Loans can be made to developers, cities, businesses and homeowners. The applicant must designate and have a commitment from the entity responsible for the long term maintenance of the stormwater quality BMPs.
The application process is coordinated through local Soil and Water Conservation District (SWCD) offices. If your project is eligible, complete the application form.
A licensed engineer must sign the application confirming: 1) The project is designed according to the Iowa Stormwater Management Manual and 2) Only those practices directly related to the water quality improvements are listed in the cost estimate. Submit the application to the local SWCD.
The SWCD will review the application for completeness. If approved by the SWCD, take a copy to your local lender and apply for a loan. Lenders can contact Lori Beary with the Iowa Finance Authority at (800) 432-7230 for more information.
If approved, you and the local SWCD will receive written notice and construction can begin. Keep all records of costs and invoices.
Once the project is complete, the engineer, contractor and SWCD will inspect the practice and verify the actual expenses.
IFA will make a deposit with your lender based on the actual costs. The loan is repaid according to the loan terms established by the lender.
Under a linked deposit loan approach, the Iowa Finance Authority (IFA) works with local private lending institutions to provide assistance for water quality practices. The IFA agrees to accept a 0% rate of return on an investment (e.g., a certificate of deposit) and the lending institution agrees to provide a loan to eligible borrowers at 3% or less. It is up to your Soil and Water Conservation District to approve your project, and it’s up to your lender to qualify you for financing.
