $3,198

$4,057

$3,139

$2,000

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500


Grant Revenue - YTD

Grant Revenue - State Grant Revenue - Misc

23

Grant Expense was $563 or 5.7% unfavorable to budget and 28.5% above last year. In FY2019, a total of

$5,500 was transferred to General Fund against a budget of $4,800. This explains the unfavorable variances.

NOIAG was $1,876 favorable to budget but trailed last year by $753.

$2,189 $2,231$3,198

$2,357 $2,289 $2,000

$3,494 $3,138

$4,477 $5,735

$8,113$7,838

$5,683$5,369

$7,675$8,092

$10,402$9,838

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


Grant Expense - YTD

Grant Expense - State Grant Expense - IFA

$8,436

$7,444

$4,016

$1,872

$1,119

-$756-$2,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000



24

MBS Activity ($ in thousands)

Series Purchased Sold Net DPA

Funds

Available

RHF Security (034) 500 - 500 - 7,981

RHF Program (053) - - - 1,674 4,882

Retired MBS (058) 348 - 348 - 9,193

2017 AB (062) 1,075 - 1,075 20 3,078

2017 CD (063) 355 - 355 10 3,420

2018 AB (064) 38,536 - 38,536 875 1,986

2018 CDE (065) 60,966 - 60,966 1,185 1,488

2019 ABC (066) 24,563 - 24,563 427 73,059

SF Warehouse Acct (054) 94,933 (94,933) 0 - 9,098

Total Single Family 221,276 (94,933) 126,343 4,190 114,186

General Fund - - - - -

MBS Purchases were 7.8% or $18,724 below budget.

$150,806

$208,199

$247,293

$221,984 $221,276

$240,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000


MBS Purchases - YTD

25

SF Portfolio Analysis ($ in thousands)

Balance Chg

Mortgage Backed Sec 478,804 126,343 (51,594) 553,554 16%

Other SF Loans (net of reserve) 2,877 (350) 2,527 -12%

Warehouse Loans 15,030 23,197 54%

Subtotal 496,711 126,343 (51,943) 579,277 17%

FMVA 4,193 17,426 21,619 416%

Total Portfolio 500,904 143,769 (51,943) 600,896 20%

DescriptionJun 2019

6/30/18 Balance Additions Reduction

Other Activity

Reservations exceeded available grant funds by $994.

(295)

1,555 1,366

1,119

745 500 266

116 81

81

76 (29)

(554)

478

978 1,104

1,094

1,031

761

521 351 305

445 620

420

440

-1,000

-500

0

500

1,000

1,500

2,000

Beg. Bal Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Military DPA (in thousands)

Available Grant Outstanding Reservations

26

Down Payment Assistance (DPA) is slightly below budget by $178 or 4.1%. Similarly, Service Release

Premium (SRP) was $682 or 21.3% below budget.

As a result of the June 2019 bond issuance, total assets and deferred outflows were 6.4% favorable to budget.

Likewise, Cash and Cash Equivalents were $19,205 or 17.1% above budget, investments were on budget.

Mortgage backed securities were $16,827 or 3.0% above budget and 19.1% above last year.

$2,337

$3,163

$4,275$3,947 $4,190 $4,368

$1,443

$1,983

$2,335

$2,222

$2,518

$3,200

$3,780

$5,145

$6,610$6,169

$6,708

$7,568

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000


DPA on MBS Purchased SRP on MBS Purchased

$77,518 $71,125$106,035 $117,213 $137,905 $118,204

$395,005 $418,821

$436,814$498,027

$598,369$580,062

$3,967$3,657

$3,305

$2,877

$2,527$2,531

$488,914$513,065

$565,333

$640,449

$766,492$720,601

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000


Assets

Cash, CE, & Inv Mortgage Backed Securities Loans Other Assets

27

Actuals Bud19 R5 Difference % Last Year Difference %

Assets and Deferred Outflows

Cash & Cash Equivelents 134,896,671 115,191,463 19,705,208 17.1 112,731,857 22,164,814 19.7

Investments 3,008,805 3,012,945 (4,140) -0.1 4,481,095 (1,472,290) -32.9

Mortgage Backed Securities 575,172,569 558,345,941 16,826,628 3.0 482,996,570 92,176,000 19.1

Line of Credit 23,196,543 21,715,975 1,480,567 6.8 15,030,335 8,166,208 54.3

Loans - net of reserve for losses 2,527,223 2,530,776 (3,552) -0.1 2,876,723 (349,500) -12.1

Other Assets 20,110,051 19,865,206 244,845 1.2 18,178,904 1,931,147 10.6

Deferred Outflows 7,580,056 (61,361) 7,641,417 -12453.2 4,153,351 3,426,705 82.5

Total Assets and Deferred Outflows 766,491,918 720,600,945 45,890,973 6.4 640,448,835 126,043,083 19.7

Liabilities, Deferred Inflows, and Equity

Debt 578,319,127 556,781,001 21,538,126 3.9 475,063,181 103,255,946 21.7

Interest Payable 5,626,642 8,316,384 (2,689,741) -32.3 4,674,963 951,680 20.4

Unearned Income (554,197) (50) (554,147) 1112521.6 (295,298) (258,899) 87.7

Accounts Payable & Accrued Liabilities 816,258 628,016 188,243 30.0 628,131 188,127 30.0

Other liabilities 4,780,754 (6,348) 4,787,103 -75407.2 882,821 3,897,933 441.5

Deferred Inflows 2,160,723 2,381,334 (220,611) -9.3 3,954,890 (1,794,168) -45.4

Total Liabilities and Deferred Inflows 591,149,307 568,100,336 23,048,972 4.1 484,908,689 106,240,618 21.9

Equity

YTD Earnings(Loss) 18,765,321 (756,350) 19,521,671 -2581.0 (11,393,398) 30,158,719 -264.7

Prior Years Earnings 155,540,146 151,933,718 3,606,428 2.4 165,680,918 (10,140,772) -6.1

Transfers 1,037,144 1,323,242 (286,098) -21.6 1,252,626 (215,483) -17.2

Total Equity 175,342,611 152,500,609 22,842,002 15.0 155,540,146 19,802,465 12.7


Single Family (Rollup)

Jun-2019Balance Sheet

28

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 2,286,180 2,312,635 (26,456) -1.1 1,924,755 361,425 18.8 25,425,655 26,112,424 (686,769) -2.6 21,878,740 3,546,915 16.2 Fee Revenue 152,188 100,300 51,888 51.7 128,250 23,937 18.7 1,627,472 1,170,597 456,875 39.0 1,201,493 425,979 35.5 Other Revenue 1,000 - 1,000 0.0 - 1,000 0.0 5,183 - 5,183 0.0 4,356 827 19.0Total Operating Revenue 2,439,368 2,412,935 26,432 1.1 2,053,005 386,362 18.8 27,058,311 27,283,021 (224,710) -0.8 23,084,589 3,973,722 17.2

Operating Expense Interest Expense 2,058,042 1,346,872 711,170 52.8 1,036,894 1,021,149 98.5 14,754,446 15,732,311 (977,865) -6.2 12,456,947 2,297,499 18.4 Authority Expense - - - 0.0 - - 0.0 1,418,208 1,821,072 (402,865) -22.1 2,381,374 (963,166) -40.4 Employee Expenses 46,969 71,064 (24,095) -33.9 66,291 (19,322) -29.1 856,958 916,292 (59,334) -6.5 875,216 (18,257) -2.1 Common Expenses 12,162 17,169 (5,007) -29.2 17,868 (5,707) -31.9 178,183 204,547 (26,364) -12.9 151,901 26,281 17.3 Marketing Expense 158,874 19,167 139,708 728.9 41,586 117,288 282.0 197,515 230,000 (32,485) -14.1 285,897 (88,382) -30.9 Professional Services 25,817 16,420 9,396 57.2 29,658 (3,841) -13.0 485,031 455,851 29,180 6.4 494,094 (9,063) -1.8 Claim and Loss Expenses (1,000) - (1,000) 0.0 - (1,000) 0.0 17,674 - 17,674 0.0 - 17,674 0.0 Service Release Premium 101,286 81,116 20,170 24.9 63,791 37,495 58.8 768,056 841,174 (73,118) -8.7 532,325 235,731 44.3 Miscellaneous Operating Expense - - - 0.0 - - 0.0 322 - 322 0.0 60 262 436.7Total Operating Expense 2,402,150 1,551,808 850,342 54.8 1,256,088 1,146,062 91.2 18,676,392 20,201,248 (1,524,856) -7.5 17,177,813 1,498,578 8.7

Net Operating Income (Loss) Before Grants 37,217 861,127 (823,910) -95.7 796,917 (759,700) -95.3 8,381,919 7,081,773 1,300,146 18.4 5,906,775 2,475,144 41.9

Net Grant (Income) Expense Grant Revenue (525,000) - (525,000) 0.0 (318,985) (206,015) 64.6 (3,138,899) (2,000,000) (1,138,899) 56.9 (4,057,032) 918,133 -22.6 Grant Expense 2,247,646 453,177 1,794,469 396.0 985,336 1,262,311 128.1 10,401,591 9,838,124 563,467 5.7 8,091,548 2,310,043 28.5Total Net Grant (Income) Expense 1,722,646 453,177 1,269,469 280.1 666,351 1,056,296 158.5 7,262,692 7,838,124 (575,432) -7.3 4,034,516 3,228,176 80.0

Net Operating Income (Loss) After Grants (1,685,429) 407,950 (2,093,379) -513.1 130,567 (1,815,996) -1390.9 1,119,227 (756,350) 1,875,578 -248.0 1,872,260 (753,032) -40.2

Non-Operating (Income) Expense (3,863,279) - (3,863,279) 0.0 (5,748,678) 1,885,400 -32.8 (17,646,094) - (17,646,094) 0.0 13,265,658 (30,911,752) -233.0

Net Income (Loss) 2,177,850 407,950 1,769,900 433.9 5,879,245 (3,701,395) -63.0 18,765,321 (756,350) 19,521,671 -2581.0 (11,393,398) 30,158,719 -264.7

IFA Home Dept Staff Count 8 6 2 33.3 5 3 60.0 7 6 1 8.3 5 1 20.0FTE Staff Count 9 8 2 19.2 6 3 49.1 8 8 (0) -0.8 7 1 10.2

Income StatementSingle Family (Rollup)


29

To: IFA Board Members From: Jennifer Pulford Date July 12, 2019 Re: June 2019 YTD Multi-Family Financial Results

Multi-Family Results ($ in thousands)

Multi-Family programs ended the fiscal year favorable to budget.

Operating Revenue was $42 or 0.4% below budget and $438 or 4.1% above last year. Fee revenue was $180 above budget due to higher than expected LIHTC fees. Interest revenue was $264 below budget due to lower investment and loan balances.

Operating Expense was $630 or 10.2% below budget and $872 or 13.6% below last year. Employee Expenses, Provision for Loan Losses, and Professional Services were all below budget.

$5,868 $5,701 $5,867 $5,959 $6,179 $6,443

$4,061 $4,454 $4,433 $4,708 $4,884 $4,705

$9,934$10,406 $10,308 $10,671 $11,109 $11,151

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000




$1,743 $1,653 $1,579 $1,373 $1,373 $1,329

$3,077 $3,181 $3,349$3,157 $2,986 $3,291

$570 $484 $512$691 $711

$754

$5,683

$6,696 $6,979$6,399

$5,527$6,157

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000




30

NOIBG was $587 or 11.8% above budget and $1,310 or 30.7% above last year.

MF Portfolio Analysis ($ in whole dollars)

$4,251

$3,710$3,330

$4,272

$5,582

$4,995

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000



$1,996

$0

$5,248

$6,711

$1,484

$7,285

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000


Loan Disbursements - YTD

# 6/30/2018 Additions Transfers Reductions End Bal CHG #Multifamily Program Loans 41 24,446,943 1,484,282 0 (2,679,042) 23,252,183 -5% 39Multifamily Real Estate Owned 0 0 0 0 0 0 N/A 0Multifamily Loans 6 35,429,789 0 0 (550,016) 34,879,773 -2% 6

47 59,876,732 1,484,282 0 (3,229,057) 58,131,957 45Loan Reserves (1,867,000) 0 0 288,000 (1,579,000) -15%Capitalized Interest Reserves (26,000) 0 0 2,000 (24,000) -8%Total Portfolio 57,983,732 1,484,282 0 (2,939,057) 56,528,957 -3%

31

MF Commitments ($ in whole dollars)

Commitment Date

Original Commitment

5/31/2019 Balance Monthly Activity

6/30/2019 Balance

Remaining Commitment

Grants Homes for Iowa, Inc 6/5/2019 1,200,000 0 0 0 1,200,000Total Grants 1,200,000 0 0 0 1,200,000

Construction LoansMF-XX-XXX - ECDC/Bear Creek 5/1/2019 300,000 0 0 0 300,000

Total Construction 300,000 0 0 0 300,000

Permanent LoansWF-18-001 - City of Newton 2/7/2018 450,000 337,000 0 337,000 113,000WF-19-001 - City of Garner 11/7/2018 360,000 0 0 0 360,000MF-XX-XXX - Crestwood Ridge 11/1/2017 830,000 0 0 0 830,000MF-XX-XXX - Hotel Maytag 3/14/2018 2,300,000 0 0 0 2,300,000MF-XX-XXX - Urban Crossing 8/1/2018 850,000 0 0 0 850,000MF-XX-XXX - CHI North Bay 11/7/2018 964,000 0 0 0 964,000

Total Permanent 5,754,000 337,000 0 337,000 5,417,000

Totals 7,254,000 337,000 0 337,000 6,917,000xxx = no loan agreement signed

32

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 510,738 542,262 (31,524) -5.8 502,249 8,489 1.7 6,178,554 6,442,812 (264,258) -4.1 5,958,826 219,729 3.7 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 285,161 312,500 (27,339) -8.7 259,530 25,631 9.9 4,884,200 4,704,675 179,525 3.8 4,708,262 175,939 3.7 Other Revenue 36,641 - 36,641 0.0 - 36,641 0.0 46,722 4,000 42,722 1068.1 4,000 42,722 1068.1Total Operating Revenue 832,540 854,762 (22,222) -2.6 761,779 70,761 9.3 11,109,477 11,151,487 (42,010) -0.4 10,671,087 438,390 4.1

Operating Expense Interest Expense 111,756 104,873 6,883 6.6 142,452 (30,696) -21.5 1,372,609 1,328,602 44,007 3.3 1,372,678 (69) 0.0 Authority Expense - - - 0.0 - - 0.0 134,822 142,025 (7,203) -5.1 542,102 (407,280) -75.1 Employee Expenses 237,840 254,507 (16,667) -6.5 283,676 (45,835) -16.2 2,985,823 3,290,746 (304,924) -9.3 3,156,820 (170,998) -5.4 Common Expenses 24,798 52,193 (27,395) -52.5 41,186 (16,388) -39.8 450,841 486,214 (35,373) -7.3 366,276 84,565 23.1 Marketing Expense 395 - 395 0.0 - 395 0.0 395 30,000 (29,605) -98.7 500 (105) -21.0 Professional Services 71,752 38,379 33,372 87.0 41,720 30,032 72.0 711,060 753,847 (42,788) -5.7 691,494 19,566 2.8 Claim and Loss Expenses (1,000) - (1,000) 0.0 79,000 (80,000) -101.3 (264,000) - (264,000) 0.0 145,880 (409,880) -281.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 28 (28) -100.0 13,372 - 13,372 0.0 1,095 12,277 1121.2 Overhead Allocation 10,165 9,654 511 5.3 11,079 (914) -8.2 122,399 125,471 (3,072) -2.4 122,382 17 0.0Total Operating Expense 455,706 459,607 (3,901) -0.8 599,140 (143,435) -23.9 5,527,321 6,156,905 (629,584) -10.2 6,399,227 (871,907) -13.6

Net Operating Income (Loss) Before Grants 376,834 395,155 (18,321) -4.6 162,639 214,195 131.7 5,582,156 4,994,582 587,574 11.8 4,271,860 1,310,296 30.7

Net Grant (Income) Expense Grant Revenue (5,444,582) (5,000,000) (444,582) 8.9 (5,197,351) (247,231) 4.8 (63,947,792) (60,000,000) (3,947,792) 6.6 (61,318,753) (2,629,039) 4.3 Grant Expense 5,944,582 5,010,000 934,582 18.7 5,197,351 747,231 14.4 69,908,329 64,500,000 5,408,329 8.4 61,318,753 8,589,576 14.0Total Net Grant (Income) Expense 500,000 10,000 490,000 4900.0 - 500,000 0.0 5,960,537 4,500,000 1,460,537 32.5 - 5,960,537 0.0

Net Operating Income (Loss) After Grants (123,166) 385,155 (508,321) -132.0 162,639 (285,805) -175.7 (378,381) 494,582 (872,963) -176.5 4,271,860 (4,650,241) -108.9

Non-Operating (Income) Expense (868) - (868) 0.0 13,981 (14,849) -106.2 41,974 - 41,974 0.0 195,644 (153,671) -78.5

Net Income (Loss) (122,297) 385,155 (507,453) -131.8 148,658 (270,955) -182.3 (420,355) 494,582 (914,937) -185.0 4,076,215 (4,496,570) -110.3

IFA Home Dept Staff Count 25 26 (1) -2.3 26 (1) -3.8 26 26 0 0.9 26 0 0.3FTE Staff Count 23 25 (2) -9.6 24 (2) -6.7 24 25 (1) -3.9 25 (1) -2.6

Income StatementMulti Family (Rollup)


33

Actuals Bud19 R5 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 60,057,471 48,457,843 11,599,628 23.9 57,663,574 2,393,897 4.2 Investments 2,390,301 5,327,938 (2,937,637) -55.1 5,523,283 (3,132,982) -56.7 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 56,528,957 64,011,196 (7,482,239) -11.7 58,009,732 (1,480,775) -2.6 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 899,188 1,332,590 (433,402) -32.5 922,505 (23,316) -2.5 Deferred Outflows 423,424 - 423,424 0.0 332,158 91,266 27.5Total Assets and Deferred Outflows 120,299,342 119,129,567 1,169,774 1.0 122,451,251 (2,151,910) -1.8

Liabilities, Deferred Inflows, and Equity Debt 36,492,067 35,442,067 1,050,000 3.0 38,145,534 (1,653,467) -4.3 Interest Payable 159,183 445,309 (286,126) -64.3 191,083 (31,900) -16.7 Unearned Income - - - 0.0 - - 0.0 Escrow Deposits 8,267,724 7,177,163 1,090,561 15.2 7,702,318 565,405 7.3 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 38,668 188,088 (149,420) -79.4 99,790 (61,122) -61.3 Other liabilities 423,424 - 423,424 0.0 332,158 91,266 27.5 Deferred Inflows 1,325 - 1,325 0.0 16,703 (15,377) -92.1 Total Liabilities and Deferred Inflows 45,382,392 43,252,627 2,129,764 4.9 46,487,586 (1,105,194) -2.4

Equity YTD Earnings(Loss) (420,355) 494,582 (914,937) -185.0 4,076,215 (4,496,570) -110.3 Prior Years Earnings 75,963,666 75,435,906 527,760 0.7 72,306,733 3,656,933 5.1 Transfers (626,361) (53,548) (572,813) 1069.7 (419,283) (207,079) 49.4 Total Equity 74,916,950 75,876,940 (959,990) -1.3 75,963,666 (1,046,716) -1.4

Total Liabilities, Deferred Inflows, and Equity 120,299,342 119,129,567 1,169,774 1.0 122,451,251 (2,151,910) -1.8

Multi Family (Rollup)Jun-2019Balance Sheet

34

To: IFA Board Members From: Linda Day Date July 18, 2019 Re: June 2019 YTD Financial Results

Federal and State Programs ($ in thousands)

For FY2019, F&S programs performed favorably to budget.

Operating Revenue was favorable to budget by $258 or 42.8% and above last year by $36 or 4.4%. Interest Revenue exceeded budget by $196 or 56%. This is due to higher Cash & Cash Equivalents balances and higher interest rates than were budgeted. Fee Revenue exceeded budget by $61 or 24.4% mainly due to the Private Activity Bond program.

Operating Expense was $3,742 or 215.4% favorable to budget and was also favorable over last year by $3,372 or 246.6%. Provision for loan losses, professional services, and employee costs are the primary causes. The change in Provision for loan losses is due to a $3,316 decrease in the Keokuk Hospital loan reserve based on confirmation from the borrower they would pay the substantial balloon payment due to IFA in December 2019.

$356 $330 $350$430

$548

$351

$2

$241

$407

$394

$312

$251$358

$571

$757$824 $860

$602

$0$100$200$300$400$500$600$700$800$900

$1,000



Interest Revenue Fee Revenue

$958 $1,338 $1,383 $1,268 $1,198 $1,243$202

$170 $171 $219 $139 $237

$1,861

$5,518

$1,547 $1,367

-$2,005

$1,737

-$4,000-$3,000-$2,000-$1,000

$0$1,000$2,000$3,000$4,000$5,000$6,000



Employee Expenses Professional Services Other Expenses

35

NOIBG was favorable to budget by $4,000 or 352.4% and was also favorable to last year by $3,407 or 627.9%

Grant Revenue was less than budget by $2,047 or 9.1% but exceeded last year by $1,382 or 7.2%. This is explained by timing differences in budget and actual receipts, especially in the Home Program.

Grant Expense was favorable to budget by $3,163 or 14.3% but was over last year by $1,408 or 8%. Variances are explained by timing differences between budget and actual disbursements.

