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COVID-19 Iowa Eviction and Foreclosure Prevention Program

Published on September 2, 2020

State Agency	Iowa Finance Authority
Program Name	COVID-19 Iowa Eviction and Foreclosure Prevention Program
Program Description	A new program established to provide financial relief for renters and homeowners who have experienced a loss of income resulting from the COVID-19 pandemic.
Program Website	iowafinance.com
Program Status	Accepting Applicants
Eligibility Criteria	• Household income must be at or below 80 percent of the Median Family Income (MFI). • Household must be at risk of eviction or foreclosure due to a documented COVID-19-related loss of income on or after March 17, 2020. • Household that received the additional $600 weekly CARES Act unemployment benefits is only eligible for housing assistance for the months that they did not receive the additional unemployment benefits. • Limited to primary residences • Landlords must complete required certification within 10 days of application.
Eligible Activities	Rent Rent arrearages Mortgage (may include principal and interest) Mortgage arrearages Late fees Utilities
Direct Recipient of Assistance	Landlord Mortgage Servicer
Administration Structure	Administered by IFA with support from partner organizations.
Maximum Length of Assistance	Up to 4 months, including up to two months in arrearages.
Maximum Assistance Available Per Household	• Rental Assistance: $3,200 per household • Mortgage Payment Assistance: $3,600 per household test1
Household Contribution Requirements	None
Total Applications as of Date	14,300
Funding Source	Coronavirus Relief Funds (CARES Act)
Total Funding Amount of Program	$37,400,000.00
Remaining Funds as of Date	$8,000,000.00
Date of Entry or Changes	11/20/2020