The program is established as a means of facilitating
affordable financing for the purchase of eligible manufactured homes to be
sited on leased land located in the state of Iowa. By providing capital at a
low interest rate in the form of linked deposits to financial institutions and
lenders, the program is intended to enable financial institutions and lenders,
in turn, to offer lower interest rate mortgage loans to borrowers or to enable
financial institutions to offer interlender loans to lenders, the proceeds of
which are, in turn, to be loaned to borrowers at low interest rates to finance
the purchase of manufactured homes. The authority's role is strictly that of a
depositor, not a lender, loan guarantor, or loan participant.
Notes
Iowa Admin. Code
r. 265-45.4
Adopted by
IAB
December 5, 2018/Volume XLI, Number 12, effective
1/9/2019