-$1,503

-$4,947

-$790 -$543

$2,865

-$1,135

-$6,000-$5,000-$4,000-$3,000-$2,000-$1,000

$0$1,000$2,000$3,000$4,000



$14,318 $15,776 $14,186$9,738 $10,491

$13,548

$14,469$8,133

$7,871

$8,121 $8,979$7,977

$29,854

$25,261$23,502

$19,095 $20,477$22,525

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000


Grant Revenue - YTD


$12,213

$21,718

$10,793$7,494 $9,791 $12,219

$15,201

$9,033

$9,189

$8,411$8,373

$9,959

$27,926$31,801

$20,028$17,606 $19,014

$22,177

$0$5,000

$10,000$15,000$20,000$25,000$30,000$35,000


Grant Expense - YTD

Grant Expense - Federal Grant Expense - State Grant Expense - IFA

36

NOIAG was favorable to budget by $5,115 or 649.4% and was above last year by $3,381 or 357.3%.

# Balance Additions Payments Balance Chg #500-047 SHTF - Loans 12 2,462,079 - (108,565) 2,353,514 -4.4% 12500-047 SHTF - Cash Flow Loans 6 882,670 - 3,363 886,033 0.4% 12500-049 Senior Living Trust Lns 11 6,410,134 - (314,919) 6,095,215 -4.9% 11500-050 Home & Comm Tr Lns 9 2,212,052 - (142,079) 2,069,973 -6.4% 9500-051 Transitional Housing Lns 3 2,286,450 - (125,751) 2,160,699 -5.5% 3500-057 TCAP Loans 12 18,593,651 - (176,941) 18,416,710 -1.0% 12500-058 HOME Loans 231 133,295,971 567,515 (4,330,510) 129,532,976 -2.8% 231500-062 CHS Loans 9 389,828 154,626 (10,288) 534,166 37.0% 5Total Portfolio before Cap Int & Reserves 166,532,836 722,141 (5,205,691) 162,049,286 -2.7%Loan Capitalized Interest Reserve (9,305,000) - - (9,748,000) 4.8%Loan Reserves (106,493,000) - 5,869,000 (100,624,000) -5.5%Total Portfolio 293 50,734,836 722,141 663,309 51,677,286 1.9% 295

FSP Loan Portfolio by SeriesJune 30, 2018 Ending Balance

$425

-$11,487

$2,683

$946

$4,328

-$788

-$14,000

-$12,000

-$10,000

-$8,000

-$6,000

-$4,000

-$2,000

$0

$2,000

$4,000

$6,000



$10,248

$6,386

$7,974

$2,567

$722

$3,144

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


Loan Disbursements - YTD

37

Revolving Loan Fund Commitments

Mfg Hsg 045 State Loan Funds TotalCash, Cash Equiv & Investments 738,909 738,909

SLT 049 840,489 840,489 HCBS 050 303,733 303,733 THF 051 34,374 34,374 CHS 062 2,409,771 2,409,771

Loan / Linked Deposit Commitments

Spencer Manor (CHI) (1,000,000) (1,000,000) Hope Haven (555,500) (555,500) Farmers State Bank (238,909) (238,909) Sunset Spencer LLLP (1,000,000) (1,000,000)

Total Commitments (238,909) (2,555,500) (2,794,409)

Net Funds Available 500,000 1,032,869 1,532,869

$18,287 $17,309 $17,344 $18,755 $22,155 $16,613

$77,360

$49,542 $51,725 $50,730$51,677

$50,294

$95,711

$66,912 $69,241 $70,049 $74,103$67,145

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000


Assets

Cash, CE, & Inv Loans Other Assets

38

Actuals Bud19 R5 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 22,155,056 16,613,010 5,542,046 33.4 18,754,649 3,400,407 18.1 Investments - - - 0.0 - - 0.0 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 51,677,290 50,294,219 1,383,070 2.7 50,729,836 947,454 1.9 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 270,864 238,083 32,780 13.8 564,156 (293,292) -52.0 Deferred Outflows - - - 0.0 - - 0.0Total Assets and Deferred Outflows 74,103,209 67,145,313 6,957,897 10.4 70,048,641 4,054,568 5.8

Liabilities, Deferred Inflows, and Equity Debt - - - 0.0 - - 0.0 Interest Payable - - - 0.0 - - 0.0 Unearned Income 738,333 712,333 26,000 3.6 738,333 - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims 463,824 463,824 - 0.0 463,824 - 0.0 Accounts Payable & Accrued Liabilities 239,864 224,640 15,224 6.8 317,295 (77,431) -24.4 Other liabilities - - - 0.0 - - 0.0 Deferred Inflows - - - 0.0 - - 0.0 Total Liabilities and Deferred Inflows 1,442,020 1,400,797 41,224 2.9 1,519,452 (77,431) -5.1

Equity YTD Earnings(Loss) 4,327,873 (787,755) 5,115,628 -649.4 946,445 3,381,428 357.3 Prior Years Earnings 68,529,190 66,615,901 1,913,289 2.9 67,816,457 712,732 1.1 Transfers (195,873) (83,629) (112,244) 134.2 (233,712) 37,839 -16.2 Total Equity 72,661,189 65,744,516 6,916,673 10.5 68,529,190 4,132,000 6.0


Federal and State Grant Programs (Rollup)Jun-2019Balance Sheet

39

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 46,923 28,668 18,254 63.7 42,786 4,136 9.7 548,115 351,291 196,824 56.0 429,914 118,202 27.5 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 15,789 20,917 (5,128) -24.5 24,538 (8,749) -35.7 312,228 251,000 61,228 24.4 394,421 (82,193) -20.8 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 62,712 49,585 13,126 26.5 67,324 (4,613) -6.9 860,343 602,291 258,052 42.8 824,335 36,009 4.4

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 89,538 92,870 (3,332) -3.6 108,705 (19,167) -17.6 1,197,545 1,242,712 (45,167) -3.6 1,268,115 (70,570) -5.6 Common Expenses 8,812 15,005 (6,193) -41.3 14,521 (5,709) -39.3 143,801 170,856 (27,055) -15.8 111,854 31,948 28.6 Marketing Expense - - - 0.0 395 (395) -100.0 4,411 - 4,411 0.0 13,114 (8,703) -66.4 Professional Services 10,170 14,000 (3,830) -27.4 45,743 (35,573) -77.8 138,883 236,817 (97,934) -41.4 219,500 (80,617) -36.7 Claim and Loss Expenses (3,317,000) - (3,317,000) 0.0 176,000 (3,493,000) -1984.7 (3,576,000) - (3,576,000) 0.0 (335,688) (3,240,312) 965.3 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 10 25 (15) -60.0 29 (19) -65.5 2,207 300 1,907 635.7 131 2,076 1584.7 Overhead Allocation 6,148 6,703 (555) -8.3 7,780 (1,632) -21.0 84,426 86,741 (2,316) -2.7 90,017 (5,592) -6.2Total Operating Expense (3,202,323) 128,602 (3,330,925) -2590.1 353,172 (3,555,495) -1006.7 (2,004,727) 1,737,427 (3,742,154) -215.4 1,367,043 (3,371,770) -246.6

Net Operating Income (Loss) Before Grants 3,265,034 (79,017) 3,344,052 -4232.0 (285,847) 3,550,882 -1242.2 2,865,070 (1,135,136) 4,000,206 -352.4 (542,709) 3,407,779 -627.9

Net Grant (Income) Expense Grant Revenue (1,897,662) (1,977,914) 80,252 -4.1 (1,435,668) (461,994) 32.2 (20,477,125) (22,524,818) 2,047,693 -9.1 (19,094,782) (1,382,343) 7.2 Grant Expense 1,377,129 1,848,120 (470,991) -25.5 1,581,052 (203,923) -12.9 19,014,322 22,177,438 (3,163,115) -14.3 17,605,629 1,408,693 8.0Total Net Grant (Income) Expense (520,533) (129,794) (390,739) 301.0 145,384 (665,918) -458.0 (1,462,803) (347,381) (1,115,422) 321.1 (1,489,153) 26,350 -1.8

Net Operating Income (Loss) After Grants 3,785,568 50,777 3,734,791 7355.3 (431,232) 4,216,799 -977.8 4,327,873 (787,755) 5,115,628 -649.4 946,445 3,381,428 357.3


Net Income (Loss) 3,785,568 50,777 3,734,791 7355.3 (431,232) 4,216,799 -977.8 4,327,873 (787,755) 5,115,628 -649.4 946,445 3,381,428 357.3


Income StatementFederal and State Grant Programs (Rollup)


40

To: IFA and IADD Board Members From: Becky Wu Date July 16, 2019 Re: June 2019 YTD Financial Results

Iowa Agricultural Development Division Results ($ in thousands)

As the end of fiscal year 2019, IADD continued to operate favorable to budget.

Operating Revenue was $129 or 23.2% favorable to budget, but $12 or 1.7% unfavorable to last year. Primarily due to Loan Interest Revenue, and BFTC Fee income being favorable to budget.

Operating Expense was $25 or 5.0% favorable to budget, but $15 or 3.1% unfavorable to last year. Primarily due to lower employee expenses and Professional Services Expenses.

$104 $102 $127 $157$208

$149

$358

$572 $513$540 $477

$406

$461

$675$640

$697 $685

$556

$0

$100

$200

$300

$400

$500

$600

$700

$800


Operating Revenue


$217 $246$280 $254 $268 $281

$166$180

$206

$167 $152$164

$437

$500$550

$473 $488$513

$0

$100

$200

$300

$400

$500

$600


Operating Expense


41

Net Income was $154 or 361.7% favorable to budget but $27 or 12.0% unfavorable to last year.

Notes: There was $580 available for administrative expenses. Restricted Rural Rehab Trust funds (includes cash, cash equivalents, investments, and funds due from

MF) balance was $231. LPP loan disbursements of $1,435 from the IFA Line of Credit. The LPP loan balance net of reserves was $7,250.

LPP Loan Commitments

Bank Commitment Date Original Commitment ($ in actual) Fixed Interest RateReadlyn Svgs Bank 12/05/18 200,000 4.50%

American Bank 07/10/19 200,000 5.50%mitment 400,000

$24

$175

$90

$224

$197

$43

$0

$50

$100

$150

$200

$250


Net Income (NI)

42

Actuals Bud19 R5 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 709,047 753,618 (44,571) -5.9 620,867 88,180 14.2 Investments - 235,367 (235,367) -100.0 236,165 (236,165) -100.0 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 7,250,151 6,366,627 883,524 13.9 5,638,791 1,611,361 28.6 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 124,785 75,021 49,764 66.3 74,995 49,790 66.4 Deferred Outflows - - - 0.0 - - 0.0Total Assets and Deferred Outflows 8,083,982 7,430,632 653,351 8.8 6,570,817 1,513,165 23.0

Liabilities, Deferred Inflows, and Equity Debt 1,434,700 985,000 449,700 45.7 135,000 1,299,700 962.7 Interest Payable - 11,246 (11,246) -100.0 - - 0.0 Unearned Income - - - 0.0 - - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 48,784 74,215 (25,431) -34.3 32,378 16,407 50.7 Other liabilities - - - 0.0 - - 0.0 Deferred Inflows - - - 0.0 - - 0.0 Total Liabilities and Deferred Inflows 1,483,484 1,070,461 413,024 38.6 167,378 1,316,107 786.3

Equity YTD Earnings(Loss) 197,059 42,677 154,382 361.7 223,935 (26,876) -12.0 Prior Years Earnings 6,403,439 6,317,494 85,945 1.4 6,179,504 223,935 3.6 Transfers - - - 0.0 - - 0.0 Total Equity 6,600,498 6,360,171 240,327 3.8 6,403,439 197,059 3.1

Total Liabilities, Deferred Inflows, and Equity 8,083,982 7,430,632 653,351 8.8 6,570,817 1,513,165 23.0

Agriculture Development Division (Rollup)Jun-2019Balance Sheet

43

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Revenue Interest Revenue 20,474 12,540 7,933 63.3 14,713 5,760 39.1 207,728 149,424 58,304 39.0 156,797 50,931 32.5 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 30,323 34,819 (4,496) -12.9 43,456 (13,133) -30.2 477,101 406,444 70,657 17.4 540,021 (62,920) -11.7 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 50,797 47,359 3,437 7.3 58,169 (7,373) -12.7 684,829 555,868 128,960 23.2 696,818 (11,989) -1.7

Operating Expense Interest Expense 1,238 821 417 50.8 113 1,126 1000.5 7,026 9,433 (2,407) -25.5 461 6,565 1423.3 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 21,260 21,958 (698) -3.2 19,325 1,935 10.0 268,251 280,667 (12,416) -4.4 253,531 14,720 5.8 Common Expenses 2,221 3,458 (1,237) -35.8 3,133 (912) -29.1 35,984 39,437 (3,453) -8.8 28,661 7,323 25.6 Marketing Expense - 1,250 (1,250) -100.0 73 (73) -100.0 8,686 15,000 (6,314) -42.1 10,712 (2,026) -18.9 Professional Services 7,205 17,886 (10,682) -59.7 5,703 1,502 26.3 151,823 164,297 (12,474) -7.6 166,518 (14,695) -8.8 Claim and Loss Expenses (1,000) (388) (612) 157.6 1,000 (2,000) -200.0 16,000 4,357 11,643 267.2 13,000 3,000 23.1 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Expense 30,923 44,985 (14,061) -31.3 29,346 1,578 5.4 487,770 513,192 (25,422) -5.0 472,883 14,887 3.1

Net Operating Income (Loss) Before Grants 19,873 2,375 17,499 736.9 28,823 (8,950) -31.1 197,059 42,677 154,382 361.7 223,935 (26,876) -12.0


Net Operating Income (Loss) After Grants 19,873 2,375 17,499 736.9 28,823 (8,950) -31.1 197,059 42,677 154,382 361.7 223,935 (26,876) -12.0


Net Income (Loss) 19,873 2,375 17,499 736.9 28,823 (8,950) -31.1 197,059 42,677 154,382 361.7 223,935 (26,876) -12.0

IFA Home Dept Staff Count 2 2 - 0.0 2 - 0.0 2 2 - 0.0 2 - 0.0FTE Staff Count 3 2 0 5.3 2 0 18.3 2 2 (0) -1.1 2 0 0.1

Income StatementAgriculture Development Division (Rollup)


44

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %Operating Income

Interest Revenue - Loans 19,760 11,566 8,194 70.8% 12,957 6,803 53% 196,179 139,367 56,812 41% 137,197 58,983 43%Interest Revenue - CE & Inv 713 974 (261) -26.8% 1,757 (1,043) -59% 11,549 10,057 1,492 15% 19,601 (8,052) -41%

Fee Inc - BFLP 14,798 15,400 (602) -3.9% 40,706 (25,908) -64% 298,900 272,600 26,300 10% 337,030 (38,129) -11% Fee Inc - LPP 3,325 2,085 1,240 59.5% 2,450 875 36% 32,381 29,840 2,541 9% 28,641 3,739 13%

Fee Inc - BFTC 12,200 17,334 (5,134) -29.6% 300 11,900 3967% 145,820 104,004 41,816 40% 168,850 (23,030) -14%Fee Inc - BFCH TC - - - 0.0% - - 0% - - - 0% 5,500 (5,500) -100%

Total Operating Income 50,797 47,359 3,437 7.3% 58,169 (7,373) -13% 684,829 555,868 128,960 23% 696,818 (11,989) -2%

Operating ExpenseEmployee Expenses 21,260 21,958 (698) -3.2% 19,325 1,935 10% 268,251 280,667 (12,416) -4% 253,531 14,720 6%Common Expenses 2,221 3,458 (1,237) -35.8% 3,133 (912) -29% 35,984 39,437 (3,453) -9% 28,661 7,323 26%Marketing Expense - 1,250 (1,250) -100.0% 73 (73) -100% 8,686 15,000 (6,314) -42% 10,712 (2,026) -19%Professional Services 7,205 17,886 (10,682) -59.7% 5,703 1,502 26% 151,823 164,297 (12,474) -8% 166,518 (14,695) -9%Claim and Loss Expenses (1,000) (388) (612) 157.6% 1,000 (2,000) -200% 16,000 4,357 11,643 267% 13,000 3,000 23%

Operating Expense 30,923 44,985 (14,061) -31.3% 29,346 1,578 5% 487,770 513,192 (25,422) -5% 472,883 14,887 3%

Net Grant (Income) Expense - - - 0.0% - - 0% - - - 0% - - 0%

Net Income (Loss) 19,873 2,375 17,499 736.9% 28,823 (8,950) -31% 197,059 42,677 154,382 362% 223,935 (26,876) -12%

Balance Sheet Admin RRTF TotalAssets

Cash & Cash Equivelents 560,803 148,244 709,047 Investments - - - Loans - net of reserves 1,624,895 5,625,257 7,250,151 Other Assets 22,797 101,988 124,785

Total Assets 2,208,494 5,875,488 8,083,982

Liabilities and EquityA/P - STATE - - - A/P - IFA 41,480 - 41,480 A/P - MISC 7,305 - 7,305

Total Liabilities 1,483,484 - 1,483,484

Current Years Earnings 33,399 163,660 197,059 Prior Years Earnings 691,611 5,711,828 6,403,439

Equity 725,010 5,875,488 6,600,498

Total Liabilities and Equity 2,208,494 5,875,488 8,083,982

YTD as of Jun-2019Agriculture Development Division (Rollup)

Jun-2019Income Statement

45

To: ITG and IFA Board Members From: Randal Ambrozic Date: July 12, 2019 Subject: Iowa Title Guaranty – A Division of the Iowa Finance Authority – June 2019 Mission Statement: To provide guaranties of Iowa real property titles to facilitate lenders’ participation in the secondary market

and to add to the integrity of the Iowa land-transfer system. Surplus funds are re-invested to support affordable home ownership.

Revenue

During the twelve months ended June 30, 2019, total operating revenue was $6,837,929. Total FY 2019 revenue was unfavorable by $409,164, or 5.6%, compared to total revenue budgeted. Total FY 2019 revenue was unfavorable by $992,475, or 12.7%, compared FY 2018. FY 2019 residential premium revenue was unfavorable compared to budget by $202,691, or 3.3% and unfavorable compared to FY 2018 by $684,925, or 10.3%. FY 2019 commercial revenues were unfavorable compared to budget by $276,325, or 30.6% and unfavorable compared to FY 2018 by $368,800, or 37.0%.

$6,837,929

$7,247,093

$7,830,404

$5,980,934$6,183,625

$6,665,859

$626,843$903,168 $995,642

$230,152 $160,300 $168,903

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

FY 2019 Actual FY 2019 Budget FY 2018 Actual

Revenues

Total Revenues Residential Premium Fees Commerecial Revenues Other

46

Residential Certificates Issued During the twelve months ended June 30, 2019, ITG issued 35,621 purchase related lender certificates, a decrease of 994, or 2.7%, compared to FY 2019 budget and a decrease of 1,008, or 2.8%, compared to purchase certificates issued in FY 2018. ITG issued 12,864 refinance certificates in FY 2019 which was unfavorable compared to budget by 1,997, or 13.4%, and unfavorable compared to FY 2018 by 5,477 or 29.9%. ITG issued 31,242 owner certificates in FY 2019, an increase of 2,498, or 8.7%, compared to budget and an increase of 2,655, or 9.3%, compared to FY 2018.

Total Operating Expenses Total Operating Expense was $5,245,481 for the twelve months ended June 30, 2019, a decrease of $808,036, or 13.4%, compared to the budget and a decrease of $1,263,094, or 19.4%, compared to last year. The decrease compared to budget was due largely to lower Employee Expenses.

(000's) Actual BudgetVariance from

Budget - $ Last YearVariance from Last Year - $

Employee Expenses $1,573.3 $2,336.2 ($762.9) $2,253.5 ($680.2)

Operating Expenses $510.1 $534.4 ($24.3) $446.3 $63.8

Sales & Marketing $91.9 $108.6 ($16.7) $124.3 ($32.4)

Field Issuer Incentives $2,737.6 $2,826.0 ($88.4) $3,077.4 ($339.8)

Other Professional Services $86.3 $89.9 ($3.6) $93.5 ($7.2)

Claims Activity Expenses $246.3 $158.4 $87.9 $513.6 ($267.3)

Total Operating Expenses $5,245.5 $6,053.5 ($808.0) $6,508.6 ($1,263.1)

35,621 36,615 36,629

12,864

14,861

18,341

31,242

28,744 28,587

‐

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


Residential Policy Certificates Issued

Purchase Certificates Refinance Certificates Owners Certificates

47

Net Operating Income Net Operating Income for the twelve months ended June 30, 2019 was $1,592,448 and favorable by $398,872 compared to net operating income budgeted for the twelve months. Net Operating Income for the twelve months ended June 30, 2019 was favorable by $270,619 compared to the net operating income from the twelve months ended June 30, 2018.

(000's) Actual Budget

Variance from Budget - $ Last Year

Variance from Last Year - $

Residential $1,450.6 $872.3 $578.3 $880.0 $570.6

Commercial $141.8 $321.3 ($179.5) $441.8 ($300.0)

Total Net Operating Income $1,592.4 $1,193.6 $398.8 $1,321.8 $270.6 Field Issuer Incentives During the twelve months ended June 30, 2019, Field Issuer Incentives decreased by $88,440 compared to budget and decreased $339,830 compared to prior year. Field Issuer Incentives vary in direct proportion with changes in Residential Premium Fees. Field Issuer Incentives were 45.8% of Residential Premiums during the twelve months ended June 30, 2019 compared to 45.7% budgeted. Field Issuer Incentives were 46.2% of Residential Premiums during the twelve months ended June 30, 2018.




$2,737.6 $2,826.0 ($88.4) $3,077.4 ($339.8)

Premium Fee Income ‐ Res. $5,980.9 $6,183.6 ($202.7) $6,665.9 ($685.0)

45.8% 45.7% 0.1% 46.2% ‐0.4%

Field Issuer Incentives

Percent of Income

$5,245,481

$6,053,517

$6,508,575

$2,737,560 $2,826,000$3,077,390

$1,573,276

$2,336,162 $2,253,501

$934,645 $891,355

$1,177,684

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000


Operating Expenses

Total Expenses Field Issuer Incentive Employee Expenses Other

48

Claims Expense Total claims expense was $246,273 for the twelve months ended June 30, 2019, an increase of $87,829 compared to budgeted expense and a decrease of $267,323 compared to expense during the twelve months ended June 30, 2018.




