The Request for Funds should be faxed to 515-699-1270. Submit the Request at least 24 hours prior to the need for funds. The Bank may require more time to process any request without complete information or requests by disaster declaration. The Bank may request additional information on any request at its discretion. All requests are approved on a case-by-case basis. Call the Community Investment Department at 800-544-3452 (ext. 1173) for assistance.
I. Member Institution Information
FHLB Member #:Member Name:
Address:
City/State/Zip:
Contact Person/Title:
Phone: / Fax: / E-Mail:
II. Advance Information: This Request is for a RESIDENTIAL LENDING ADVANCE (RLA) from the Community Investment Advance (CIA) program. The RLA may be obtained for eligible residential owner-occupied and rental housing loans. The CIA advance limit per member is $10 million. Minimum RLA advance amount is $100,000 for fixed rate advances. Higher minimums may apply to adjustable rate advances. A separate request for funds must be completed for each amount and term of advance, and a separate loan or pool of loans identified for each advance. Approval of a Request does not provide an interest rate lock or reservation of funds. Interest rate is determined at the time of the advance. All advances are subject to the availability of funds. Standard advance requirements, including prepayment fees, apply.
Total Amount: / Date funds needed:Term of Advance: / Years / Available from 1 year to 30 years.
Fixed Amortizing Other* Money Desk will confirm amount and term.
* Member owned variable option is not eligible for a CIA advance.
Check off all that describe the majority of loans used to qualify this advance:
Purchase Refinance Rehabilitation New Construction
Mortgage Revenue Bond or Security Low Income Housing Tax Credit
Mobile Home Park Predevelopment
Check off the area that applies to the majority of loans used to qualify this advance (see the attached Definitions):
Rural Area Urban Area
Residential Lending Advance Page 1 of 10 Rev. 1-1-2017
III. RESIDENTIAL LENDING: For owner-occupied housing including Mortgage Revenue Bonds or Mortgage Backed Securities. See Residential Lending and Mortgage Revenue Bonds or Mortgage Backed Securities in the attached Definitions.
Section A. Qualifications: Loans must be qualified based on one of the following requirements. Check off the applicable qualifier.
Qualified by Lending Area: A Targeted Income Area is an area where the majority of families are at or below 115% of the area median income (AMI). Identify Targeted Income Area by census tract using the following web site: www.ffiec.gov. For instruction on other lending areas, see Definitions. Check off a specific lending area:
Targeted Income Area (mapped) Federal Champion Community
Indian Area Federal Enterprise Community
Federal Empowerment Zone Military Base Closing Area
Eligible Brownfield Tax-Credit Area CAIP Area
Qualified by Income: For individual households, income must be at or below 115% of the area median income (AMI) for a family of four. The income limit for a household may be calculated using HUD income tables on the FHLB Des Moines website. Calculate the income limit using the Median Family Income (MFI) for the applicable MSA or county times 115% (MFI x 1.15). Contact the Community Investment Department for assistance in determining applicable income limits.
Designate one of the following options for income qualification:
Project involves individual owner-occupied units, each purchased or owned by a household at or below the income limit; or
Project involves multiple units of owner-occupied housing in which at least 51% of the units are owned or are intended to be purchased by families at or below the income limit (i.e. a cooperative housing project or a subdivision).
Qualified by Disaster Area Declaration: The project must provide financing in a federally declared disaster area. To identify federally declared disaster areas, visit the FEMA website: http://www.fema.gov/news/disasters.fema. Loans qualified under this category must be associated with expenses or losses incurred as a direct result of the disaster. Loans must be originated within 18 months of the disaster declaration
Section B. Closed or Anticipatory Financing: Check off as applicable.
Closed Loans: All closed loans must have been originated within 3 months prior to the date of the advance. An origination may include a new loan origination, a loan purchase, or a refinance. Provide the number and dollar amount of loans funded and the number of units of housing included in the funding, and a Project Description below.
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Loans to be closed: Anticipatory financing for loans closed within 12 months of the date of the advance. Provide an estimate of the number of loans and units of housing that will be funded, and the dollar amount of loans committed to. The Community Investment Department will request the Project Description on closed loans and a member certification twelve months after the date of the advance. If sufficient loans are not closed or a project description and certification are not provided when requested, the interest rate will convert to the rate in effect for a comparable regular advance at the time the Advance was originated and applied to the full amount and term of the Advance.
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Section C. Project Description: For all Closed Loans provide a concise description of the loans funded in the text box below or in an attachment. For all loans provide:
· the borrower name
· the financed property’s address including:
o street address
o city
o state
o zip code
o county
o census tract code
· date loan closed
· loan amount
The loan amount must be the amount actually advanced and not the amount of a loan commitment.
If the advance included Loans to be Closed this information will be required 12 months after the date of the advance. The Bank will contact you to obtain the information.
In addition:
· If loans were Qualified by Income:
o For projects that financed individual owner-occupied units, provide the borrower’s household income in lieu of the census tract location.
o For project’s that include multiple units of owner-occupied housing provide a description of the project that includes the total units in the project, the incomes of households that own units in the project (for existing projects), or an explanation of how units will be purchased by families at or below the income limit (for projects under development).
· If project included Mortgage Revenue Bonds or Mortgage Backed Securities identify the bond or security, the date of its purchase, and evidence that all loans financed by such bonds and all loans backing such securities, respectively, meet the eligibility requirements for Residential Lending, including Qualified by Lending Area or Qualified by Income.
· If loans were Qualified by Disaster Area Declaration, provide a description of how each loan assisted with expenses or losses that were a result of the disaster.
