Iowa § 499A.105 Association financing

Iowa Statutes

§ 499A.105 — Association financing

Iowa § 499A.105

Title XIIBUSINESS ENTITIES

Ch. 499AMULTIPLE HOUSING

This text of Iowa § 499A.105 (Association financing) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 499A.105 (2026).

Text

1.Organizational and construction phase. Upon incorporation, and after adoption of a rehabilitation plan pursuant to section 499A.104, the association may apply to the Iowa finance authority or other sources for financial assistance. The Iowa finance authority shall review the rehabilitation plan, and subject to the availability of moneys, may approve for the association state grants, loans, or other appropriations administered by the Iowa finance authority.

2.Stock transfer. Advisory committee stock shall be transferred to the partners’ committee for distribution to partners in accordance with the terms of the rehabilitation plan contract.

3.Operational phase. Upon completion of the rehabilitation plan and implementation of the contract, the association shall be wholly owned by partner

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1. Organizational and construction phase. Upon incorporation, and after adoption of
a rehabilitation plan pursuant to section 499A.104, the association may apply to the Iowa
finance authority or other sources for financial assistance. The Iowa finance authority shall
review the rehabilitation plan, and subject to the availability of moneys, may approve for the
association state grants, loans, or other appropriations administered by the Iowa finance
authority.
2. Stock transfer. Advisory committee stock shall be transferred to the partners’
committee for distribution to partners in accordance with the terms of the rehabilitation
plan contract.
3. Operational phase. Upon completion of the rehabilitation plan and implementation of
the contract, the association shall be wholly owned by partners. The partners shall rent space
only to other association partners. New partners may be admitted subject to completion
of required partner training programs and sweat equity contributions, as required by the
association’s bylaws. Partners shall make mortgage payments in proportion to their equity
interest in the property, with total payments sufficient to repay the mortgage loan, maintain
theproperty, andaccumulateacapitalreservefundforfuturerepairsandimprovements. The
9 MULTIPLE HOUSING, §499A.106
capital reserve fund and enforcement of partner obligations is the responsibility of the board
of directors.