$11.9 $86.5 ($74.6) $358.7 ($346.8)

$234.4 $72.0 $162.4 $154.9 $79.5

Total Claims Expense $246.3 $158.5 $87.8 $513.6 ($267.3)

Estimated Claim Expense and IBNR

Claims Paid Expense

Total Claim Reserves Total claim loss reserves were $833,402 at June 30, 2019, an increase of $11,901 compared to reserves at June 30, 2018. Estimated incurred but not reported claim reserves increased $125,214 and known reserves decreased $113,313 at June 30, 2019 compared to 2018.

(000's) 6/30/2019 6/30/2018 Change

$757.1 $631.9 $125.2

Known Claim Reserves $76.3 $189.6 ($113.3)

Total Reserves $833.4 $821.5 $11.9

Outstanding claims ‐ count 42 37 5

Estimated Incurred But Not Reported Claims

Transfers to Iowa Housing Assistance Program Since its inception, Iowa Title Guaranty has contributed over $59.6 million to Iowa’s Housing Programs. During the twelve months ended June 30, 2019, ITG transferred $850,000 to Iowa’s Housing Assistance Program and earned interest of $157,327 on its funds held with the State Treasure. The interest earnings were deposited into the Iowa Housing Program accounts as required by statute. During the twelve months ended June 30, 2018, ITG transferred $1,150,000 and deposited $85,620 of interest earnings into the Iowa Housing Assistance Programs. Performance Targets:

Title Guaranty 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018

Budget

6/30/2019

Revenue 8,347,435 6,582,561 5,536,999 7,413,360 8,303,046 7,830,404 7,247,093

Transfer to Iowa

Housing

Assistance Program

2,517,000 1,169,000 1,012,000 1,230,353 1,354,124 1,235,620 1,000,000

Summary Financial Information:

Title Guaranty Actual Budget Var % Actual Budget Var %

Revenue 513,240 593,058 (79,818) ‐13.5% 6,837,929 7,247,093 (409,164) ‐5.6%

Net Operating Income 140,471 13,979 126,492 904.9% 1,592,448 1,193,576 398,872 33.4%

Transfers to IHAP 613,323 434,000 179,323 41.3% 1,007,327 1,000,000 7,327 0.7%

Current Month Year to Date

Current Month ‐ June 6/30/2019

49

Iowa Title Guaranty Commitments Issued

50

Iowa Title Guaranty Profitabilty

51

IOWA TITLE GUARANTY 800- COMBINED

INCOME STATEMENTJUNE 30, 2019

Actuals Bud18 ACT ‐ BUD Actuals CMA ‐ PMA Actuals Bud18 ACT ‐ BUD Actuals CYA ‐ PYA

5400‐000 FEE INC ‐ TG PREMIUM 422,026 485,120 (63,094) 433,818 (11,792) 5,585,078 5,909,100 (324,022) 6,466,044 (880,966)5400‐001 FEE INC ‐ TG ENDORSEMENTS 22,225 29,202 (6,977) 27,965 (5,740) 296,125 354,855 (58,730) 355,775 (59,650)5400‐004 FEE INC ‐ TG CPL 39,500 50,943 (11,443) 46,850 (7,350) 566,300 627,754 (61,454) 660,000 (93,700)5400‐005 FEE INC ‐ TG MORTGAGE RELEASE 1,400 1,400 1,000 400 21,800 16,800 5,000 16,700 5,1005400‐006 FEE INC ‐ TG APPLICATION5400‐007 FEE INC ‐ TG ANNUAL PARTICIPANT FEES 2,125 4,375 (2,250) 2,975 (850) 45,125 52,500 (7,375) 46,850 (1,725)5400‐010 FEE INC ‐ TG REINSURANCE (10,561) (6,732) (3,829) (5,880) (4,681) (99,631) (77,916) (21,715) (137,162) 37,5315400‐015 FEE INC ‐ TG ESCROW SERVICES 15,614 15,400 214 14,616 998 179,100 184,800 (5,700) 200,313 (21,213)5400‐020 FEE INC ‐ TG REGISTRATION 5,900 19,000 (13,100) 19,733 (13,833)5500‐000 OTHER INCOME 7,588 7,350 238 12,770 (5,182) 80,805 88,200 (7,395) 116,531 (35,726)5000‐050 INT INC ‐ PROGRAM ACCT 13,323 6,000 7,323 8,327 4,996 157,327 72,000 85,327 85,620 71,707

513,240 593,058 (79,818) 542,441 (29,201) 6,837,929 7,247,093 (409,164) 7,830,404 (992,475)

7100‐009 IFA TRANSFERRED COMPENSATION 21,543 4,650 16,893 12,289 9,254 163,614 60,317 103,297 79,838 83,7767100‐010 SALARIES & BENEFITS TOTAL 113,750 165,560 (51,810) 167,338 (53,587) 1,452,922 2,124,235 (671,313) 1,999,912 (546,991)7100‐011 TEMPORARY EMPLOYMENT SERVICES 1,000 (1,000) 10,406 12,000 (1,594) 15,148 (4,742)7100‐013 EMP EXP ‐ GASB 68 PENSION ADJUSTMENT (76,611) 98,594 (175,205) 103,670 (180,281) (76,611) 98,594 (175,205) 103,670 (180,281)7100‐014 EMP EXP ‐ OPEB 12,540 (12,540) 12,540 (12,540)7100‐021 TRAVEL 878 2,368 (1,490) 2,616 (1,738) 13,775 28,416 (14,641) 31,086 (17,311)7100‐022 DO NOT USE (formerly travel)7100‐025 EDUCATION AND TRAINING 40 1,050 (1,010) 40 9,170 12,600 (3,430) 11,307 (2,137)

59,600 273,222 (213,622) 298,493 (248,146) 1,573,276 2,336,162 (762,886) 2,253,501 (680,226)

7100‐030 OFFICE SUPPLIES EXPENSE 688 1,406 (719) 89 598 21,167 16,878 4,289 7,131 14,0367100‐031 POSTAGE 666 525 141 601 65 8,042 6,302 1,740 10,005 (1,963)7100‐032 SUBSCRIPTIONS AND BOOKS 100 755 (655) 1,830 (1,730) 9,055 10,110 (1,055) 12,627 (3,573)7100‐033 DO NOT USE (formerly stationary)7100‐050 TELEPHONE & DATA EXPENSE 5,334 3,132 2,202 4,527 807 62,335 37,584 24,751 46,194 16,1417100‐055 UTILITIES EXPENSE 163 (163) 7,992 3,610 4,382 11,052 (3,060)7100‐058 INSURANCE EXPENSE 9,679 10,467 (788) 9,679 131,331 125,601 5,730 129,431 1,9017100‐059 BUILDING MAINTENANCE EXPENSE 4,568 4,352 215 5,032 (464) 48,404 44,509 3,895 23,732 24,6727100‐060 RENT EXPENSE7100‐065 SOFTWARE & SOFTWARE MAINT EXP 339 660 (321) 261 78 3,788 7,920 (4,133) 2,111 1,6767100‐070 OFFICE EQUIP MAINT AGREEMENT EXPENSE (1,058) 2,470 (3,528) 6,309 (7,367) 10,586 29,637 (19,051) 27,051 (16,465)7100‐077 DEPRECIATION ‐ FIXED ASSETS 8,039 12,881 (4,842) 3,273 4,766 100,832 127,032 (26,200) 38,534 62,2987100‐078 (GAIN) LOSS ‐ FIXED ASSETS 2,144 2,144 2,1447100‐085 STATE INDIRECT COST ALLOCATION 563 3,432 (2,869) 441 123 22,830 41,185 (18,356) 21,822 1,0077100‐300 MISCELLANEOUS EXPENSES 8,271 7,000 1,271 14,844 (6,573) 81,588 84,000 (2,412) 116,620 (35,033)

37,189 47,081 (9,892) 47,048 (9,859) 510,092 534,368 (24,276) 446,311 63,781

7100‐026 MEETING EXPENSES 109 255 (146) 92 17 1,965 3,060 (1,095) 10,312 (8,347)7100‐035 DUES & MEMBERSHIPS 2,175 3,250 (1,075) 1,960 215 26,995 25,520 1,475 26,199 7967100‐036 LICENSE FEE EXPENSE 1,690 1,800 (110) 1,674 16 20,183 20,848 (666) 21,890 (1,707)7100‐041 ADVERTISING & PUBLICITY EXPENSE 419 (419) 2,095 (2,095)7100‐042 CONFERENCE HOSTING EXPENSE 11,857 26,500 (14,643) 26,693 (14,835)7100‐045 MARKETING 212 2,550 (2,338) 2,182 (1,970) 30,973 30,600 373 39,138 (8,165)

4,186 8,274 (4,088) 5,908 (1,722) 91,972 108,623 (16,651) 124,231 (32,259)

7100‐066 SOFTWARE CITRIX FILE SHARE7100‐101 PROF SERV ‐ FINANCIAL AUDIT FEES 1,516 1,575 (59) 1,400 116 20,716 18,900 1,816 17,088 3,6287100‐103 PROF SERV ‐ LEGAL 2,085 2,185 (100) 2,083 1 37,976 26,220 11,756 25,151 12,8257100‐104 PROF SERV ‐ COMPLIANCE7100‐106 PROF SERV ‐ THOMSON REUTERS7100‐108 PROF SERV ‐ ACCOUNTING CONSULTANTS7100‐120 PROF SERV ‐ BANKING 1,178 2,150 (972) 865 313 10,696 25,800 (15,104) 15,743 (5,047)7100‐130 PROF SERV ‐ FIELD ISSUER INCENTIVE 197,040 233,160 (36,120) 203,740 (6,700) 2,737,560 2,826,000 (88,440) 3,077,390 (339,830)7100‐150 PROF SERV ‐ INFORMATION TECHNOLOGY 3,448 (3,448)7100‐160 PROF SERV ‐ CONSULTANTS 9,000 9,000 9,000 15,708 19,000 (3,292) 31,500 (15,792)7100‐190 PROF SERV ‐ MISCELLANEOUS 171 171 171 1,213 1,213 616 597

210,989 239,070 (28,081) 217,088 (6,099) 2,823,868 2,915,920 (92,052) 3,170,936 (347,067)

7100‐105 PROF SERV ‐ CLAIMS DEFENSE7130‐005 TG STATUTORY GAAP ADJ 43,371 (13,956) 57,327 229,332 (185,961) (110,286) (156,456) 46,170 (45,904) (64,382)7130‐010 TG STATUTORY RESERVE EXPENSE 14,852 19,389 (4,537) 17,538 (2,686) 235,500 242,900 (7,400) 325,778 (90,278)7130‐020 TG KNOWN CLAIM RESERVE EXPENSE (12,963) 6,000 (18,963) 74,362 (87,324) (113,312) 72,000 (185,312) 78,863 (192,175)7130‐040 TG ACTUAL CLAIMS PAID EXPENSE 15,543 15,543 15,524 19 234,371 234,371 154,860 79,5117130‐050 TG OTHER CLAIMS EXPENSE

60,803 11,433 49,370 336,755 (275,952) 246,273 158,444 87,829 513,596 (267,323)

TOTAL DIRECT OPERATING EXPENSES 372,768 579,079 (206,311) 905,293 ‐532,524 5,245,481 6,053,517 (808,036) 6,508,575 ‐1,263,094

NET OPERATING INCOME (LOSS) 140,471 13,979 126,493 (362,852) 503,323 1,592,448 1,193,576 398,872 1,321,829 270,619

7210‐500 TRANSFERS TO HOUSING ASSISTANCE 613,323 434,000 179,323 658,327 (45,004) 1,007,327 1,000,000 7,327 1,235,620 (228,293)

CHANGE IN NET POSITION (472,851) (420,021) (52,830) (1,021,179) 548,328 585,121 193,576 391,545 86,208 498,913

Professional Services Expense

Claims Expense

Operating Income

Employee Expenses

Sales & Marketing Expenses

YTD as of Jun‐2018Jun‐2019 Jun‐2018 YTD as of Jun‐2019

52

IOWA TITLE GUARANTY 020 - RESIDENTIAL



5400‐000 FEE INC ‐ TG PREMIUM 375,023 441,670 (66,647) 386,455 (11,432) 5,244,284 5,387,700 (143,416) 5,825,439 (581,155)5400‐001 FEE INC ‐ TG ENDORSEMENTS 12,675 13,645 (970) 11,910 765 171,525 168,171 3,354 181,620 (10,095)5400‐004 FEE INC ‐ TG CPL 39,425 50,943 (11,518) 46,700 (7,275) 565,125 627,754 (62,629) 658,800 (93,675)5400‐005 FEE INC ‐ TG MORTGAGE RELEASE 1,400 1,400 1,000 400 21,800 16,800 5,000 16,700 5,1005400‐006 FEE INC ‐ TG APPLICATION5400‐007 FEE INC ‐ TG ANNUAL PARTICIPANT FEES 2,125 4,375 (2,250) 2,975 (850) 45,125 52,500 (7,375) 46,850 (1,725)5400‐010 FEE INC ‐ TG REINSURANCE5400‐020 FEE INC ‐ TG REGISTRATION 5,900 19,000 (13,100) 19,733 (13,833)5500‐000 OTHER INCOME5000‐050 INT INC ‐ PROGRAM ACCT 13,323 6,000 7,323 8,327 4,996 157,327 72,000 85,327 85,620 71,707

443,971 518,033 (74,062) 457,367 (13,396) 6,211,086 6,343,925 (132,839) 6,834,761 (623,675)

7100‐009 IFA TRANSFERRED COMPENSATION 21,543 3,650 17,893 12,205 9,338 159,249 47,318 111,930 55,697 103,5527100‐010 SALARIES & BENEFITS TOTAL 91,500 135,612 (44,112) 141,524 (50,024) 1,131,872 1,737,479 (605,607) 1,658,406 (526,534)7100‐011 TEMPORARY EMPLOYMENT SERVICES TOTAL 500 (500) 10,406 6,000 4,406 15,148 (4,742)7100‐013 EMP EXP ‐ GASB 68 PENSION ADJUSTMENT (76,611) 98,594 (175,205) 103,670 (180,281) (76,611) 98,594 (175,205) 103,670 (180,281)7100‐014 EMP EXP ‐ OPEB 12,540 (12,540) 12,540 (12,540)7100‐021 TRAVEL 878 1,735 (857) 2,600 (1,722) 7,247 20,820 (13,573) 25,174 (17,928)7100‐022 DO NOT USE (formerly travel)7100‐025 EDUCATION AND TRAINING 850 (850) 40 (40) 4,463 10,200 (5,737) 9,753 (5,289)

37,310 240,941 (203,631) 272,579 (235,269) 1,236,626 1,920,411 (683,786) 1,880,387 (643,761)

7100‐030 OFFICE SUPPLIES EXPENSE 655 1,132 (476) 74 581 18,980 13,580 5,400 5,993 12,9877100‐031 POSTAGE 571 423 149 464 107 6,133 5,070 1,062 6,370 (237)7100‐032 SUBSCRIPTIONS AND BOOKS 695 (695) 1,720 (1,720) 8,055 9,390 (1,335) 10,797 (2,742)7100‐033 DO NOT USE (formerly stationary)7100‐050 TELEPHONE & DATA EXPENSE 4,505 2,520 1,985 3,871 633 52,838 30,239 22,599 39,666 13,1737100‐055 UTILITIES EXPENSE 135 (135) 6,424 2,905 3,519 9,137 (2,713)7100‐058 INSURANCE EXPENSE 9,679 10,313 (634) 9,679 128,353 123,754 4,599 127,129 1,2247100‐059 BUILDING MAINTENANCE EXPENSE 3,672 3,502 170 4,160 (488) 38,908 35,811 3,097 19,620 19,2897100‐060 RENT EXPENSE7100‐065 SOFTWARE & SOFTWARE MAINT EXP 339 300 39 261 78 2,818 3,600 (782) 1,565 1,2537100‐070 OFFICE EQUIP MAINT AGREEMENT EXPENSE (851) 1,987 (2,838) 6,042 (6,893) 8,497 23,845 (15,348) 20,691 (12,194)7100‐077 DEPRECIATION ‐ FIXED ASSETS 6,563 10,364 (3,801) 2,800 3,763 82,296 102,209 (19,912) 32,362 49,9357100‐078 (GAIN) LOSS ‐ FIXED ASSETS 2,144 2,144 2,1447100‐085 STATE INDIRECT COST ALLOCATION 453 2,761 (2,309) 364 89 18,351 33,137 (14,786) 18,041 3107100‐300 MISCELLANEOUS EXPENSES 220 220 282 (62) 6,329 6,329 3,176 3,153

25,807 33,996 (8,190) 29,852 (4,045) 380,126 383,541 (3,415) 294,546 85,580

7100‐026 MEETING EXPENSES 109 255 (146) 92 17 1,965 3,060 (1,095) 10,282 (8,317)7100‐035 DUES & MEMBERSHIPS 2,295 3,250 (955) 1,960 335 26,660 24,700 1,960 25,274 1,3867100‐036 LICENSE FEE EXPENSE 1,690 1,800 (110) 1,674 16 20,183 20,848 (666) 21,890 (1,707)7100‐041 ADVERTISING & PUBLICITY EXPENSE7100‐042 CONFERENCE HOSTING EXPENSE 11,857 26,500 (14,643) 26,693 (14,835)7100‐045 MARKETING 112 2,300 (2,188) 2,082 (1,970) 27,273 27,600 (327) 33,994 (6,721)

4,206 7,605 (3,399) 5,808 (1,602) 87,937 102,708 (14,771) 118,132 (30,195)

7100‐066 SOFTWARE CITRIX FILE SHARE7100‐101 PROF SERV ‐ FINANCIAL AUDIT FEES 1,516 1,575 (59) 1,400 116 20,716 18,900 1,816 17,088 3,6287100‐103 PROF SERV ‐ LEGAL 2,085 2,185 (100) 2,083 1 37,976 26,220 11,756 25,151 12,8257100‐104 PROF SERV ‐ COMPLIANCE7100‐106 PROF SERV ‐ THOMSON REUTERS7100‐108 PROF SERV ‐ ACCOUNTING CONSULTANTS7100‐120 PROF SERV ‐ BANKING 1,178 2,000 (822) 865 313 10,696 24,000 (13,304) 9,802 8947100‐130 PROF SERV ‐ FIELD ISSUER INCENTIVE 197,040 233,160 (36,120) 203,740 (6,700) 2,737,560 2,826,000 (88,440) 3,077,390 (339,830)7100‐150 PROF SERV ‐ INFORMATION TECHNOLOGY 1,941 (1,941)7100‐160 PROF SERV ‐ CONSULTANTS 9,000 9,000 9,000 12,223 19,000 (6,778) 31,500 (19,278)7100‐190 PROF SERV ‐ MISCELLANEOUS 171 171 171 958 958 322 636

210,989 238,920 (27,931) 217,088 (6,099) 2,820,127 2,914,120 (93,993) 3,163,194 (343,066)

7100‐105 PROF SERV ‐ CLAIMS DEFENSE7130‐005 TG STATUTORY GAAP ADJ 43,371 (11,369) 54,740 229,332 (185,961) (105,599) (125,406) 19,807 (14,673) (90,927)7130‐010 TG STATUTORY RESERVE EXPENSE 11,912 16,190 (4,278) 13,574 (1,662) 220,212 204,221 15,991 279,421 (59,209)7130‐020 TG KNOWN CLAIM RESERVE EXPENSE (12,963) 6,000 (18,963) 74,362 (87,324) (113,312) 72,000 (185,312) 78,863 (192,175)7130‐040 TG ACTUAL CLAIMS PAID EXPENSE 15,543 15,543 15,524 19 234,371 234,371 154,860 79,5117130‐050 TG OTHER CLAIMS EXPENSE

57,863 10,821 47,043 332,791 (274,928) 235,672 150,815 84,856 498,471 (262,799)

TOTAL DIRECT OPERATING EXPENSES 336,176 532,283 (196,107) 858,119 ‐521,943 4,760,487 5,471,595 (711,108) 5,954,730 (1,194,242)

NET OPERATING INCOME (LOSS) 107,795 (14,250) 122,045 (400,752) 508,547 1,450,599 872,330 578,268 880,032 570,567

7210‐500 TRANSFERS TO HOUSING ASSISTANCE 613,323 434,000 179,323 658,327 (45,004) 1,007,327 1,000,000 7,327 1,235,620 (228,293)

CHANGE IN NET POSITION (505,528) (448,250) (57,278) (1,059,079) 553,551 443,272 (127,670) 570,942 (355,588) 798,860

YTD as of Jun‐2018Jun‐2019 Jun‐2018

Operating Revenues

Employee Expenses

Operating Expenses



Claims Expense

YTD as of Jun‐2019

53

IOWA TITLE GUARANTY 030- COMMERCIAL



5400‐000 FEE INC ‐ TG PREMIUM 47,003 43,450 3,553 47,363 (360) 340,794 521,400 (180,606) 640,605 (299,811)5400‐001 FEE INC ‐ TG ENDORSEMENTS 9,550 15,557 (6,007) 16,055 (6,505) 124,600 186,684 (62,084) 174,155 (49,555)5400‐004 FEE INC ‐ TG CPL 75 75 150 (75) 1,175 1,175 1,200 (25)5400‐005 FEE INC ‐ TG MORTGAGE RELEASE5400‐006 FEE INC ‐ TG APPLICATION5400‐010 FEE INC ‐ TG REINSURANCE (10,561) (6,732) (3,829) (5,880) (4,681) (99,631) (77,916) (21,715) (137,162) 37,5315400‐015 FEE INC ‐ TG ESCROW SERVICES 15,614 15,400 214 14,616 998 179,100 184,800 (5,700) 200,313 (21,213)5400‐020 FEE INC ‐ TG REGISTRATION5500‐000 OTHER INCOME 7,588 7,350 238 12,770 (5,182) 80,805 88,200 (7,395) 116,531 (35,726)5000‐050 INT INC ‐ PROGRAM ACCT