Information on Closed Loans may be provided below, or the member may attach a monitoring spreadsheet and other supporting documentation. Monitoring spreadsheets may be found on the FHLB Des Moines website.
Project description:
IV. RENTAL PROJECTS: For rental housing including Manufactured Housing Parks. See Rental Projects and Manufactured Housing Parks in the attached Definitions for requirements.
Section A. Qualifications: Loans must be qualified based on one of the following requirements. Check off the applicable qualifier.
Qualified by Lending Area: A Targeted Income Area is an area where the majority of families are at or below 115% of the area median income (AMI). Identify Targeted Income Area by census tract using the following web site: www.ffiec.gov. For instruction on other lending areas, see Definitions. Check off a specific lending area:
Targeted Income Area (mapped) Federal Champion Community
Indian Area Federal Enterprise Community
Federal Empowerment Zone Military Base Closing Area
Eligible Brownfield Tax-Credit Area CAIP Area
NOTE: All loans for Manufactured Housing Parks must be qualified by Targeted Income Area.
Qualified by Affordable Rents: Rental housing where at least 51% of the units are occupied by or the rents are affordable to families with incomes at or below 115% of the area median income (AMI) for a family of four. Affordable monthly rents should not exceed 30% of the AMI defined above. A rent limit may be calculated using HUD income tables on the FHLB Des Moines website.* or contact Community Investment for assistance.
Rent Limit / $*Calculate the rent limit using the Median Family Income (MFI) for the applicable MSA or county multiplied by 115% (MFI x 1.15 = 115% AMI), then multiply amount times 30% (115% AMI x .30). Divide that amount by 12 for the monthly rent limit.
Qualified by Disaster Area Declaration: The project must be located in a federally declared disaster area. To identify federally declared disaster areas, visit the FEMA website: http://www.fema.gov/news/disasters.fema. Loans qualified under this category must be associated with expenses or losses incurred as a direct result of the disaster. Loans should be originated within 18 months of the disaster declaration.
Section B. Closed or Anticipatory Financing: Check off as applicable.
Closed Loans: All closed loans must have been originated within 3 months prior to the date the advance will be taken. An origination may include a new loan origination, a loan purchase, or a refinance. Provide the number and dollar amount of loans funded and the number of units of housing included in the funding, and a Project Description below.
Single-family Units (1-4 Unit properties)
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Multi-family Units (5+ Unit properties)
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Loans to be closed: Anticipatory financing for loans closed within 12 months of the date of the advance. Provide an estimate of the number of loans and units of housing that will be funded, and the dollar amount of loans committed to. The Community Investment Department will request the Project Description on closed loans and a member certification twelve months after the date of the advance. If sufficient loans are not closed or a project description and certification are not provided when requested, the interest rate will convert to the rate in effect for a comparable regular advance at the time the Advance was originated and applied to the full amount and term of the Advance.
Single-family Units (1-4 Unit properties)
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Multi-family Units (5+ Unit properties)
# of Loans / # of Units of Housing / $ AmountNumber of Units below 80% AMI
Number of Units 80% to 115% AMI
Section C. Project Description: For all Closed Loans provide a concise description of the loans funded in the text box below or in an attachment. For all loans provide:
· the borrower name
· the financed property’s address including:
o street address
o city
o state
o zip code
o county
o census tract code
· date loan closed
· loan amount
The loan amount must be the amount actually advanced and not the amount of a loan commitment.
If the advance included Loans to be Closed this information will be required 12 months after the date of the advance. The Bank will contact you to obtain the information.
In addition:
· If loans were Qualified by Affordable Rents, provide a rent schedule including the number of units and maximum rent for each unit. Or, if the project is being qualified based on tenant income, provide a rent roll that includes tenant names and the tenant’s income. For projects that are not yet rented, but there is a cap on tenant income (for example, a low income housing tax credit project under development), provide the income cap in lieu of tenant income. The income cap must be one imposed under a federal or state funded housing program described in the project description.
· If loans were Qualified by Disaster Area Declaration, provide a description of how each loan assisted with expenses or losses that were a result of the disaster.
Information on Closed Loans may be provided below, or the member may attach a monitoring spreadsheet and other supporting documentation. Monitoring spreadsheets may be found on the FHLB Des Moines website.
Project description:
If applicable, check off and complete this section:
Does the loan include refinance of a Rental Project or a Manufactured Housing Park?
Yes No
If YES were there equity proceeds (including cash out to borrower)?
Yes No
If YES, were equity proceeds used to rehabilitate the project or preserve affordability for current residents?
Yes No
If NO the project is not eligible for a Residential Lending Advance.
If YES explain how the refinance financed rehabilitation or preserved affordability for current residents. Attach supporting documentation if needed. The Bank will determine qualification of rental refinance loans on a case-by-case basis.
V. COMPLIANCE and CERTIFICATION
“Funds Availability Notice”: Approval of a Community Investment Advance application is subject to funds being available under this program at the time the advance is taken. Approval of this application is not a reservation of funds. All Community Investment Advances are subject to the terms and conditions contained in the Bank’s Member Products and Services Policy.
If it is determined this advance is out of compliance, the interest rate will be converted to the market rate in effect for a comparable regular advance at the time the CIA Advance was originated and applied to the full term of the advance.
If, following the repayment of the advance, the Bank determines that the member’s use of the Community Investment Advance funds was not in compliance with regulatory requirements or member fails to provide required documentation demonstrating that its use of the advance was in compliance, then the Bank shall have the authority to charge the member for the additional interest resulting from the difference between the Community Investment Advance rate extended to the member and the market rate at the time the advance was originated. Upon approval of this application, disbursement of funds is subject to the credit and collateral requirements of the Bank.