As used in connection with the Iowa main street loan program,
the following terms have the meanings indicated.
"Applicant" means an eligible borrower that
applies for an Iowa main street loan.
"Application " means those documents required
by the participating lender and the authority, which shall include all of the
information required by rule
265-2.8 (16).
"Commercial property" means property formerly
or currently used primarily for business, retail, governmental or professional
purposes.
"Department" means the Iowa department of
economic development.
"Downtown area" means the business area of a
community that is centrally located within the community within the context of
the Iowa main street program.
"Eligible borrower" means owners or others
having an interest in property situated within the downtown area of a
participating city, community development corporations associated with a
participating city, Iowa main street program organizations associated with a
participating city, community-initiated development groups associated with a
participating city, or other organization associated with a participating city
for purposes of implementing the Iowa main street program.
"Financing " includes loans, mortgages, and
other financing arrangements to participants in the Iowa main street loan
program to finance projects approved pursuant to rule 11.7(16).
"Housing" means housing as defined in Iowa
Code section 16.1(14).
"Infill development" means new construction
on a vacant commercial lot currently held as open space.
"Participating city" means a city
participating in the Iowa main street program.
"Property" means property owned by the
applicant or in which the applicant has an interest and for which the applicant
proposes to expend the funds to be borrowed from the Iowa main street loan
program.
"Time of application" means the date a
participating lender receives an application from a participating
community.
"Upper floor housing " means any housing that
is attached to or contained in the same building as commercial property,
whether located on the ground floor behind the traditional storefront or on
other floors of the property.