69,269 75,025 (5,756) 85,074 (15,805) 626,843 903,168 (276,325) 995,642 (368,800)

7100‐009 IFA TRANSFERRED COMPENSATION 1,000 (1,000) 84 (84) 4,365 12,998 (8,633) 24,141 (19,776)7100‐010 SALARIES & BENEFITS TOTAL 22,250 29,948 (7,698) 25,814 (3,563) 321,050 386,756 (65,707) 341,507 (20,457)7100‐011 TEMPORARY EMPLOYMENT SERVICES TOTAL 500 (500) 6,000 (6,000)7100‐013 EMP EXP ‐ GASB 68 PENSION ADJUSTMENT7100‐014 EMP EXP ‐ OPEB7100‐021 TRAVEL 633 (633) 16 (16) 6,528 7,596 (1,068) 5,912 6177100‐022 DO NOT USE (formerly travel)7100‐025 EDUCATION AND TRAINING 40 200 (160) 40 4,707 2,400 2,307 1,555 3,152

22,290 32,281 (9,991) 25,914 (3,623) 336,650 415,751 (79,100) 373,114 (36,464)

7100‐030 OFFICE SUPPLIES EXPENSE 33 275 (242) 16 17 2,187 3,298 (1,111) 1,138 1,0507100‐031 POSTAGE 94 103 (8) 137 (42) 1,909 1,231 678 3,635 (1,726)7100‐032 SUBSCRIPTIONS AND BOOKS 100 60 40 110 (10) 1,000 720 280 1,831 (831)7100‐033 DO NOT USE (formerly stationary)7100‐050 TELEPHONE & DATA EXPENSE 829 612 217 656 174 9,496 7,344 2,152 6,529 2,9687100‐055 UTILITIES EXPENSE 28 (28) 1,568 706 862 1,915 (347)7100‐058 INSURANCE EXPENSE 154 (154) 2,978 1,847 1,131 2,301 6777100‐059 BUILDING MAINTENANCE EXPENSE 896 851 46 872 24 9,496 8,698 798 4,112 5,3847100‐060 RENT EXPENSE7100‐065 SOFTWARE & SOFTWARE MAINT EXP 360 (360) 970 4,320 (3,350) 547 4237100‐070 OFFICE EQUIP MAINT AGREEMENT EXPENSE (208) 483 (690) 267 (475) 2,089 5,791 (3,703) 6,360 (4,271)7100‐077 DEPRECIATION ‐ FIXED ASSETS 1,476 2,517 (1,041) 473 1,003 18,535 24,824 (6,288) 6,173 12,3637100‐078 (GAIN) LOSS ‐ FIXED ASSETS7100‐085 STATE INDIRECT COST ALLOCATION 111 671 (560) 76 34 4,479 8,048 (3,570) 3,781 6977100‐300 MISCELLANEOUS EXPENSES 8,051 7,000 1,051 14,562 (6,511) 75,259 84,000 (8,741) 113,444 (38,185)

11,382 13,084 (1,702) 17,196 (5,814) 129,966 150,827 (20,861) 151,765 (21,799)

7100‐026 MEETING EXPENSES 30 (30)7100‐035 DUES & MEMBERSHIPS (120) (120) (120) 335 820 (485) 925 (590)7100‐036 LICENSE FEE EXPENSE7100‐041 ADVERTISING & PUBLICITY EXPENSE 419 (419) 2,095 (2,095)7100‐042 CONFERENCE HOSTING EXPENSE7100‐045 MARKETING 100 250 (150) 100 3,700 3,000 700 5,144 (1,444)

(20) 669 (689) 100 (120) 4,035 5,915 (1,880) 6,099 (2,064)

7100‐066 SOFTWARE CITRIX FILE SHARE7100‐101 PROF SERV ‐ FINANCIAL AUDIT FEES7100‐103 PROF SERV ‐ LEGAL7100‐104 PROF SERV ‐ COMPLIANCE7100‐106 PROF SERV ‐ THOMSON REUTERS7100‐108 PROF SERV ‐ ACCOUNTING CONSULTANTS7100‐120 PROF SERV ‐ BANKING 150 (150) 1,800 (1,800) 5,941 (5,941)7100‐130 PROF SERV ‐ FIELD ISSUER INCENTIVE7100‐150 PROF SERV ‐ INFORMATION TECHNOLOGY 1,507 (1,507)7100‐160 PROF SERV ‐ CONSULTANTS 3,485 3,485 3,4857100‐190 PROF SERV ‐ MISCELLANEOUS 256 256 295 (39)

150 (150) 3,741 1,800 1,941 7,742 (4,001)

7100‐105 PROF SERV ‐ CLAIMS DEFENSE7130‐005 TG STATUTORY GAAP ADJ (2,587) 2,587 (4,687) (31,050) 26,363 (31,232) 26,5457130‐010 TG STATUTORY RESERVE EXPENSE 2,940 3,200 (260) 3,964 (1,024) 15,288 38,679 (23,391) 46,357 (31,069)7130‐020 TG KNOWN CLAIM RESERVE EXPENSE7130‐040 TG ACTUAL CLAIMS PAID EXPENSE7130‐050 TG OTHER CLAIMS EXPENSE

2,940 612 2,328 3,964 (1,024) 10,601 7,629 2,972 15,125 (4,524)

TOTAL DIRECT OPERATING EXPENSES 36,593 46,796 (10,204) 47,174 ‐10,581 484,993 581,922 (96,929) 553,845 (68,852)

NET OPERATING INCOME (LOSS) 32,676 28,229 4,448 37,900 (5,224) 141,849 321,246 (179,397) 441,797 (299,947)

7210‐500 TRANSFERS TO HOUSING ASSISTANCE

CHANGE IN NET POSITION 32,676 28,229 4,448 37,900 (5,224) 141,849 321,246 (179,397) 441,797 (299,947)

Claims Expense



Operating Expenses

Employee Expenses

Operating Revenues

YTD as of Jun‐2018Jun‐2019 Jun‐2018 YTD as of Jun‐2019

54

IOWA TITLE GUARANTY

BALANCE SHEET

JUNE 30, 2019

Actual Prior Month

Variance from Prior

Month ‐ $

Variance from

Prior Month ‐

% Same Period Last Year

Variance from

Same Period Last

Year ‐ $

Variance from

Same Period

Last Year ‐ %

ASSETSCurrent Assets:Cash and Cash Equivalents:

1002-002 Cash - TG Dep/Great Western Bank $1,516,928 $1,317,597 $199,331 15% $1,301,296 $215,632 17%

1002-005 Cash - TG Escrow $1,755,223 $1,656,051 $99,172 6% $708,392 $1,046,831 148%

1002-030 Cash - State Treasurer $8,048,010 $8,768,183 ($720,173) ‐8% $7,932,518 $115,492 1%

Total Cash and Cash Equivalents $11,320,161 $11,741,831 ($421,670) ‐4% $9,942,206 $1,377,955 14%

Accounts Receivable:1240-001 Accounts Receivable - Trade $162,861 $143,727 $19,134 13% $141,429 $21,432 15%

1240-000 Misc Receivables $52,989 $25,088 $27,901 111% $10,963 $42,026 383%

1240-009 Less Reserve for Doubtful Accounts ($16,005) ($16,846) $841 ‐5% ($16,846) $841 ‐5%

1260-001 Due From General Fund $0 $0 $0 $0 **

Accounts Receivable - Net $199,845 $151,969 $47,876 32% $135,546 $64,299 47%

1400-019 Prepaid Expenses $21,006 $45,570 ($24,564) ‐54% $35,011 ($14,005) ‐40%

1250-000 Due From AP $0 $0 $0 ** $0 $0 **

Other Current Assets $0 $0 $0 ** $0 $0 **

Total Current Assets $11,541,012 $11,939,370 ($398,358) ‐3% $10,112,763 $1,428,249 14%

Fixed Assets:1310-000 Building & Leasehold Impr $0 $0 $0 ** $0 $0 **

1320-000 Capital Assets in Progress $0 $0 $0 ** $0 $0 **

1310-010 Equipment & Other Fixed Assets $0 $0 $0 ** $81,914 ($81,914) ‐100%

Total Fixed Assets $0 $0 $0 ** $81,914 ($81,914) ‐100%

1300-011 Less Accumulated Depreciation $0 $0 $0 ** ($79,603) $79,603 ‐100%

Fixed Assets - Net $0 $0 $0 ** $2,311 ($2,311) ‐100%

1520-002 Deferred Outflows - Pension $287,589 $375,800 ($88,211) ‐23% $375,800 ($88,211) ‐23%

1520-003 Deferred Outflows -OPEB $17,380 $17,380 $0 0% $17,380 $0 0%

**

Total Assets $11,845,981 $12,332,550 ($486,569) ‐4% $10,508,254 $1,337,727 13%

LIABILITIES AND CAPITALCurrent Liabilities:

2510‐000 Escrow Obligations $1,755,222 $1,656,051 $99,171 6% $708,392 $1,046,830 148%

1260-001 Due To General Fund $61,052 $205,277 ($144,225) ‐70% $147,622 ($86,570) ‐59%

Claims Reserves: $0 ** $0 **

2310-005 Claims Reserve - TG GAAP Adjustment ($5,317,970) ($5,361,340) $43,370 ‐1% ($5,207,683) ($110,287) 2%

2310‐010 Claims Reserve - TG Residential Statutory $4,735,294 $4,723,382 $11,912 0% $4,515,082 $220,212 5%

2310‐ 015 Claims Reserve - TG Commercial Statutory $339,813 $336,873 $2,940 1% $324,524 $15,289 5%

2310‐020 Claims Reserve - TG Known $76,265 $89,228 ($12,963) ‐15% $189,578 ($113,313) ‐60%

2310‐030 Claims Reserve - TG Closing Letter $1,000,000 $1,000,000 $0 0% $1,000,000 $0 0%

Total Claims Reserves $833,402 $788,143 $45,259 6% $821,501 $11,901 1%

2400‐015 Accrued Liabilities - TG Commitments $618,986 $493,867 $125,119 25% $536,795 $82,191 15%

2610‐000 Deferred Commitment Fees $0 $0 $0 ** $0 $0 **

2400‐020 Accrued Payroll Expenses $185,658 $183,754 $1,904 1% $272,858 ($87,200) ‐32%

2400‐010 Misc Accrued Expenses $315,128 $291,251 $23,877 8% $364,851 ($49,723) ‐14%

Current Portion of LTD $0 $0 $0 ** $0 $0 **

Total Current Liabilities $3,769,448 $3,618,343 $151,105 4% $2,852,019 $917,429 32%

2700‐002 OPEB Liability $188,980 $188,980 $188,980 $0

2700‐003 Net Pension Liability $1,080,607 $1,258,730 ($178,123) ‐14% $1,258,730 ($178,123) ‐14%

2900‐000 Deferred Inflows - Pension $77,563 $64,262 $13,301 21% $64,262 $13,301 21%

3900‐003 Defered Inflows - OPEB $880 $880 $0 0% $880 $0 0%

Total Liabilities $5,117,478 $5,131,195 ($13,717) 0% $4,364,871 $752,607 17%

Capital:4000‐100 Restricted Fund balance $7,125,250 $7,125,250 $0 0% $7,039,042 $86,208 1%

4000‐104 Effect of GASB 68 Accounting Change ($821,928) ($821,928) $0 0% ($821,928) $0 0%

400‐1005 GASB 75 Reclassification ($159,940) ($159,940) ($159,940) $0

7210‐500 Transfers to Iowa Housing Assistance program ($1,007,327) ($394,004) ($613,323) 156% ($1,235,620) $228,293 ‐18%

Current Period Income $1,592,448 $1,451,977 $140,471 10% $1,321,829 $270,619 20%

Total Capital $6,728,503 $7,201,355 ($472,852) ‐7% $6,143,383 $585,120 10%

Total Liabilities and Capital $11,845,981 $12,332,550 ($486,569) ‐4% $10,508,254 $1,337,727 13%

June 30, 2019 ‐ Balance Sheet ‐ TG Combined

55

To: IFA Board Members

From: Michelle Thomas

Date July 17, 2019

Re: June 2019 YTD Financial Results

State Revolving Fund Results ($ in thousands)

With the completion of FY19, SRF continued to operate favorable to budget.

Operating Revenue was $1,545 or 2.9% unfavorable to budget but 8.3% favorable to last year.

An interest rate reduction on loans meeting the 10-year criteria contributed to Interest Revenue being

unfavorable to budget.

Operating Expense was $1,334 or 2.8% unfavorable to budget and 10.5% unfavorable to last year.

Interest Expense relating to bonds was favorable to budget by $87 while Miscellaneous Operating Expense

which accounts for DNR administrative expenses was unfavorable to budget by $1,566.

$38,329 $38,139 $38,606$41,680

$45,335 $47,161

$4,255 $4,526 $4,912

$5,578

$5,868$5,586

$42,584 $42,665 $43,518$47,258

$51,202$52,748

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000


Operating Revenue


$33,099$29,064

$32,580$34,969

$38,603 $38,690

$9,022

$8,358

$9,892$9,029

$10,007 $8,586

$42,121

$37,422

$42,472 $43,999

$48,610 $47,276

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000


Operating Expense

Interest Expense Other Expenses

56

NOIBG was $2,880 or 52.6% unfavorable to budget and 20.5% unfavorable to last year.

CAP Grant Revenue was $7,552 or 25.2% favorable to budget and 21.8% favorable to last year.

The 2018 CAP Grant funds were available beginning October 2018 and were drawn at a faster rate than was

anticipated and budgeted. Additionally, the higher than expected amount of 2018 Cap Grant funds allocated to

the SRF program also impacted the variance between actual and budget.

$462

$5,243

$1,046

$3,259

$2,592

$5,472

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000


Net Operating Income (Loss) Before Grants

$17,881

$42,328

$25,365 $26,220$30,212

$25,560

$21,893

$46,026

$29,843 $30,846

$37,572

$30,020

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000


CAP Grant Revenue

Loans Admin DW Set Asides

57

Grant Expense was $3,144 or 45.3% favorable to budget and 18.3% favorable to last year.

Grant Expense relates to the forgivable portion of specific SRF loans. Slower finalization of forgivable loans as

compared to budget accounted for the variance.

NOIAG was $7,816 or 27.4% favorable to budget and 23.4% favorable to last year.

$6,157

$8,100

$7,364

$4,643

$3,794

$6,938

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000


Grant Expense

$16,198

$43,168

$23,524

$29,462

$36,370

$28,554

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000


Net Operating Income (Loss) After Grants

58

Assets were $5,329 or 0.2% favorable to budget and 12.2% favorable to last year.

The 2018 Cap Grant funds were available for loan disbursements beginning in October 2018.

• Loan commitments were $358,559.

$390,449 $295,730 $369,010 $402,815$522,420 $570,363

$1,422,797 $1,505,568$1,597,886

$1,711,302

$1,855,127 $1,801,895

$1,843,959 $1,828,165$1,990,261

$2,134,749

$2,395,732 $2,390,403

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000


Assets

Cash, CE, & Inv Loans Other Assets

$107,519

$173,059

$199,971

$218,299

$256,217

$206,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000


Loan Disbursements

59

Equity/Program/Admin Fund Balances

Balance at Net Cash Balance at

Program Uses Account 6/30/2018 Inflows (Outflows) 6/30/2019

Equity Fund Construction Loans

Clean Water 12069250/1 112,599 48,033 160,632

Leveraged 82644011 0 4,835 4,835

Drinking Water 12069253/4 72,500 43,136 115,636

State Match 82644012 0 447 447

Leveraged 82644014 0 4,344 4,344

185,099 100,794 285,893

Program Fund P&D, CW GNPS, DW SWP

Clean Water 22546000 32,820 2,012 34,832

Drinking Water 22546001 9,847 2,378 12,225

42,667 4,390 47,057

Administration Fund Administrative Expenses

Clean Water 22546002 10,130 1,725 11,855

Drinking Water 22546003 13,223 1,662 14,885

23,353 3,386 26,739

Federal Capitalization Grants

As of 6/30/2019

Grant Award Year EPA Awards Remaining EPA Awards Remaining EPA Awards Remaining

Prior Years 536,251 - 284,755 - 821,006 -

2016 18,083 - 12,382 379 30,465 379

2017 17,944 - 12,206 - 30,150 -

2018 21,723 1,008 17,348 3,628 39,071 4,636

594,001 1,008 326,691 4,007 920,692 5,015

Total federal capitalization grants received to date: 915,677$

Available for Loan Draws Clean Water Drinking Water Total Available for Set-asides

2017 - - - Clean Water 1,008

2018 - - - Drinking Water 4,007

- - - 5,015

Clean Water Drinking Water Total SRF

SRF Loan Portfolio 6/30/2016 6/30/2017 6/30/2018 6/30/2019 YTD Increase

Clean Water 1,102,345 1,152,472 1,245,967 1,393,736 11.9%

Drinking Water 420,889 464,826 483,827 481,218 -0.5%

Total SRF Loan Portfolio 1,523,234 1,617,298 1,729,794 1,874,954 8.4%

60

Actuals Bud19 R5 Difference % Last Year Difference % Actuals Bud19 R5 Difference % Last Year Difference %

Operating Revenue

Interest Revenue 4,359,246 4,321,475 37,771 0.9 3,750,800 608,446 16.2 45,334,537 47,161,472 (1,826,934) -3.9 41,680,282 3,654,256 8.8

Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Fee Revenue 264,086 469,090 (205,004) -43.7 412,456 (148,370) -36.0 5,867,826 5,586,197 281,629 5.0 5,577,513 290,313 5.2

Other Revenue - - - 0.0 - - 0.0 4 - 4 0.0 4 - 0.0

Total Operating Revenue 4,623,332 4,790,565 (167,233) -3.5 4,163,256 460,076 11.1 51,202,367 52,747,668 (1,545,301) -2.9 47,257,799 3,944,568 8.3

Operating Expense

Interest Expense 3,545,340 3,543,475 1,865 0.1 2,985,529 559,811 18.8 38,603,199 38,690,015 (86,816) -0.2 34,969,477 3,633,722 10.4

Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Employee Expenses 97,746 149,472 (51,726) -34.6 149,203 (51,457) -34.5 765,137 828,744 (63,607) -7.7 807,118 (41,981) -5.2

Common Expenses 4,185 7,707 (3,521) -45.7 4,847 (662) -13.7 122,496 90,031 32,466 36.1 48,768 73,728 151.2

Marketing Expense 340 1,667 (1,327) -79.6 418 (78) -18.6 10,115 20,000 (9,885) -49.4 22,868 (12,753) -55.8

Professional Services 54,203 50,595 3,608 7.1 66,355 (12,152) -18.3 462,182 563,724 (101,542) -18.0 506,688 (44,507) -8.8

Claim and Loss Expenses - - - 0.0 - - 0.0 (25,000) (25,000) - 0.0 (25,000) - 0.0

Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Miscellaneous Operating Expense 1,076,621 985,000 91,621 9.3 1,197,114 (120,494) -10.1 8,567,629 7,002,000 1,565,629 22.4 7,579,713 987,916 13.0

Overhead Allocation 9,315 8,251 1,064 12.9 7,215 2,099 29.1 104,556 106,426 (1,870) -1.8 89,031 15,525 17.4

Total Operating Expense 4,787,750 4,746,166 41,584 0.9 4,410,681 377,068 8.5 48,610,313 47,275,939 1,334,374 2.8 43,998,664 4,611,649 10.5

Net Operating Income (Loss) Before Grants (164,417) 44,399 (208,816) -470.3 (247,425) 83,008 -33.5 2,592,054 5,471,729 (2,879,675) -52.6 3,259,135 (667,081) -20.5

Net Grant (Income) Expense

Grant Revenue (577,685) (2,482,000) 1,904,315 -76.7 (377,635) (200,051) 53.0 (37,571,807) (30,020,000) (7,551,807) 25.2 (30,845,662) (6,726,145) 21.8

Grant Expense 197,287 578,167 (380,880) -65.9 422,452 (225,165) -53.3 3,794,187 6,938,000 (3,143,813) -45.3 4,642,751 (848,564) -18.3

Total Net Grant (Income) Expense (380,398) (1,903,833) 1,523,435 -80.0 44,818 (425,216) -948.8 (33,777,620) (23,082,000) (10,695,620) 46.3 (26,202,911) (7,574,708) 28.9

Net Operating Income (Loss) After Grants 215,981 1,948,233 (1,732,251) -88.9 (292,242) 508,223 -173.9 36,369,674 28,553,729 7,815,945 27.4 29,462,047 6,907,627 23.4

Non-Operating (Income) Expense (103,540) - (103,540) 0.0 6,806 (110,346) -1621.3 (575,431) - (575,431) 0.0 518,557 (1,093,987) -211.0

Net Income (Loss) 319,521 1,948,233 (1,628,711) -83.6 (299,048) 618,569 -206.8 36,945,104 28,553,729 8,391,375 29.4 28,943,490 8,001,614 27.6

IFA Home Dept Staff Count 4 4 - 0.0 4 - 0.0 4 4 - 0.0 4 - 0.0

FTE Staff Count 5 5 (0) -4.1 5 0 3.2 5 5 0 1.1 5 0 5.7

Income Statement

State Revolving Fund (Rollup)


61



Cash & Cash Equivelents 449,499,489 494,603,011 (45,103,522) -9.1 335,758,010 113,741,479 33.9

