Iowa Code r. 265-11.3 - Loan terms
(1)
Amount of loans. The principal amount of each loan is between
$50,000 and $250,000.
(2)
Term of loan. Loans are amortized over not more than 30 years;
the actual term of the loan is determined by the authority depending on the
economic feasibility of the project.
(3)
Interest rate. Interest
is charged on the loan at a rate related to the authority's cost of funds for
the loan term as determined and announced by the authority from time to
time.
(4)
Loan
fee. The authority may charge a fee in the amount of 1 percent of the
initial loan amount at closing.
Notes
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