Investments 72,920,434 75,759,905 (2,839,471) -3.7 67,057,083 5,863,352 8.7

Mortgage Backed Securities - - - 0.0 - - 0.0

Line of Credit - - - 0.0 - - 0.0

Loans - net of reserve for losses 1,855,126,852 1,801,895,396 53,231,456 3.0 1,711,301,854 143,824,998 8.4

Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0

Other Assets 5,425,116 5,322,201 102,915 1.9 4,848,602 576,514 11.9

Deferred Outflows 12,759,640 12,822,089 (62,449) -0.5 15,783,054 (3,023,414) -19.2

Total Assets and Deferred Outflows 2,395,731,532 2,390,402,603 5,328,929 0.2 2,134,748,603 260,982,929 12.2


Debt 1,413,501,823 1,414,042,661 (540,838) 0.0 1,192,350,051 221,151,772 18.5

Interest Payable 23,282,527 23,171,361 111,166 0.5 20,194,149 3,088,377 15.3

Unearned Income - - - 0.0 - - 0.0

Escrow Deposits - - - 0.0 - - 0.0

Reserves for Claims - - - 0.0 - - 0.0

Accounts Payable & Accrued Liabilities 1,394,944 1,424,671 (29,728) -2.1 1,630,372 (235,428) -14.4

Other liabilities 515,710 606,142 (90,432) -14.9 493,705 22,005 4.5

Deferred Inflows 34,710 28,387 6,323 22.3 23,611 11,099 47.0

Total Liabilities and Deferred Inflows 1,438,729,713 1,439,273,222 (543,509) 0.0 1,214,691,889 224,037,825 18.4

Equity

YTD Earnings(Loss) 36,945,104 28,553,729 8,391,375 29.4 28,943,490 8,001,614 27.6

Prior Years Earnings 920,056,714 922,575,652 (2,518,938) -0.3 891,113,224 28,943,490 3.2

Transfers - 0 (0) 0.0 (0) 0 0.0

Total Equity 957,001,818 951,129,381 5,872,437 0.6 920,056,714 36,945,104 4.0

Total Liabilities, Deferred Inflows, and Equity 2,395,731,532 2,390,402,603 5,328,929 0.2 2,134,748,603 260,982,929 12.2

State Revolving Fund (Rollup)


62


Operating Revenue

Interest Revenue 3,128,407 3,102,059 26,348 0.8 2,647,058 481,349 18.2 32,429,819 33,530,793 (1,100,974) -3.3 29,626,548 2,803,271 9.5


Fee Revenue 190,212 343,585 (153,373) -44.6 382,470 (192,257) -50.3 4,440,709 4,134,488 306,221 7.4 4,154,258 286,451 6.9

Other Revenue - - - 0.0 - - 0.0 4 - 4 0.0 4 - 0.0

Total Operating Revenue 3,318,620 3,445,644 (127,024) -3.7 3,029,528 289,092 9.5 36,870,533 37,665,281 (794,748) -2.1 33,780,811 3,089,722 9.1

Operating Expense

Interest Expense 2,682,404 2,684,539 (2,136) -0.1 2,190,992 491,412 22.4 28,858,202 28,956,763 (98,561) -0.3 26,038,645 2,819,557 10.8


Employee Expenses 71,423 44,593 26,830 60.2 45,714 25,709 56.2 522,824 515,214 7,611 1.5 485,703 37,121 7.6

Common Expenses 2,968 5,332 (2,364) -44.3 3,564 (595) -16.7 87,273 63,923 23,350 36.5 36,001 51,272 142.4

Marketing Expense 340 1,200 (860) -71.7 352 (12) -3.5 8,619 14,404 (5,785) -40.2 17,144 (8,526) -49.7

Professional Services 39,584 35,945 3,639 10.1 50,588 (11,004) -21.8 323,792 396,014 (72,222) -18.2 366,275 (42,483) -11.6

Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0


Miscellaneous Operating Expense 462,443 455,000 7,443 1.6 523,919 (61,476) -11.7 3,656,481 3,260,000 396,481 12.2 3,735,375 (78,894) -2.1

Overhead Allocation 6,524 5,721 803 14.0 4,889 1,635 33.4 70,934 73,736 (2,802) -3.8 59,468 11,466 19.3

Total Operating Expense 3,265,686 3,232,330 33,356 1.0 2,820,018 445,668 15.8 33,528,126 33,280,054 248,072 0.7 30,738,611 2,789,515 9.1

Net Operating Income (Loss) Before Grants 52,934 213,314 (160,380) -75.2 209,510 (156,576) -74.7 3,342,407 4,385,227 (1,042,820) -23.8 3,042,200 300,207 9.9


Grant Revenue (184,693) (1,500,000) 1,315,307 -87.7 - (184,693) 0.0 (25,003,560) (18,000,000) (7,003,560) 38.9 (17,944,000) (7,059,560) 39.3

Grant Expense - - - 0.0 24,837 (24,837) -100.0 89,858 - 89,858 0.0 487,034 (397,176) -81.6

Total Net Grant (Income) Expense (184,693) (1,500,000) 1,315,307 -87.7 24,837 (209,530) -843.6 (24,913,702) (18,000,000) (6,913,702) 38.4 (17,456,966) (7,456,736) 42.7

Net Operating Income (Loss) After Grants 237,627 1,713,314 (1,475,687) -86.1 184,673 52,954 28.7 28,256,109 22,385,227 5,870,882 26.2 20,499,166 7,756,943 37.8

Non-Operating (Income) Expense (58,974) - (58,974) 0.0 350 (59,324) -16947.3 (320,900) - (320,900) 0.0 276,124 (597,024) -216.2

Net Income (Loss) 296,601 1,713,314 (1,416,713) -82.7 184,323 112,279 60.9 28,577,010 22,385,227 6,191,782 27.7 20,223,042 8,353,967 41.3

IFA Home Dept Staff Count 4 4 - 0.0 4 - 0.0 4 4 - 0.0 4 - 0.0

FTE Staff Count 4 4 (0) -0.8 4 0 6.4 4 4 0 3.4 4 0 5.3

Income Statement

Clean Water Programs (Rollup)


63



Cash & Cash Equivelents 295,875,144 376,952,167 (81,077,023) -21.5 230,676,396 65,198,747 28.3

Investments 44,539,452 50,464,867 (5,925,415) -11.7 42,987,040 1,552,412 3.6


Line of Credit - - - 0.0 - - 0.0

Loans - net of reserve for losses 1,387,957,267 1,296,221,379 91,735,888 7.1 1,237,844,382 150,112,885 12.1


Other Assets 3,576,474 3,493,242 83,232 2.4 3,061,715 514,759 16.8


Total Assets and Deferred Outflows 1,740,517,821 1,735,720,755 4,797,066 0.3 1,525,030,061 215,487,760 14.1


Debt 1,062,946,306 1,063,546,520 (600,214) -0.1 878,490,630 184,455,676 21.0

Interest Payable 17,435,610 17,314,090 121,521 0.7 14,824,155 2,611,455 17.6




Accounts Payable & Accrued Liabilities 690,519 767,843 (77,324) -10.1 874,420 (183,902) -21.0

Other liabilities 360,922 331,328 29,594 8.9 341,177 19,745 5.8

Deferred Inflows 23,600 14,654 8,946 61.0 15,824 7,776 49.1

Total Liabilities and Deferred Inflows 1,081,456,957 1,081,974,434 (517,477) 0.0 894,546,207 186,910,750 20.9

Equity

YTD Earnings(Loss) 28,577,010 22,385,227 6,191,782 27.7 20,223,042 8,353,967 41.3

Prior Years Earnings 630,483,854 631,361,093 (877,239) -0.1 610,260,812 20,223,042 3.3

Transfers (0) 0 (0) 0.0 0 (0) 0.0

Total Equity 659,060,864 653,746,320 5,314,544 0.8 630,483,854 28,577,010 4.5

Total Liabilities, Deferred Inflows, and Equity 1,740,517,821 1,735,720,755 4,797,066 0.3 1,525,030,061 215,487,760 14.1

Clean Water Programs (Rollup)


64


Operating Revenue

Interest Revenue 1,230,839 1,219,416 11,423 0.9 1,103,742 127,097 11.5 12,904,718 13,630,679 (725,961) -5.3 12,053,734 850,984 7.1


Fee Revenue 73,874 125,505 (51,631) -41.1 29,986 43,888 146.4 1,427,117 1,451,708 (24,592) -1.7 1,423,254 3,862 0.3

Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Operating Revenue 1,304,713 1,344,921 (40,208) -3.0 1,133,728 170,984 15.1 14,331,835 15,082,387 (750,553) -5.0 13,476,988 854,846 6.3

Operating Expense

Interest Expense 862,936 858,935 4,001 0.5 794,537 68,400 8.6 9,744,997 9,733,252 11,745 0.1 8,930,832 814,165 9.1


Employee Expenses 26,323 104,879 (78,556) -74.9 103,489 (77,166) -74.6 242,312 313,530 (71,218) -22.7 321,414 (79,102) -24.6

Common Expenses 1,217 2,375 (1,158) -48.8 1,284 (67) -5.2 35,223 26,107 9,116 34.9 12,768 22,456 175.9

Marketing Expense - 466 (466) -100.0 65 (65) -100.0 1,496 5,596 (4,100) -73.3 5,723 (4,228) -73.9

Professional Services 14,619 14,651 (31) -0.2 15,767 (1,148) -7.3 138,390 167,710 (29,320) -17.5 140,414 (2,024) -1.4

Claim and Loss Expenses - - - 0.0 - - 0.0 (25,000) (25,000) - 0.0 (25,000) - 0.0


Miscellaneous Operating Expense 614,178 530,000 84,178 15.9 673,195 (59,017) -8.8 4,911,148 3,742,000 1,169,148 31.2 3,844,338 1,066,810 27.8

Overhead Allocation 2,791 2,530 261 10.3 2,326 464 20.0 33,621 32,690 931 2.8 29,563 4,058 13.7

Total Operating Expense 1,522,064 1,513,836 8,228 0.5 1,590,663 (68,599) -4.3 15,082,188 13,995,886 1,086,302 7.8 13,260,053 1,822,135 13.7

Net Operating Income (Loss) Before Grants (217,351) (168,915) (48,436) 28.7 (456,935) 239,583 -52.4 (750,353) 1,086,502 (1,836,855) -169.1 216,935 (967,288) -445.9


Grant Revenue (392,992) (982,000) 589,008 -60.0 (377,635) (15,358) 4.1 (12,568,247) (12,020,000) (548,247) 4.6 (12,901,662) 333,415 -2.6

Grant Expense 197,287 578,167 (380,880) -65.9 397,615 (200,328) -50.4 3,704,329 6,938,000 (3,233,671) -46.6 4,155,717 (451,387) -10.9

Total Net Grant (Income) Expense (195,705) (403,833) 208,128 -51.5 19,980 (215,686) -1079.5 (8,863,917) (5,082,000) (3,781,917) 74.4 (8,745,945) (117,972) 1.3

Net Operating Income (Loss) After Grants (21,646) 234,918 (256,564) -109.2 (476,915) 455,269 -95.5 8,113,564 6,168,502 1,945,063 31.5 8,962,880 (849,316) -9.5

Non-Operating (Income) Expense (44,566) - (44,566) 0.0 6,456 (51,022) -790.3 (254,530) - (254,530) 0.0 242,433 (496,963) -205.0

Net Income (Loss) 22,920 234,918 (211,998) -90.2 (483,371) 506,291 -104.7 8,368,095 6,168,502 2,199,593 35.7 8,720,448 (352,353) -4.0

IFA Home Dept Staff Count - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

FTE Staff Count 1 2 (0) -12.0 1 (0) -4.8 2 2 (0) -4.5 1 0 6.5

Income Statement

Drinking Water Programs (Rollup)


65



Cash & Cash Equivelents 153,624,346 117,650,845 35,973,501 30.6 105,081,613 48,542,732 46.2

Investments 28,380,982 25,295,038 3,085,944 12.2 24,070,042 4,310,940 17.9


Line of Credit - - - 0.0 - - 0.0

Loans - net of reserve for losses 467,169,585 505,674,017 (38,504,432) -7.6 473,457,473 (6,287,887) -1.3


Other Assets 1,848,642 1,828,959 19,682 1.1 1,786,887 61,755 3.5


Total Assets and Deferred Outflows 655,213,711 654,681,848 531,863 0.1 609,718,542 45,495,169 7.5


Debt 350,555,517 350,496,141 59,376 0.0 313,859,421 36,696,096 11.7

Interest Payable 5,846,916 5,857,271 (10,355) -0.2 5,369,994 476,922 8.9




Accounts Payable & Accrued Liabilities 704,425 656,828 47,597 7.2 755,952 (51,527) -6.8

Other liabilities 154,788 274,814 (120,026) -43.7 152,528 2,260 1.5

Deferred Inflows 11,110 13,733 (2,623) -19.1 7,787 3,323 42.7

Total Liabilities and Deferred Inflows 357,272,757 357,298,788 (26,031) 0.0 320,145,682 37,127,074 11.6

Equity

YTD Earnings(Loss) 8,368,095 6,168,502 2,199,593 35.7 8,720,448 (352,353) -4.0

Prior Years Earnings 289,572,859 291,214,559 (1,641,699) -0.6 280,852,412 8,720,448 3.1

Transfers - (0) 0 0.0 (0) 0 0.0

Total Equity 297,940,954 297,383,060 557,894 0.2 289,572,859 8,368,095 2.9

Total Liabilities, Deferred Inflows, and Equity 655,213,711 654,681,848 531,863 0.1 609,718,542 45,495,169 7.5

Drinking Water Programs (Rollup)


66

To: Iowa Finance Authority Board of Directors

From: IFA Management

Date: July 30, 2019

Subject: Office of Auditor of State, Report on Review dated December 28, 2018

The purpose of this memo is to summarize the State Auditor’s recommendations and provide a management response and detail the action taken.

The press release (attached) summarized the Auditor’s findings and quantified the following expenditures that, in their opinion, were not in the best interest of taxpayers:

328,184.61$ Payroll and IFA’s share of payroll related costs89,233.00$ Construction manager fees on tenant improvements @ 1963 Bell40,467.41$ Excess costs incurred for leasing vehicles32,069.75$ Unsupported disbursements made using IFA credit cards26,816.99$ Improper disbursements related to travel & credit cards18,700.00$ Services provided by Public Financial Management11,764.62$ Expenses incurred at board meetings ouside Des Moines2,162.83$ Expenses incurred on IFA credit cards

549,399.21$ Total

Following are specific recommendations from the report and management’s response.

A. Validation of Minutes

Recommendation – The Board should ensure resolutions and minutes are reviewed and independent party to ensure accuracy of items discussed. In addition, the Board should consider designating another Board member to sign Resolutions in addition to the Executive Director to ensure accuracy and proper segregation of duties

Management Response – IFA’s management team prepares all board resolutions in advance of Board meetings, distributes resolutions to Board members in advance of Board meetings, presents the resolutions on-the-record in open Board meetings, answers questions posed by Board members and requests Board approval.

The minutes from the previous Board meeting are currently included in the Board packet that is sent to Board members in advance of each meeting. Moving forward, all Board resolutions will be signed by the Board Secretary in addition to a Board Officer and will be included in the Board packet alongside the minutes from the previous meeting. This will allow the Board time to review and ask questions about the minutes, previously approved resolutions or other information contained in the packet in advance of the meeting. The Board will then consider, have the opportunity to amend, and vote to approve the minutes from the previous meeting at each public Board meeting.

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B. Building Lease

Recommendation - The IFA Board should ensure sufficient information is provided to the Board and a sufficient understanding is obtained prior to making decisions, such as leasing and renovating the current building over a long-term to ensure taxpayers funds are spent appropriately.

Management Response: IFA management and staff are committed to being a trusted resource for the IFA Board and acting in the best interest of Iowans at all times.

As an example, the process we recently undertook when considering if purchasing the building IFA had been leasing would be a better financial and strategic decision for the State centered on data (provided by a trusted third party) and transparency.

Additionally, the IFA Board was encouraged to contact any IFA staff member with questions or concerns about the decision, their access was not limited to the Executive Director.

C. Delegation of Authority

Recommendation – Delegations of Authority authorized by the Board should not occur but if allowed, should be monitored and tracked to see if employees are staying within their delegation. Only employees who are authorized to delegate authority should be allowed to authorize delegations of authority. The purpose of delegations should be conveyed to employees. During our review, IFA started to remove all non-budgeted expenditure delegations of authority.

Management Response - On June 6, 2018 the Board of Directors adopted resolution GEN 18-04 Delegation of Authority and removed the non-budgeted spending authority from the Executive Director. All specific delegations containing non-budgeted spending authority were revised, a budget administration policy was developed and a tracking report was created to quickly identify over-budget spending at the department, program and total Housing Authority levels. All non-budgeted expenditures are now approved by the Board and the budget amended.

D. Credit Cards

Recommendations – IFA should ensure all charges are properly supported and document the reason for purchases. The credit card policy should be reviewed and 49 credit cards should be approved by DAS. During our review, IFA suspended all credit card use; however, we were unable to determine if IFA planned to resume credit card activity or discontinue use. In addition, during our review, IFA began using the State’s p-card and the applicable policies for travel purchases.

Management Response – The Wells Fargo credit cards referenced above were all collected from the cardholders by Steve Harvey prior to June 1, 2018 and subsequently cancelled. IFA requested and received from DAS, one purchasing card and one travel card. IFA’s Executive Assistant is the owner of both and uses the travel card to pay for conference registrations and airfare; and the purchasing card is used for recurring charges like subscriptions and online purchases where the only accepted payment method is a credit card. In addition, IFA has obtained four fuel purchasing cards (WEX) from DAS which are maintained in each of the IFA vehicles and may only be used to purchase fuel. Receipts are required to be submitted for all credit card purchases and are attached as support to the monthly statements.

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E. Travel Reimbursements

Recommendations – IFA should ensure compliance with DAS policies and procedures for all travel related expenses such as mileage, meals and hotel charges.

Management Response – IFA’s accounting staff has always reviewed travel payment (TP) forms and receipts. In April 2018 IFA accounting staff reached out to DAS personnel and received detailed TP training. Following the training, and due to the complexity of DAS policies, Accounting prepared how-to guides with specific requirements for the consistent completion of TP’s in accordance with DAS travel policies. We held mandatory training sessions for all staff who filled out a TP in the prior year. The accounting staff continues to enforce these requirements and return TP’s that fail to meet the standards, contain errors or lack proper documentation.

F. Supporting Documentation

Recommendations – IFA should ensure all supporting documentation is maintained for all credit cards charges and attached to the appropriate credit cards statement.

Management Response – IFA has always required this in our credit card policy. The “tone at the top” of an organization dictates whether policies and procedures are followed. Current management is committed to policy compliance.

G. Certain Board Meetings

Recommendation – IFA should review practices of holding Board meetings outside to Des Moines to ensure the benefit outweighs the cost of the expenses for IFA Board members and IFA employees to attend.

Management Response – IFA has not held a Board meeting outside of Des Moines since September 6, 2017 which was in conjunction with IFA’s annual HousingIowa Conference in Cedar Rapids. It is no longer management’s plan to hold board meetings outside Des Moines unless in conjunction with our annual HousingIowa Conference.

H. Vehicle Leases

Recommendation – IFA should consider the cost of leasing vehicles compared to using DAS fleet services to ensure funds spent are in the best interest of the taxpayers. In addition if lease vehicles are maintained, a policy should be in place to properly track and account for usage and vehicle usage logs should be maintained to properly support miles driven, location, gas purchases and employees using the vehicle.

Management Response – IFA’s four vehicle leases will terminate by May of 2021. Management will evaluate vehicle requirements at that time.

IFA continues to track leased vehicle usage, personal vehicle mileage, and the use of DAS fleet vehicles and prepares a report annually of these costs. In June 2018, we assigned a DAS provided WEX fuel card to each vehicle which provides the employee name, vehicle mileage, and location of each fuel purchase. Finally, each vehicle is equipped with a DAS installed GPS based vehicle tracking system.

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I. Salary Increases

Recommendation – IFA should ensure promotions and step or merit increases received are reasonable and performance evaluations properly document the reason for the increase.

Management Response – For every position at IFA there is a Position Description Questionnaire (PDQ) prepared by the hiring manager and IFA human resources; and approved by the Chief Operating Officer. The PDQ is then submitted to the Department of Administrative Services (DAS), reviewed and assigned the job classification and pay grade. For all vacant positions, a hiring justification is prepared which must be approved by the Department of Management (DOM) prior to the commencement of the hiring process. This process has been in place for many years, IFA complies with this process, and will continue to comply.

IFA performs annual performance evaluations on all employees. Merit increases are determined by scores received on those performance evaluations. Merit increase amounts are determined by the Governor’s Office. IFA complies with those merit increase limits. IFA follows DAS recommendations for all promotional increases.

J. Board Oversight

Recommendation – Oversight by the Board is essential and should be an ongoing effort. Board members should exercise due care and review all pertinent information. The Board should also ensure sufficient information is prepared and provided to them for making decisions and appropriate policies and procedures are adopted, implemented, and monitored to ensure compliance.

Management Response - IFA management and staff are committed to being a trusted resource for the IFA Board and acting in the best interest of Iowans at all times.

OFFICE OF AUDITOR OF STATE STATE OF IOWA

State Capitol Building Des Moines, Iowa 50319-0006

Telephone (515) 281-5834 Facsimile (515) 242-6134

Mary Mosiman, CPA Auditor of State

NEWS RELEASE Contact: Tami Kusian 515/281-5834 or Andy Nielsen

FOR RELEASE December 28, 2018 515/281-5834

The Office of Auditor of State today released a report on a review of the Iowa Finance

Authority (IFA) for the period January 1, 2016 through March 31, 2018. State Auditor Mary

Mosiman directed her staff to perform the review after concerns were raised regarding spending

and accounting practices at IFA following the termination of former Executive Director David

Jamison on March 24, 2018. Specifically, concerns were expressed regarding spending authority

given to Mr. Jamison during his tenure as Executive Director and IFA’s use of a personal PayPal®

account to collect agency fees.

Concerns were also expressed regarding a lease for office space entered into by IFA prior to

Mr. Jamison’s termination. The lease was approved by IFA’s Board of Directors and the Executive

Council of Iowa. The procedures performed for the review identified a number of management

decisions made by Mr. Jamison which were not in the taxpayers’ best interest. Some of

Mr. Jamison’s decisions resulted in unnecessary costs to taxpayers, including certain travel costs,

leasing vehicles, and payroll increases.

IFA management decisions made by Mr. Jamison for which concerns were identified

included:

• relocating IFA offices to a new location without disclosing the cost savings of

renovating IFA’s current location to the IFA Board and Executive Council,

• delegating spending authority to other IFA employees,

• leasing vehicles at a greater cost than other available options, and

• providing employees step or merit increases in excess of typical amounts and after

an employee’s promotion.

The report identified a number of management decisions made by Mr. Jamison were not in

the taxpayers’ best interest and resulted in $549,399.21 of improper disbursements, unsupported

disbursements, and disbursements which do not meet the test of public purpose. The $26,816.99

of improper disbursements identified includes $21,453.29 of credit card purchases by IFA

employees, and $5,363.70 of travel reimbursements for IFA employees. In addition, the report

identified $32,069.75 of unsupported disbursements which includes $26,805.74 of relocation

reimbursements issued to an IFA employee and $5,264.01 of credit card purchases by IFA

employees.

The $490,512.47 of disbursements which did not meet the test of public purpose includes

$328,184.61 of payroll and IFA’s share of payroll related costs for FICA and IPERS for larger than

typical pay increases, $89,233.00 for construction manager fee for tenant improvements at the

leased building, $40,467.41 for leasing of vehicles, $18,700.00 for an additional review of costs

related to renovating the current IFA building and leasing new space, $11,764.62 for expenses

incurred for Board meetings held outside the City of Des Moines, and $2,162.83 of expenses

incurred on IFA’s credit cards and travel reimbursements.

On July 30, 2018, Eide Bailly issued their forensic accounting report for the period July 1,

2015 through May 2018. The report did not identify any concerns regarding internal controls,

spending authority limits, use of corporate credit cards by Mr. Jamison, expense reimbursements

to Mr. Jamison, or use of PayPal accounts. In addition, Eide Bailly issued a forensic accounting

report in response to Iowa State Legislation House File 2493 on November 26, 2018 for the period

January 1, 2011 through June 30, 2018. In addition to reviewing transactions by Mr. Jamison,

testing for the second report included credit card use and travel costs incurred by all IFA

personnel. The report had findings similar to those included in the earlier report.

In accordance with Chapter 16 of the Code of Iowa, the IFA Board of Directors has the

general control, supervision, and regulation of all programs administered by IFA; however, IFA has

voluntarily chosen to follow certain State rules and procedures regarding the allowability of travel

costs and other matters related to payroll established by Iowa Department of Administrative

Services (DAS). The report includes recommendations to ensure compliance with policies

established by the DAS and procedures for travel expenses, credit card policies, and

improvements regarding oversight of IFA operations. IFA officials have already implement a

number of corrective actions in these areas. The report also concluded unless there is a valid

business purpose, all authorities within State government, including IFA, should be held to the

same rules and oversight as all other State agencies. In addition, the report recommended the

Legislature consider requiring IFA to be audited on an annual basis by the Office of Auditor of

State as are all other authorities.

A copy of the report is available for review on the Auditor of State’s web site at

https://auditor.iowa.gov/reports/audit-reports/ and in the Office of Auditor of State.

# # #

https://auditor.iowa.gov/reports/audit-reports/

To: Iowa Finance Authority Board of Directors

From: Tim Morlan, Underwriter

Date: August 7, 2019

Re: Home and Community-Based Services Revolving Loan Program Overview of Rule changes

21.1 Purpose

• deleted “older” as it’s not referenced in Iowa code 16.47 and limits clientele/projects

• updated section per Iowa Code change to 16.47

21.5 Program Guidelines

21.5(1)

• (a.(4)) updated references to rules chapters for service provider certification with Department of Inspections and Appeals (reference was for Department of Elder Affairs which no longer exists)

• (f.(3)(2)) changed reference to department on aging since elder affairs department doesn’t exist

21.5(3)

• (f.) changed to “may” and deleted the minimum amount to be more in line with the other revolving/MF loan programs

21.6 Authority analysis of applications

• changed to department of inspections and appeals and department on aging since department of elder affairs doesn’t exist

Implementation sentence

• section change to 16.47

07/31/2019 11:25 AM

IOWA FINANCE AUTHORITY[265]

Notice of Intended Action

Proposing rule making related to _____________________________ and providing an opportunity for publiccomment.

The Iowa Finance Authority hereby proposes to amend Chapter 21, “Home And Community-Based Services RevolvingLoan Program,” Iowa Administrative Code.

Legal Authority for Rule Making

This rule making is proposed under the authority provided in Iowa Code section 16.5.

State or Federal Law Implemented

This rule making implements, in whole or in part, Iowa Code section 16.47.

Purpose and Summary

This rule making updates outdated references to the Iowa Code and outdated statutory language. This rule making alsoupdates a program requirement to align it with the Authority's current requirement on local contributing effort.

Fiscal Impact

This rule making has no fiscal impact to the State of Iowa.

Jobs Impact

After analysis and review of this rule making, no impact on jobs has been found.

Waivers

Any person who believes that the application of the discretionary provisions of this rule making would result in hardshipor injustice to that person may petition the Authority for a waiver of the discretionary provisions, if any, pursuant to265--Chapter 18.

Public Comment

Any interested person may submit written or oral comments concerning this proposed rule making. Written or oralcomments in response to this rule making must be received by the Authority no later than 4:30 p.m. on September 17, 2019.Comments should be directed to:

Kristin Hanks-Bents Iowa Finance Authority 1963 Bell AvenueSuite 200Des Moines, Iowa 50315 Email: [email protected]

Public Hearing

No public hearing is scheduled at this time. As provided in Iowa Code section 17A.4(1)“b,” an oral presentationregarding this rule making may be demanded by 25 interested persons, a governmental subdivision, the Administrative RulesReview Committee, an agency, or an association having 25 or more members.

07/31/2019 11:25 AM

Review by Administrative Rules Review Committee

The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rule making byexecutive branch agencies, may, on its own motion or on written request by any individual or group, review this rule makingat its or at a special meeting. The Committee’s meetings are open to the public, and interestedregular monthly meetingpersons may be heard as provided in Iowa Code section 17A.8(6).

The following rule-making action is proposed:

https://www.legis.iowa.gov/committees/meetings/meetingsListComm?groupID=705&ga=88

Item 1. Amend rule 265—21.1(16) Purpose, as follows:

265—21.1(16) Purpose. Through its home and community-based services revolving loan program (program),

the authority seeks to assist in the development and expansion of specific community-based services (adult day

services, respite services, congregate meals, health and wellness, health screening, and nutritional assessments)

that will allow older persons of low income to remain in their homes. This chapter implements Iowa Code

section 16.183 as amended by 2006 Iowa Acts, House File 2734, section 34, 16.47 and furthers the goals

specified in Iowa Code section 231.3.

Item 2. Amend subrule 21.5(1) as follows:

21.5(1) Projects eligible for assistance must meet the following criteria:

a. In the case of adult day services, the project must:

(1) to (3) No change.

(4) Become and remain certified as an adult day services provider, as set forth in 321—Chapter 24 481 ⸺

Chapters 67 and 70.

b. to e. No change.

f. In the case of programming space for nutritional assessments, the program must:

(1) and (2) No change.

(3) Accept third-party reimbursement for nutritional counseling, including one or both of the following:

1. Medicaid 1915(c) waiver(s) and meet the standards set forth in human services department rules in

441—Chapters 77 and 78;

2. The Older Americans Act, 42 U.S.C. § 3001 et seq., and meet the standards set forth in elder affairs

department department on aging rules in 321 17—Chapter 7.

g. to j. No change.

Item 3. Amend subrule 21.5(3) as follows:

21.5(3) Assistance will be provided upon the following terms and conditions:

a. to e. No change.

f. Each project receiving assistance must may demonstrate a local contributing effort, as such term is

used in Iowa Code section 16.4, of not less than 1 percent of the total loan amount.

g. No change.

Item 4. Amend rule 265—21.6(16) Authority analysis of applications, as follows:

265—21.6(16) Authority analysis of applications. Authority staff, in cooperation with the department of

elder affairs inspections and appeals or the department on aging (or both, as necessary), will analyze and

underwrite each potential project and will make recommendations for funding assistance to the board of the

authority. Authority staff will use such procedures and processes in its underwriting and analysis as it deems

necessary and appropriate in connection with furthering the purposes of this program. In addition, the authority

anticipates that, because of the complex nature of each transaction, and the particular set of circumstances

attributable to each particular application/transaction, the terms and conditions of loans may vary from project

to project. The authority will make available its general operating procedures and guidelines for this program.

Item 5. Amend 265 ⸺ Chapter 21, implementation sentence, as follows:

These rules are intended to implement Iowa Code section 16.5(17) and section 16.183 as amended by 2006

Iowa Acts, House File 2734, section 34 16.47.

To: Iowa Finance Authority Board of Directors From: Derek Folden, Underwriter Date: August 7, 2019 Re: Saratoga Springs Apartments, Iowa City

Background: This project was built and placed in service in 1998. Iowa Department of Economic Development provided a HOME loan of $399,984 to build this 16 unit project in Iowa City. The project is occupied, but unable to sustain rents high enough to service debt and run the property. Cash flow has been negative for several years so the non-profit owner has continued to provide funds to service the debt. The project has met its HOME affordability end date.

Recommendation: Staff recommends forgiving the HOME loan in full since the project has met its affordability end date and has no cash flow to support any loan payments.

Borrower: Saratoga Springs Limited Partnership, now succeeded by The Housing Fellowship

HOME Loan Balance: $356,088.00

HOME Loan Payments: $0

HOME Loan Maturity Date: 6-30-2019

HOME Affordability End Date: 9-4-2018

1st Mortgage Debt: $90,996 (Hills Bank and Trust)

1st Mortgage Payment/Frequency: $2,427 monthly

Housing Trust Fund of Johnson County: $18,437

Payment/Frequency: $104 monthly

2018 Cash flow: -$31,399

YTD Cash flow: -$24,203

Current Occupancy Rate: 87.5% (14 out of 16 units)

Page 1 of 1

RESOLUTION FIN 19-08

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the

statutory directives set forth in Chapter 16 of the Code of Iowa, as amended, works to create, protect and preserve affordable housing for low and moderate income families in the State of Iowa; and

WHEREAS, in June 17, 1996, the Iowa Department of Economic Development, now

succeeded by the Authority, provided a $399,984 affordable housing loan, known as Loan Number 96-HM-422 (“the HOME loan”), to Saratoga Springs Limited Partnership, now succeeded by The Housing Fellowship, an Iowa non-profit corporation (the “Owner”), for the New Construction of a 16 unit apartment complex located in Iowa City, Johnson County, Iowa (the “Project”); and

WHEREAS, due to the Project meeting its HOME affordability requirements and its

inability to make loan payments, the Authority and Owner desire that the HOME loan be forgiven.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance

Authority as follows: SECTION 1. The Board authorizes the Authority to work with the Owner and any

other necessary parties to forgive all or part of the HOME loan balance plus any accrued interest and other capitalized amounts, as the Executive Director, working with Authority staff, deems necessary and appropriate. SECTION 2. Upon settlement of the HOME loan, Authority staff is hereby authorized to write the remaining debt of the HOME loan off of the Authority’s loan account and cease further collection efforts relating to such loan. SECTION 3. Authority staff is hereby further authorized to work with the Owner to complete and issue the appropriate tax documents over one or more years associated with the write off of the HOME loan. PASSED AND APPROVED this 7th day of August 2019. ________________________________ Deborah Durham, Secretary (Seal)

To: Iowa Finance Authority Board of Directors From: Tim Morlan, Underwriter Date: August 7, 2019 Re: ECDC – Bear River Cottages, Maquoketa

Background: In May of 2019, the IFA Board approved a resolution to provide East Central Development Corporation (ECDC) with a $300,000 revolving construction loan that would be used for their pocket neighborhood “Bear River Cottages” in Maquoketa. Maquoketa State Bank (MSB) had also agreed to participate with their own revolving construction loan of $300,000. After discussing the loans further with MSB and ECDC, it was decided that it would be easier to have MSB provide a mortgage/note of $600,000 to ECDC and do the leg work for the development since they are located within the community. IFA would agree to a participation agreement to fund $300,000 of the $600,000 loan with MSB and receive lien waivers, etc. before sending any loan funds to MSB. All funds will go through a separate account with MSB and a construction agreement will be in place between MSB and ECDC.

It has also been decided that Habitat for Humanity will build and finance one of the 10 single family homes so IFA and MSB will only finance 9 homes with no more than four houses being built at one time.

Recommendation: Staff recommends participating with MSB and providing the revolving loan funds to MSB on a 50/50 basis which will be covered under a Loan Participation Certificate and Agreement.

Developer: East Central Development Corporation

Bank: Maquoketa State Bank

Proposed Revolving Loan Participation Amount: $300,000 (IFA’s 50% portion)

Loan Term: Up to 2 years

Rate: 0%

1

AMENDING RESOLUTION FIN 19-07A

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the

statutory directives set forth in Chapter 16 of the Code of Iowa, as amended, works to enhance the availability of affordable housing for low- and moderate- income families in the State of Iowa; and

WHEREAS, the Board previously approved by Resolution FIN 19-07 on May 1,

2019, for Authority participation in a $600,000 construction revolving loan to East Central Development Corporation (ECDC) in conjunction with Maquoketa State Bank (MSB); wherein, the Authority and MSB each participate in the lending on an equal 50/50 basis and share first mortgage lien priority for the development of ten single-family homes to be located in Maquoketa, Iowa, and sold to low-income homebuyers (the “Project”); and

WHEREAS, the above referenced loan will now fund nine of the ten Project single-

family homes and Habitat for Humanity will separately finance and develop the tenth home; and

WHEREAS, ECDC and MSB have requested simplification of the approved

financing with MSB being the sole lender and the Authority to fund up to 50% or $300,000 of the loan through a participation agreement with MSB; and

WHEREAS, the above request is consistent with the Authority’s purpose, goals,

mission and guiding principles, and the Authority in cooperation with MSB and ECDC, will assist in the development of innovative rural housing initiatives for low-and moderate-income Iowans; and

WHEREAS, the Authority desires to approve entering into a participation

agreement with MSB, on substantially the terms and conditions described in Exhibit A, to help finance the Project.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance

Authority as follows: SECTION 1. Pursuant to its authority under sections 16.1A and 16.5, the Board

hereby approves the Authority’s 50% participation in the MSB construction revolving loan of up to $300,000 to assist in the development of the Project.

SECTION 2. The Board authorizes the Authority to work with MSB and ECDC

and any other necessary parties in an effort to finance rural workforce housing in the manner described herein. The Board further authorizes the Executive Director to execute and deliver for and on behalf of the Authority any and all documentation and perform all other acts as may be deemed necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution.

2

SECTION 3. The Authority is authorized to enter into a participation agreement with MSB consistent with the terms set forth on Exhibit A.

SECTION 4. The provisions of this resolution are declared to be separable, and if

any section, phrase, or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases, and provisions.

SECTION 5. All resolution, parts of resolutions, or prior actions of the Authority

in conflict herewith are hereby repealed to the extent of such conflict and this resolution shall become effective immediately upon adoption.

PASSED AND APPROVED this 7th day of August 2019. ________________________________ Deborah Durham, Secretary

3

Exhibit A Loan Terms

Developer: East Central Development Corporation Proposed Loan Investment Amount: Up to $300,000 Term: Up to 2 years Rate: 0% IFA Fees: $0 Commitment Fee: $0 Source of Funds: The monies for the loan shall be taken

from available funds as determined by the Executive Director.

Contingency: The Authority will sign a Loan Participation Certificate and Agreement with Maquoketa State Bank to invest $300,000 of an Original Loan Amount of $600,000.

To: Iowa Finance Authority Board of Directors From: Terri Rosonke, Housing Programs Manager Date: August 7, 2019 Re: State Housing Trust Fund – Project-Based Housing Program

As provided in the Allocation Plan, IFA will accept applications for the State Housing Trust Fund Project-Based Housing Program on an open-window basis until all available moneys have been exhausted. Available funding under the FY 2020 Project-Based Housing Program totals $175,000. The attached funding recommendation is offered for the Board’s consideration for

two awards totaling $100,000.

If the attached FY 2020 Project-Based Housing Program funding recommendation is approved by the Board, awards to date will total $100,000, with $75,000 remaining available for allocation. Any Project-Based funds remaining available for allocation as of June 30, 2020 will be carried over into the FY 2021 State Housing Trust Fund budget calculations.

Awards approved by the Board in FY 2020 are leveraging an additional $188,106 in other financing resources or $1.88 for every dollar of Project-Based funding. The projects approved to date will assist a total of two affordable housing units in Iowa with an average per unit subsidy of $50,000 in FY 2020 Project-Based Housing Program grant funding.

FY 2020 State Housing Trust Fund – Project-Based Housing Program Application Summary and Funding Recommendations

August 7, 2019 Application #20-PBHP-01 Applicant: Habitat for Humanity of Marion County, Inc. Project Location: Pleasantville (Marion County) Project Name: New Home Construction, Pleasantville Funding Request: $50,000 Number of Units: 1 Total Budget: $132,401 Project Type: Homeownership Activity: New construction of affordable housing Background: Habitat for Humanity of Marion County has requested a $50,000 grant to help construct a single-family home in Pleasantville. The ranch-style home, to be sold to an income-qualified homebuyer, will include approximately 1,000 square feet of finished living space with two bedrooms and one bathroom on the main floor. The home also will include a full basement that may be finished to add up to two additional bedrooms and a bathroom in order to meet the needs of the homebuyer family once identified. A garage or storage shed will also be provided. The Habitat partner family purchasing the home will receive financial, home repair, homeownership, and foreclosure prevention education and must also complete the required sweat equity hours prior to closing on the home. Habitat for Humanity of Marion County has completed 53 home builds since its inception in 1997. For the proposed project, the Habitat affiliate will partner with the Pleasantville High School Building Trades Class to construct the home. The Project-Based Housing Program award will be used to help finance construction costs. The requested grant represents 42 percent of the net project budget, exclusive of any amounts budgeted for administration and developer fee. Recommendation: The application is recommended for funding in the amount of $50,000 contingent upon satisfaction of the following prior to the disbursement of any Project-Based Housing Program grant funds: IFA compliance staff must review and approve the homebuyer’s gross annual household income verification documentation as submitted by the Grantee.

Application #20-PBHP-02 Applicant: Habitat for Humanity of North Central Iowa Project Location: Garner (Hancock County) Project Name: Garner Project Funding Request: $50,000 Number of Units: 1 Total Budget: $155,705 Project Type: Homeownership Activity: New construction of affordable housing Background: Habitat for Humanity of North Central Iowa has requested a $50,000 grant to help construct a single-family home in Garner. The ranch-style home, to be sold to an income-qualified homebuyer, will include approximately 1,485 square feet of finished living space with five bedrooms, two bathrooms and a finished basement in order to meet the needs of the identified homebuyer family. The Habitat partner family purchasing the home will receive financial, home repair, homeownership, and foreclosure prevention education and must also complete the required sweat equity hours prior to closing on the home. Habitat for Humanity of North Central Iowa been building homes since 1994 and has provided safe, affordable housing to 50 families to date. The affiliate will work with Habitat for Humanity of Iowa to administer this grant. The Project-Based Housing Program award will be used to help finance construction costs. The requested grant represents 36 percent of the net project budget, exclusive of any amounts budgeted for administration and developer fee. Recommendation: The application is recommended for funding in the amount of $50,000 contingent upon satisfaction of the following prior to the disbursement of any Project-Based Housing Program grant funds:

1. IFA compliance staff must review and approve the homebuyer’s gross annual household income verification documentation as submitted by the Grantee.

2. The Grantee shall comply with Iowa Code section 103A.10A. Construction may not begin prior to written approval by the State Building Code Bureau of the Iowa Department of Public Safety. All plans and specifications must be submitted to the State Building Code Bureau for review and approval. IFA will not disburse funds for construction activities until evidence of the State Building Code Bureau’s approval has been submitted. Furthermore, all newly constructed buildings and structures shall be subject to inspection by State Building Code Bureau staff.

RESOLUTION HI 19-13


directives set forth in Chapter 16 of the Code of Iowa, as amended, works to expand, protect and preserve affordable housing for low- and moderate-income families in the State of Iowa; and

WHEREAS, pursuant to Iowa Code section 16.181, a housing trust fund has been created

within the Authority (the “Trust Fund”); and

WHEREAS, the Authority has adopted an allocation plan for the Project-Based Housing Program under the Trust Fund (the “Allocation Plan”); and

WHEREAS, the Allocation Plan establishes a Project-Based Housing Program and provides for

criteria for grants for the program; and WHEREAS, pursuant to Iowa Code section 16.181 and the terms of the Allocation Plan,

applications for the program will be accepted on an open-window basis until all available moneys have been exhausted; and

WHEREAS, Authority staff has reviewed the applications referenced in Exhibit A pursuant to the criteria set forth in the Allocation Plan and recommends the Board award funds under the Allocation Plan as set forth on the attached Exhibit A.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as

follows:

SECTION 1. Pursuant to the Allocation Plan, the Board hereby awards grants under the Project-Based Housing Program to the applicant(s) and in the amount(s) listed on Exhibit A, contingent upon all other funding sources, as identified in each applicant’s project budget, being secured. SECTION 2. The Board hereby authorizes Authority staff to prepare a grant award agreement for each recipient consistent with this resolution and with the Allocation Plan. PASSED AND APPROVED this 7th day of August, 2019. ________________________________ Deborah Durham, Secretary

EXHIBIT A

Applicant Category Funding Recommendation

#20-PBHP-01, Habitat for Humanity of Marion County, Inc. Project Location: Pleasantville (Marion County) Project-Based $ 50,000 #20-PBHP-02, Habitat for Humanity of North Central Iowa Project Location: Garner (Hancock County) Project-Based $ 50,000

Total Funding Recommendations 8/7/19 Project-Based $ 100,000 Total Prior Awards FY 2020 Project-Based $ 0 Total FY 2020 Funding Recommendations/Awards to Date Project-Based $ 100,000 Total FY 2020 Funding Remaining Available for Award Project-Based $ 75,000

RESOLUTION HI 19-14

WHEREAS, The Iowa Finance Authority (the “Authority”) is the allocating agency in the State

of Iowa for the National Housing Trust Funds (“NHTF Program”) of the federal Department of Housing and Urban Development (“HUD”) as authorized by the Title I of the Housing and Economic Recovery Act of 2008, Section 1131; and

WHEREAS, the Authority has received applications for the 2019 round for NHTF Program

rental project pursuant to the Authority’s State of Iowa Consolidated Plan for Housing & Community Development, Annual Action Plan: 2018 (“2018 AAP”); and

WHEREAS, the Authority has reviewed the applications and wishes to award 2019 NHTF Program funds pursuant to the 2018 AAP, as set forth on the NHTF Round Award Recommendations dated August 7, 2019, attached to this resolution as Exhibit A;

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as

follows:

SECTION 1. Subject to Section 2 of this Resolution, the Board hereby awards up to $2.7 million in NHTF Program funds to the project listed on the Exhibit A, subject to verification by Authority staff. SECTION 2. The provisions of this Resolution are declared to be separable, and if any section, phase, line item, or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases, line items, and provisions. PASSED AND APPROVED this 7th day of August, 2019. ________________________________ Deborah Durham, Secretary

Project Name Ownership Entity City County# of

NHTF Units

Regular Funds

TOTAL NHTF

AWARD

Total Score

Central Iowa Shelter Services Phase IICentral Iowa Shelter

ServicesDes

MoinesPolk 24 $2,700,000 $2,700,000 55

Sub-Totals 24 $2,700,000

August 7, 2019 $2,700,000

EXHIBIT A

2019-1 NHTF Award Recommendations

National Housing Trust Fund

Total NHTF Funds Recommended

To: IFA Board of Directors

From: Lori Beary, Chief Community Development Officer

Date: 7/30/19

Re: Private Activity Bonds

Private Activity Bond Program

PAB #14-09 Fort Des Moines Apartments Project

This is an amending resolution for the Fort Des Moines Apartments Project. IFA issued bonds in

2017 in two series to finance the renovation of the old Fort Des Moines into 142 units of

affordable multifamily housing. The Borrower has requested an extension of the Series B bonds

to September 30, 2019.

• Resolution PAB 14-09B-2

PAB #17-09 Cottage Grove Place Project

This is an amending resolution for the Cottage Grove Place Project in Cedar Rapids. IFA issued

bonds in 2017 to finance an addition to the Borrower’s existing skilled nursing and retirement

facility. The bonds are held by Great Western Bank. The parties want to amend the Loan

Agreement to allow for any remaining 2017B bond proceeds to be deposited into the project

fund. The Amendment to the Loan Agreement is attached for your information.

• Resolution PAB 17-09B-2

881116\00763\4841-9849-2061\1

AMENDING RESOLUTION

PAB 14-09B-2

Resolution Amending Resolution ED 14-09B and ED 14-09B-1

Regarding Not to Exceed $35,000,0000 Iowa Finance Authority

Multifamily Housing Revenue Bonds or Notes (Fort Des Moines

Apartments Project) to Authorize the Execution and Delivery of certain

amendments to the Subordinate Loan and Pledge Agreement relating

to the Bonds.

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State of

Iowa, duly organized and existing under and by virtue of the Constitution and the laws of the State of

Iowa, (the “Authority”) is authorized and empowered by Chapter 16 of the Code of Iowa (the “Act”)

to issue revenue bonds to be used to pay the cost of defraying the cost of acquiring, constructing,

improving and equipping certain projects described in the Act, including any project for which tax

exempt financing is authorized by the Internal Revenue Code of 1986, as amended (the “Code”); and

WHEREAS, the Authority has previously issued its (a) $9,680,000 Multifamily Housing

Revenue Bond (Fort Des Moines Apartments Project), Series 2017A (the “Series 2017A Bond”) and

loaned the proceeds thereof to FDM Development Partnership, LLLP (the “Borrower”) pursuant to a

Loan Agreement dated as of June 1, 2017 (the “Series 2017A Loan Agreement”) between the

Authority and the Borrower, and (b) $19,035,000 Multifamily Housing Revenue Bond (Fort Des

Moines Apartments Project), Series 2017B (the “Series 2017B Bond” and, together with the Series

2017A Bond, the “Bonds”) and loaned the proceeds thereof to the Borrower pursuant to a Loan

Agreement dated as of June 1, 2017 (the “Series 2017B Loan Agreement” and, together with the

Series 2017A Loan Agreement, the “Loan Agreements”) between the Authority and the Borrower for

the purposes of financing the costs of renovating and equipping the 142 unit multifamily rental

housing facility located at 6700 Chaffee Road, Des, Moines Iowa (the “Project”) and paying for costs

associated with the issuance of the Bonds; and

WHEREAS, the Borrower arranged for (a) the sale of the Series 2017A Bond to University

of Iowa Community Credit Union (the “Series 2017A Lender”), and (b) the sale of the Series 2017B

Bond to TCF Investments Management, Inc. (the “Series 2017B Lender”); and

WHEREAS, the Authority (a) assigned its rights under the Series 2017A Loan Agreement

(except certain reserved rights) to the Series 2017A Lender pursuant to an Assignment and Pledge

Agreement dated as of June 1, 2017 (the “Series 2017A Pledge Agreement”) between the Authority

and the Series 2017A Lender, and (b) assigned its rights under the Series 2017B Loan Agreement

(except certain reserved rights) to the Series 2017B Lender pursuant to an Assignment and Pledge

Agreement dated as of June 1, 2017 (the “Series 2017B Pledge Agreement”) between the Authority

and the Series 2017B Lender; and

WHEREAS, the Borrower and the Series 2017B Lender have requested that the Authority

approve the extension of the maturity date of the Series 2017B Bond to September 30, 2019 and that

the Authority provide a replacement Series 2017B Bond with the extended maturity date and approve

any amendments to the Series 2017B Loan Agreement or Series 2017B Pledge Agreement as may be

necessary or desirable in connection with the extension of the maturity date of the Series 2017B Bond;

881116\00763\4841-9849-2061\1

NOW THEREFORE, Be It Resolved by the Board of the Authority, as follows:

1. The extension of the maturity date of the Series 2017B Bond to September 30, 2019

is hereby authorized and approved, and the replacement Series 2017B Bond reflecting such extension

of the maturity date is hereby authorized and approved in substantially the form submitted to the

Board, with such variations therein as may be made at the time of execution thereof as approved by

the Executive Director and counsel to the Authority, and the Chairperson and Secretary are hereby

authorized and directed to execute, seal and deliver the replacement Series 2017B Bond in the name

and on behalf of the Authority in substantially the form as has been submitted to and considered by

the Board with such changes therein as determined to be necessary or desirable by bond counsel and

counsel to the Authority.

2. The Executive Director is hereby authorized to execute and deliver any and all

agreements, instruments and documents related to the extension of the maturity date of the Series

2017B Bond as deemed required by bond counsel and acceptable to counsel to the Authority and to

take such further actions as may be necessary to effectuate the intent and purpose of this Resolution.

3. The Bonds shall remain special, limited obligations of the Authority, payable solely

from the proceeds of the Bonds, the revenues pledged to the payment thereof pursuant to the Loan

Agreements. The Bonds, the interest thereon and any other payments or costs incident thereto do not

constitute an indebtedness or a loan of the credit of the Authority, the State of Iowa or any political

subdivision thereof within the meaning of any constitutional or statutory provisions. The Authority

does not pledge its faith or credit nor the faith or credit of the State of Iowa nor any political

subdivision of the State of Iowa to the payment of the principal of, the interest on or any other

payments or costs incident to the Bonds. The issuance of the Bonds and the execution of any

documents in relation thereto do not directly, indirectly or contingently obligate the State of Iowa or

any political subdivision of the State of Iowa to apply money from or levy or pledge any form of

taxation whatever to the payment of the principal of or interest on the Bonds or any other payments

or costs incident thereto. The Authority has no taxing power.

4. The provisions of this Resolution are hereby declared to be separable and if any

section, phrase or provisions shall for any reason be declared to be invalid, such declaration shall not

affect the validity of the remainder of the sections, phrases and provisions.

5. All resolutions, parts of resolutions or prior actions of the Authority in conflict

herewith are hereby repealed to the extent of such conflict and this Resolution shall become effective

immediately upon adoption.


By


4823-0271-5805\2

RESOLUTION

PAB 17-09B-2

Resolution Approving an Amendment to the Loan Agreement dated August 1, 2017

between the Iowa Finance Authority and Cottage Grove Place in connection with

the Health Care Facilities Revenue Bonds (Cottage Grove Place Project), Series

2017 A and B

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State

of Iowa duly organized and existing under and by virtue of the Constitution and laws of the State

of Iowa (the “Authority”), is authorized and empowered by Chapter 16 of the Code of Iowa (the

“Act”) to issue revenue bonds to be used to pay the cost of defraying the cost of acquiring,

constructing, improving and equipping certain projects described in the Act including facilities for

an organization described in Section 501(c)(3) of the Internal Revenue Code (the “Code”) which

is exempt from federal income tax under section 501(a) of the Code; and

WHEREAS, the Authority has previously issued its $15,000,000 Health Care Facilities

Revenue Bonds (Cottage Grove Place Project), Series 2017A (the “Series 2017A Bonds”) and its

$10,880,000 Health Care Facilities Revenue Bonds (Cottage Grove Place Project), Series 2017B

(the “Series 2017B Bonds,” and together with the Series 2017A Bonds, the “Bonds”), for the

purpose of loaning the proceeds thereof to Cottage Grove Place (the “Borrower”) for the purpose

of (1) constructing, improving and equipping an approximately 105,000 square foot addition to

the Borrower’s existing skilled nursing and retirement facility located at 2115 First Avenue SE,

Cedar Rapids, Iowa 52402 to provide twelve (12) additional skilled nursing beds and eighteen (18)

assisting living memory support, twenty-four (24) assisted living, and twenty-one (21) independent

living apartments (the “Project”); (2) funding a debt service reserve fund; and (3) paying certain

costs of issuance of the Bonds; and

WHEREAS, the Bonds were sold to Great Western Bank (the “Lender”); and

WHEREAS, the Authority and the Borrower entered into a Loan Agreement dated as of

August 1, 2017 (the “Original Loan Agreement”) whereby the Authority loaned the proceeds from

the sale of the Bonds to the Borrower; and

WHEREAS, the Borrower has requested the Issuer to approve and enter into an

Amendment to Loan Agreement (the “Amendment to Loan Agreement”) (the Original Loan

Agreement, as amended by the Amendment to Loan Agreement, is referred to herein as the “Loan

Agreement”) for the purpose of allowing the remaining proceeds of the Series 2017B Bonds to be

advanced in full and deposited in the Project Fund (as defined in the Original Loan Agreement) on

August 15, 2019, and to provide the Borrower flexibility in making deposits to the Replacement

Reserve Fund created in the Loan Agreement; and

WHEREAS, Section 7.04 of the Original Loan Agreement permits the Issuer and the

Borrower to amend the Loan Agreement with the written consent of the Lender; and

WHEREAS, the Lender has agreed to consent to the Amendment to Loan Agreement.


4823-0271-5805\2

Section 1. Amendment to Loan Agreement. The Amendment to Loan Agreement is

hereby authorized and approved in substantially the form submitted to the Board, with such

variations therein as may be made at the time of execution thereof as approved by the Executive

Director and counsel to the Authority, and the Executive Director is hereby authorized and directed

to execute, seal and deliver the Amendment to Loan Agreement in the name and on behalf of the

Authority in substantially the form as has been submitted to and considered by the Board with such

changes therein as determined to be necessary or desirable by bond counsel and counsel to the

Authority.

Section 2. Further Action. The Executive Director is hereby authorized to execute and

deliver any and all agreements, instruments and documents related to the Amendment to Loan

Agreement as deemed required by bond counsel and acceptable to counsel to the Authority, and

to take such further actions as may be necessary to effectuate the intent and purpose of this

Resolution.

Section 3. Limited Obligations. The Bonds shall remain limited obligations payable

solely out of the revenues derived from the debt obligation, collateral, or other security furnished

by or on behalf of Borrower pursuant to the Loan Agreement. The Bonds, the interest thereon and

any other payments or costs incident thereto do not constitute an indebtedness or a loan of the

credit of the Authority, the State of Iowa or any political subdivision thereof within the meaning

of any constitutional or statutory provisions. The Authority does not pledge its faith or credit nor

the faith or credit of the State of Iowa nor any political subdivision of the State of Iowa to the

payment of the principal of, the interest on or any other payments or costs incident to the Bonds.

The issuance of the Bonds and the execution of any documents in relation thereto do not directly,

indirectly or contingently obligate the State of Iowa or any political subdivision of the State of

Iowa to apply money from or levy or pledge any form of taxation whatever to the payment of the

principal of or interest on the Bonds or any other payments or costs incident thereto. The Authority

has no taxing power.

Section 4. Severability. The provisions of this Resolution are declared to be separable,

and if any section, phrase or provisions shall for any reason be declared to be invalid, such

declaration shall not affect the validity of the remainder of the sections, phrases and provisions.

Section 5. Repealer. All resolutions, parts of resolutions or prior actions of the

Authority in conflict herewith are hereby repealed to the extent of such conflict and this Resolution

shall become effective immediately upon adoption.


____________________________________


(Seal)

#3087628

AMENDMENT TO LOAN AGREEMENT This Amendment to Loan Agreement (this "Amendment") is entered into this _____ day of August, 2019, by and between the Iowa Finance Authority (the "Issuer"), a public instrumentality and agency of the State of Iowa, and Cottage Grove Place, a nonprofit corporation organized and existing under the laws of the State of Iowa (the "Borrower").

W I T N E S S E T H:

WHEREAS, the Issuer and the Borrower entered into a Loan Agreement dated as of August 1, 2017 (the "Loan Agreement"), whereby the Issuer loaned to the Borrower the proceeds of its $15,000,000 Health Care Facilities Revenue Bond (Cottage Grove Place Project), Series 2017A (the “Series 2017A Bond”) and its $10,880,000 Health Care Facilities Revenue Bond (Cottage Grove Place Project) Series 2017B (the ‘Series 2017B Bond” and together with the Series 2017A Bond, the “Bonds”) issued by the Issuer in order to provide financing for the purpose of: (i) constructing, improving and equipping an approximately 105,000 square foot addition to the Borrower’s existing skilled nursing and retirement facility located at 2115 First Avenue SE, Cedar Rapids, Iowa 52402 to provide twelve (12) additional skilled nursing beds and eighteen (18) assisting living memory support, twenty-four (24) assisted living, and twenty-one (21) independent living apartments (the “Project”); and (ii) funding a debt service reserve fund; and (iii) paying certain costs of issuance of the Bonds. WHEREAS, Great Western Bank (the “Lender”) purchased the Bonds. WHEREAS, Section 7.04 of the Loan Agreement permits the Issuer and the Borrower to amend the Loan Agreement with the written consent of the Lender. WHEREAS, the parties wish to amend the Loan Agreement as set forth below.

NOW, THEREFORE, the parties hereto in consideration of the premises and the mutual covenants and agreements hereinafter contained, do hereby agree as follows:

1. The Loan Agreement shall be amended as follows:

a. Section 3.07. Section 3.07 shall be amended to include the following new Subsections (C) and (D):

(C) On August 15, 2019 the Lender shall advance any remaining proceeds of the Series 2017B Bond and deposit such proceeds into the Project Fund, and note the amount advanced on the Series 2017B Bond on Exhibit A of the Series 2017B Bond. Upon such advance the Series 2017B Bond shall be deemed fully issued.

(D) Thereafter, the Lender shall make disbursements from the Project Fund to pay, or reimburse the Borrower for the payment of, Project Costs upon receipt of an acceptable draw request presented by the Borrower in the form attached hereto as

- 2 -

Exhibit B or such other form acceptable to the Lender, together with supporting documentation as may be required by the Lender.

b. Section 4.11. Section 4.11 shall be amended to include the following as the last sentence at the end of said section:

Notwithstanding the foregoing, in lieu of the $50,000 monthly deposits described herein, the Borrower may at any time elect to (i) make monthly deposits in an amount greater than $50,000 or (ii) make a single lump-sum payment to cause the amount on deposit in the Replacement Reserve Fund to equal $1,000,000.

2. The Borrower acknowledges that for Fiscal Year 2018 it violated the capital expenditures covenant set forth in Section 4.08(c) of the Loan Agreement by making capital expenditures in such Fiscal Year in excess of the limits set forth therein without obtaining the Lender’s prior written consent. The Lender, by consenting to this Amendment, hereby consents to the capital expenditures made by the Borrower in Fiscal Year 2018. 3. Except as expressly modified herein, the parties acknowledge that all other terms and provisions of the Loan Agreement remain unmodified, and the Loan Agreement is hereby ratified and affirmed and remains in full force and effect. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original hereof, and all of which shall be considered one and the same instrument. The parties hereto agree to accept facsimile signature to this Amendment the same as an original signature. 4. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Loan Agreement.

- 3 -

IN WITNESS WHEREOF, the Iowa Finance Authority has caused this Amendment to Loan Agreement to be executed in its name and in its behalf by its duly authorized officer and its official seal to be affixed hereunto, all as of the day and year first above written.

IOWA FINANCE AUTHORITY

By: Deborah Durham, Executive Director

- 4 -

IN WITNESS WHEREOF, the Borrower has caused this Amendment to Loan Agreement to be executed in its name and in its behalf by its duly authorized officer, all as of the day and year first above written.

COTTAGE GROVE PLACE

By:

William C. Jacobson, Chairman of the Board

- 5 -

CONSENT The Lender acknowledges and consents to the foregoing Amendment to Loan Agreement. GREAT WESTERN BANK By: ________________________________ Sean Honts, Vice President

- 6 -

EXHIBIT B PROJECT FUND DRAW REQUEST

TO: Great Western Bank, Clive, Iowa

FROM: Cottage Grove Place (the “Borrower”)

SUBJECT: Draw Request from Project Fund for the Iowa Finance Authority Health Care Facilities Revenue Bonds (Cottage Grove Project), Series 2017A and Series 2017B (the “Bonds”)

This represents Request No.___ in the total amount of $_____________ for payment of those Project Costs in respect of the items detailed in the schedule attached.

The undersigned ____________ of the Borrower does hereby represent, warrant and certify under the Loan Agreement dated August 1, 2017 (the “Loan Agreement”) regarding the Bonds:

1. The expenditures for which moneys are requested hereby represent proper Project Costs, have not been included in a previous Request and have been properly recorded on the Borrower’s books.

2. The moneys requested hereby are not greater than those necessary to meet obligations due and payable or to reimburse the Borrower for funds actually advanced for costs of the Project. The moneys requested do not include retention or other moneys not yet due or earned under construction contracts.

3. The Borrower is not in default under the Loan Agreement and nothing has occurred to the knowledge of the Borrower that would prevent the performance of its obligations under the Loan Agreement.

4. Lien waivers, if required, for the portion of the Project to which the costs included in this Request are attributed are attached hereto.

5. Copies of the invoices to which the costs included in this Request are attributed are attached hereto.

Terms capitalized herein have the meanings specified in the Loan Agreement.

Executed this ____ day of _______________________, 20___.

COTTAGE GROVE PLACE

By ___________________________________ Mark Bailey, Executive Director

- 7 -

SCHEDULE TO REQUEST NO. ___

Description of Project Cost Payee and Location Amount

$_____________

Iowa Finance Authority - Tenant Improvement & Relocation Project

Project Status Report

PROJECT DESCRIPTION Project StatusSchedule:

On Schedule

Budget:On Budget

Overall:Caution

PROJECT ACTIVITY & MILESTONES- Completion Date Status

- 6/1/2018 Complete

- 8/7/2018 Complete

- Architectural/MEP Design Completion 9/7/2018 Complete

- Permit Approval 9/14/2018 Complete

- Construction Start 9/17/2018 Complete

- 9/21/2018 Complete

- Circuit Delivery 10/12/2018 Complete

- Network MDF Substantial Completion 10/19/2018 Complete

- Network Test/Turn-Up 10/26/2018 Complete

- IT Team Relocation 10/26/2018 Complete

- Construction Substantial Completion 11/16/2018 Complete

- Furniture Install Completion 12/7/2018 Complete

- AV Install Completion 12/7/2018 Pending

- Associate Relocation 12/14/2018 Complete

- Punchlist Completion 2/15/2019 Incomplete

- Project Close-Out 2/22/2019 Incomplete

-

-

-

-

- PROJECT COMPLETION METRICS- Budget Committed Earned Value Actual Spent

- 85.4% 94.1% 85.4%

RISK MANAGEMENT

Risks Issues- -

-

-

- -

FINANCIAL SNAPSHOT

Approved Budget

Current

Commitments

Project Variance

($)

Project Variance

(%) Cost/SF

$ 1,770,000 $ 1,818,952 $ 1,818,952 $ (48,952) -3% $ 40.42

$ 1,000,000 $ 996,300 $ 996,300 $ 3,700 0% $ 22.14

$ 10,000 $ 10,000 $ 10,000 $ - 0% $ 0.22

$ 425,000 $ 13,800 $ 13,800 $ 411,200 97% $ 0.31

$ 130,000 $ 145,000 $ 145,000 $ (15,000) -12% $ 3.22

$ - $ - $ - $ - 0% $ -

$ 150,000

$ 3,485,000 $ 2,984,052 $ 2,984,052 $ 500,948 14% $ 66.31

Projected

Budget

Construction

Furniture & DIRTT

$ -

$ -

Contingency

Forecasted

Commitments

$ -

$ - Professional Fees

Transaction Costs

Total:

Technology

Major Spend

Moves

$ -

$ -

$ -

April 2019

Iowa Finance Authority Tenant Improvement build-out of and relocation to the 1963 Bell Avenue building in

Des Moines, IA. Scope of work to include a full interior build out of approximately 45K SF, as well as all new

furniture, AV, network/technology and EGD elements.Project Photo

Description

Cu

rren

t M

on

th A

cti

vit

y Design Kick-Off

Next

Mo

nth

Acti

vit

y

Furniture Order

Key P

roje

ct

Mil

esto

nes

Furniture Dealer Approval

Schedule

100.0%

Construction,

$1,770,000 Furniture &

DIRTT,

$1,000,000

Moves, $10,000

Technology,

$425,000

Professional

Fees,

$130,000

Transaction Costs,

$-

Contingency,

$150,000

Budget by Major Spend

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

Approved vs. Projected Budget

Approved Budget

Projected

Budget

Proj. Update Report (Editable) 8/2/2019

Investment Report

June 30, 2019

Table of Contents

I. IFA Investment Summary & Market Update

II. Investment Composition

III. Guaranteed Investment Contract (GIC) listing

IV. Certificates of Deposit listing

V. WAC Return vs. Treasury Benchmarks

Finance & Investment Summary• The Federal Reserve cut its key interest rate by 0.25% on July 31, 2019. The federal funds rate is currently at the 2.00% to 2.25% target range.

Current IFA money market accounts are yielding slightly above 2.00%.

• The Single Family 2019 Series ABC bond issue in the amount of $81,965,000 closed on June 6, 2019. During the 1st half of 2019, IFA purchased $57.8 million of MRB-eligible mortgage-backed securities with the 2018 CDE and 2019 ABC bond proceeds, 2019 AB contributed funds, Taxable Retired funds and recycled mortgage principal from other bond series within the 1991 Indenture.

• IFA sold $33.4 million of mortgage-backed securities in the TBA and Specified Pool market during the 1st half of 2019 for a gain of $1.30 million. The loans were associated with Homes for Iowans loan products (non-MRB eligible), and all purchases and sales of the MBS were conducted through the 1991 Indenture Restricted Housing Fund.

• With Board action on December 5, 2018, IFA has extended the $30 million warehouse line of credit with Idaho Housing & Finance Association to December 31, 2019. Idaho uses the Line of Credit to purchase IFA’s single family loans from participating lenders. This arrangement allows IFA to earn the full mortgage rate of interest on each loan (less 0.15% fee) from the time period when the loan is purchased by Idaho to the settlement of the mortgage-backed security by IFA. IFA began the warehouse advances on 1/29/16, and has realized $2.33 million of warehouse loan interest income through 6/30/19.

• IFA’s Issuer Credit Rating from Standard & Poor’s was upgraded from AA to AA+ during April 2019.

Sweep Accounts Fund Manager Fund Type S&P Moodys 6/30//19 Yield

12/31/18 Yield

General Fund Goldman Sachs Govt Institutional #465 NR Aaa-mf 2.2774% 2.3009% Single Family RHF Goldman Sachs Treasury Instr. #506 AAAm-G Aaa-mf 2.1518% 2.2154% Single Family 1991 Goldman Sachs Treasury Instr. #506 AAAm-G Aaa-mf 2.1518% 2.2154% Single Family 2009 Goldman Sachs Govt Institutional #465 AAAm Aaa-mf 2.2774% 2.3009% Multifamily SRF Program/Admin SRF MTA Equity Misc Restricted Funds

Morgan Stanley Goldman Sachs Blackrock Goldman Sachs

Govt Inst. #8302 Govt Institutional #465 Federal Sec T-Fund #60 Govt Institutional #465

NR NR AAAm NR

Aaa-mf Aaa-mf Aaa-mf Aaa-mf

2.2600% 2.2774% 2.2485% 2.2774%

2.3013% 2.3009% 2.2727% 2.3009%

US Treasury Bond Yields (Jan 2017-July 2019) & Yield Curve Comparison2-yr US Treasury

5-yr US Treasury

10-yr US TreasuryFlatter Yield Curve 2010 vs. 2016

5-yr US Treasury

2-yr US Treasury

10-yr US Treasury

Treasury yields decreased from 3/31/16 to 6/30/16 (Brexit)

US Treasury

US 5-yr Treasury

US 10-yr Treasury

US Treasury Rates have increased across yield curve from 6/30/16 to present.

(Brexit)

Rates have increased dramatically in past quarter due toUS election and December Fed rate hike

9/30/16

12/31/16

2-yr US Treasury Bond



2-yr US Treasury Bond 5-yr US Treasury Bond


Yield curve has flattened since12/31/16 as Fed increases Benchmark rate while longer termTreasury yields have declined.

7/14/17

12/31/16

2-year US Treasury5-year US Treasury

10-year US TreasuryYield curve remains flatter; short and long term rates across all maturities have shifted upward in past 6 months.

2-year US Treasury

10-year US Treasury

5-year US Treasury2-year US Treasury 5-year US Treasury

10-year US TreasuryThe US Treasury curve

is inverted from years 1-5

The US Treasury Curve

is inverted from years 1-5

2-yr US Treasury 5-year US Treasury

10-year US Treasury

2-year US Treasury 5-year US Treasury

10-year US Treasury

Yield Curve inverted from 6 months to 3 years *

* As of 7/31/19, 1:00 pm CST

Money Market Funds,

$160,075,038 , 21%

Guar Inv Contract, $41,523,114 ,

6%

Certificates of Deposit - FDIC,

$268,000 ,0%

Municipal Bonds, $165,000 ,

0%Mortgage-Backed

Securities, $554,558,445 , 73%

U.S. Treasury Notes & Bonds,

$2,797,180 ,0%

U.S. Agency Notes & Bonds,

$2,508,696 ,0%

Housing AgencyInvestment Composition as of 6/30/19

Total Housing Agency Investments = $761,895,473

Money Market Mutual Funds,

$402,212,843 , 85%

U.S. Agency Notes & Bonds, $41,929,855 ,

9%

Municipal Bonds, $7,241,607 ,

1%

Certificates of Deposit,

$2,708,000 ,1%

US Treasury Securities,

$20,948,855 ,4%

State Revolving FundInvestment Composition 6/30/19Total SRF

Investments = $475,041,160

Provider Short-term Long-term Short-term Long-termInterest

Rate Bond Series Single Family Multifamily Total % of total

Societe Generale * A-1 A P-1 A1 7.82% 1978 A 0 41,523,114 * 41,523,114 100.0%

Totals $ 0 $ 41,523,114 $ 41,523,114 100.0%

* Investment Agreement is collateralized at 105% with U.S. Government backed securities.

Iowa Finance AuthorityGuaranteed Investment Contract Summary

6/30/19

Provider Ratings Outstanding GIC Balances

Standard & Poor's Moody's

ParFDIC Cert # Institution Name City State Fund Amount Maturity Moody's S&P Fitch

Negotiable CD's held at Wells Fargo Custodian35328 American Express Bank, FSB * Salt Lake City UT SRF Program/Admin 247,000$ 8/29/2022 A2 / P-1 A- / A-2 A / F127471 American Express Centurion Bank * Salt Lake City UT SRF Program/Admin 247,000$ 4/5/2021 A2 / P-1 A- / A-2 A / F13510 Bank of America, NA Charlotte NC SRF Program/Admin 246,000$ 8/17/2020 Aa2/P-1 A+/A-1 AA-/F1+33954 Capital One Bank USA NA Glen Allen VA SRF Program/Admin 247,000$ 7/15/2020 Baa1/P-2 BBB+/A-2 A-/F17213 CitiBank, NA Sioux Falls SD SRF Program/Admin 246,000$ 7/13/2021 A1/P-1 A+/A-1 A-/F133778 GE Capital Bank Salt Lake City UT General Fund 200,000$ 10/2019 & 2/2020 NR NR NR33124 Goldman Sachs Bank USA New York NY SRF Program/Admin 245,000$ 10/31/2023 A1 / P-1 A+ / A-1 A+ / F1+57890 HSBC Bank USA, NA McClean VA SRF Program/Admin 247,000$ 10/24/2019 Aa3/P-1 AA-/A-1+ AA-/F1+

628 JP Morgan Chase Bank, N.A. Columbus OH SRF Program/Admin 247,000$ 8/16/19 & 1/31/22 Aa2 / P-1 A+ / A-1 AA / F1+32992 Morgan Stanley Bank, N.A. Salt Lake City UT SRF Program/Admin 245,000$ 11/23/2022 A1 / P-1 A+ / A-1 A+ / F134221 Morgan Stanley Private Bank, N.A. Purchase NY SRF Program/Admin 246,000$ 6/14/2021 A1 / P-1 A+ / A-1 NR3511 Wells Fargo Bank, N.A. Sioux Falls SD SRF Program/Admin 245,000$ 4/2020 & 7/2021 Aa2 / P-1 A+ / A-1+ AA- / F1+

Subtotal 2,908,000$

Non-Negotiable CD's held at Institutionn/a FHLB Des Moines Des Moines IA Multifamily 68,000$ 8/27/2019 Aaa AA+ AAA

Subtotal 68,000$

Grand Total 2,976,000$

* Entities merged on April 1, 2018 to form American Express National Bank (A2/P-1, A-/A-2, A/F1). Prior CD issuance is still separately and fully insured.

Iowa Finance AuthoritySummary of Certificates of Deposit

6/30/19

0.000%

0.500%

1.000%

1.500%

2.000%

2.500%

3.000%

3.500%

4.000%

4.500%

General FundWAC Annualized Return vs. Benchmark

General Fund 5-year US Treasury Constant

Total Investments =$7.2 million

0.000%

0.500%

1.000%

1.500%

2.000%

2.500%

3.000%

3.500%

4.000%

SF Restricted Housing Fund + Line of CreditWAC Annualized Return vs. Benchmark

SF Restricted Housing Fund

5-year US Treasury Constant

Total investments =$49.0 million

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

SRF Program & AdminWAC Annualized Return vs. Benchmark

SRF Program & Admin 2-year US Treasury Constant

Total Investments = $73.8 million

To: Iowa Finance Authority Board of Directors From: Tim Morlan & Derek Folden, Underwriters Date: August 7, 2019 Re: Multifamily Loan Program

Loans in Process (Board approved): Project Loan Program Target Closing Amount Loan Type Sunset Apts. Multifamily - SL 2019 $1,000,000 P Hotel Maytag Multifamily 2020 $2,300,000 P Crestwood Ridge Apts. Multifamily 2019 $830,000 P North Bay Apts. Multifamily 2019 $964,000 P Urban Crossing Apts. Multifamily 2020 $850,000 P Spencer Manor Multifamily - SL 2019 $1,000,000 C/P Bear River Cottages Workforce 2019 $300,000 C

Applications in Process: Project Loan Program Amount Loan Type Latitude Lofts, Grimes Multifamily $2,040,000 P

Program TypeLoans

OutstandingFunds

AvailableAverage

Loan Rate

Amount of Non-Performing Loans

(30+ days)

Bonds 37,680,000$ - 5.40% none

State Housing Trust 2,353,514$ - 1.91% none

HAF Loans and loans prior to 2002 1,042,203$ - .89% none

TCAP loans 18,416,711$ - 0.00% none

Workforce Housing 5,626,620$ - 2.00% none

Keokuk Area Hospital 3,879,668$ 0.00% none

MF 2002-2019 FY 10,789,499$ - 5.64% none

MF Construction Loans -$ - 0.00% none

Senior Living* 4,589,563$ 1,032,869$ 3.65% none

Home and Community Based Services* 957,240$ 1,032,869$ 1.00% none

Transitional Housing* 899,418$ 1,032,869$ 1.00% none

Community Housing and Services* 534,166$ 1,032,869$ 0.00% none

Main Street 510,606$ - 5.56% none

HOME 129,532,977$ - 0.84% none

Totals $216,812,185 $1,032,869 0

MF Potential Loans Board approved ApplicationMF Construction loans $300,000 $0

MF Permanent loans $6,944,000 $2,040,000

Multifamily Loan Program - Portfolio Information

* note- available RL funds have been consolidated (excludes $2,555,500 committed for SL & CHS)

MF Portfolio Information August 7, 2019 - 2nd quarter 2019

To: Iowa Finance Authority Board of Directors From: Brian Sullivan, Chief Programs Officer Date: July 18, 2019 Re: Section 8 Summary FY2019 Quarter 4

IFA holds a performance-based contract with HUD to provide oversight of select Section 8 Housing Assistance Payments (HAP) contracts in Iowa. Our current ACC covers 215 HAP contracts that provide housing assistance to 11,774 individuals and families in 70 counties. This does not represent a change from the previous report. This month’s board package contains a report covering all work performed by Section 8 Contract Administration for the Quarter ending June 30, 2019. During FY 2019 Q4, there were 58 Management and Occupancy Reviews (MORs) conducted; 50 requests for contract rent adjustments processed; 643 HAP vouchers reviewed, approved, and paid; 5 full HAP contract renewals completed; and 0 Opt-Outs processed. It is anticipated that staff will perform 38 on-site MOR’s, will process 50 requests for HAP contract renewals and contract rent adjustments, and review and approve 642 HAP voucher requests during the next quarter ending September 30, 2019. Two Congressional Inquiries were resolved during FY 2019 Q4: Cedar River Tower, Waterloo On May 13, 2019, a Congressional Inquiry was received from U.S. Senator Joni Ernst. The Resident claimed to have bats in her unit and Management would not resolve the issue. The resident requested to be moved to a safe apartment, have her personal items replaced, and have management replace her service dog. The Resident further requested an explanation of the $10 increase in her rent. IFA staff communicated with the property’s Regional Manager regarding the resident’s inquiry. The Management Agent provided, and IFA reviewed, the annual certification and supporting documentation, unit inspections during tenancy, documentation of all pest control inspections, wildlife specialist’s report, the Resident’s request for a unit transfer and management’s response to each item. Based on IFA’s review, the Management Agent is following all HUD guidance governing the property. A satisfactory resolution was reported to the Des Moines Multifamily HUD office on May 23, 2019.

Autumn Park Apartments, Washington On June 13, 2019, a Congressional Inquiry was received from U.S. Senator Joni Ernst. A resident reported an inoperable air conditioning unit at the property. The Resident further stated that management is not treating all residents equally when enforcing eviction policies. IFA staff communicated with the Owner/Agent regarding the resident’s inquiry. The Management Agent is not aware of any tenants being treated differently. There have been no evictions at the property in the past year. Management believes the congressional inquiry is in response to management’s request that the resident stop removing a fence that surrounds flowers at the property. A formal lease violation has not been issued and will not be issued if the resident will stop removing the fence that protects the flowers. Management is aware of the air conditioning issue and obtained replacement bids in 2017. The property was not able to perform the replacement due to cost and the barriers surrounding the removal of existing equipment. The air conditioner in question services the hallways and not the individual units and community spaces. Management is using fans to circulate the air in the hallways to provide some cooling. IFA staff discussed other cooling options with management which they intend to explore and will report their findings back to IFA. Based on IFA’s review, the Management Agent is following HUD guidance governing the property, and a satisfactory resolution was reported to the Des Moines Multifamily HUD office on June 20, 2019. Four properties experienced unusual behavior during FY 2019 Q4: Emeis Park Apartments, Davenport On April 5, 2019 at approximately 10:45 pm, Davenport police investigated a shooting in which a resident from Emeis Park Apartments was wounded late Friday evening. A resident reported to police that her 16-year-old daughter saw the shooter come out of Unit 1736-5. Davenport police recovered five shell casings, a bullet fragment, and additional evidence at the scene. The victim was taken to Genesis Medical Center-East Rusholme Street, Davenport, with a bullet wound to the leg. No arrests have been made and the police continue to follow leads in the case. Heritage Apartments, Waterloo On May 9, 2019, the Owner reported two (2) uninhabitable units due to water pipe breaks. The first water pipe rupture occurred in vacant unit 306-331 on February 1, 2019 at 9:30 am. It is alleged that the heat was turned off in the unit. On February 4, 2019, the property had another water pipe rupture in Unit 306-321. It is alleged, the resident of the unit had turned off the heat, opened a window, and left for a few days. Upon return, the resident discovered the water pipe break and notified management. Both units sustained a significant amount of damage to drywall, floor coverings, insulation, interior doors, and plumbing. The insurance adjuster was notified on May 13, 2019 and estimates $18,000 in damage. Rehabilitation continues and a completion date is unknown.

Pheasant Ridge Apartments, Iowa City On May 9, 2019, at approximately 10:00 am, an electrical fire broke out in Unit 2608-1D due to an inoperable space heater. The main damage was contained to the unit with minimal smoke and no water damage in the rest of the building. No residents or firefighters were injured in the fire. The displaced residents of Unit 2608-1D were immediately housed by the Red Cross. Management is working with a contractor, but estimated time to restore the unit to its original condition remains unknown. Mt. Village II Apartments, Waterloo On May 24, 2019, we were informed that a fire occurred on April 3, 2019, at approximately 6:00 am. The fire started in the bedroom of Unit 1706 when the resident fell asleep smoking. A neighbor called the fire department who extinguished the flames and kept the fire from spreading to other apartments. The resident was rescued from the burning apartment and taken to UnityPoint Health-Allen Hospital for treatment of burns and smoke inhalation. The unit sustained substantial fire, smoke, and water damage. Repair began on April 25, 2019 and is anticipated to return to service in late July 2019.

Section 8 Project Based HAP Administration

Quarter EndingJune 30, 2019

# Events Completed Basic Fee Earned Incentive Fees Earned Disincentives FYTD FYTD FYTD

PBT Requirements‐(New ACC Effective 10/11/2011) Current Qrt. FYTD Current Qrt. FYTD Current Qrt. FYTD

01. Management and Occupancy Reviews 58 205 $124,923.87 $495,962.58 $6,246.18 $24,798.09 $0.00 $520,760.67

02. Adjust Contract Rents 50 197 $62,461.95 $247,981.32 $6,246.18 $24,798.09 $0.00 $272,779.41

03. Review and Pay Monthly Vouchers 643 2574 $124,923.87 $495,962.58 $6,246.18 $24,798.09 $0.00 $520,760.67

04. Renew HPA Contracts and Process Terminations 5 33 $124,923.87 $495,962.58 $6,246.18 $24,798.09 $0.00 $520,760.67

05. Tenant Health, Safety & Maintenance Issues 5 26 $62,461.95 $247,981.32 $6,246.18 $24,798.09 $0.00 $272,779.41

06. Administration ‐ Monthly and Quarterly Reports 7 28 $62,461.95 $247,981.32 $0.00 $0.00 $0.00 $247,981.32

07. Administration‐ACC Year End Reports & Certifications 0 4 $49,969.56 $198,385.05 $0.00 $0.00 $0.00 $198,385.05

08. Annual Financial Reports ‐ PHA FYE 0 3 $12,492.39 $49,596.26 $0.00 $0.00 $0.00 $49,596.26

PBTs #1‐8‐(New ACC Eff. 10/1/2011) 768 3070 $624,619.41 $2,479,813.01 $31,230.90 $123,990.45 $0.00 $2,603,803.46

Customer Service ‐ Annual Incentive Fee N/A N/A N/A N/A $31,230.90 $123,990.45 N/A $123,990.45

TOTAL: 768 3070 $624,619.41 $2,479,813.01 $62,461.80 $247,980.90 0.00 $2,727,793.91 * $2,702,700 $25,094

# Contracts 215

# Units 11,774

# Counties 70

To: Iowa Finance Authority Board of Directors From: Terri Rosonke, Housing Programs Manager Date: July 22, 2019 Re: Disaster Recovery Assistance Grant – Region 6 Housing Trust Fund Grant Agreement Close-out Summary

On September 5, 2018, the IFA Board of Directors approved a $250,000 grant award to the

Region 6 Housing Trust Fund to provide housing recovery assistance for low-income residents in

the city of Marshalltown whose homes were damaged by the EF-3 tornado on July 19, 2018. IFA

disbursed the final funding under the grant agreement in June 2019. I also completed an on-site

monitoring visit to close out the grant agreement on June 24. In total, 26 homeowners were

assisted under the Disaster Recovery Assistance Grant to make roofing, siding, window and

other necessary repairs to damage caused by the tornado. Ten extremely low-income and ten

very low-income homeowners were awarded grants while six low-income households were

awarded a combination of grant and loan funding as follows:

Income Category Number of Households Amount Awarded

30% MFI (extremely low-income) 10 $80,121

50% MFI (very low-income) 10 $122,477

80% MFI (low-income) 6 $47,402

TOTAL 26 $250,000

Any loan repayments will be retained by the Region 6 Housing Trust Fund to finance affordable housing

projects that benefit low-income households under the Local Housing Trust Fund Program.

Additional grant demographic information for assisted households:

• 26 assisted households comprised of 74 persons • 50% Minority • 65% Female Head of Household • 27% included one or more Older Persons over age 65 • 38% included one or more Persons with Disabilities • 42% included families with one or more children