IOWA FINANCE AUTHORITY TELEPHONIC BOARD MEETING …...Jan 06, 2021 · Chair Nelson called to order...

IOWA FINANCE AUTHORITY TELEPHONIC BOARD MEETING AGENDA

Wednesday, January 6, 2021 11:00 a.m.

**Conference Call Number: 515-348-6300 Conference ID: 310 465 338#

I. Board Chair Michel Nelson A. Roll Call and IntroductionsB. Approval of December 2, 2020 Meeting Minutes Action

II. Public Comment PeriodA public comment period for the full meeting will be held at this time to accommodate visitors.This period is limited to 5 minutes per person.

III. Consent Agenda Michel Nelson IADD - Authorizing Resolutions Action on all items

A. AG 20-041B, William P. and Abigail R. StanekB. AG 20-042B, Nickolas Arthur ChristensenC. AG 20-043B, Darin and Lisa Pollema

IADD - Amending Resolutions D. 04773M, Calvin Maassen, Inwood

State Revolving Fund E. WQ 21-01, SRF Construction Loans

IV. Presentation - Iowa Profile Tool Tim Gottgetreu, Western Economic Services

V. FinanceA. November 2020 FinancialsB. FIN 21-01, HOME Loan Forgiveness – Decorah Woolen Mill

Steve Harvey – Action Tim Morlan - Action

VI. LegalA. Amendments to Waiver RulesB. Amendments to Chapter 1 Rules

Kristin Hanks-Bents - Action

VII. Private Activity Bond ProgramA. PAB 10-20B-10, 12-09B-7, and 19-05A-1, CCRR ProjectB. PAB 16-17B-2, Westdale Apartments Project

Lori Beary - Action

VIII. Executive Director’s OfficeA. Executive Director’s Report Debi Durham

IX. Other Business Next IFA Board Meeting – Wednesday, February 3, 2021

X. Adjournment Action

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BOARD MEETING MINUTES

Iowa Finance Authority Des Moines, Iowa December 2, 2020

UBoard Members Present

Ashley Aust Jane Bell

John Eisenman Ruth Randleman Gilbert Thomas

Randi McLaughlin

Darlys Baum Lyle Borg

Michel Nelson Amy Reasner

Michael Van Milligen

UBoard Members Absent

None

UStaff Members Present Debi Durham, Executive Director Lori Beary, Chief Bond Programs Officer Alyson Fleming, Section 8 Team Leader Cindy Harris, Chief Financial Officer Rob Christensen, Chief Information Officer Steve Harvey, Accounting Director Terri Rosonke, Housing Programs Manager Jamie Giusti, Housing Program Specialist Joshua Kasibbo, Accounting Manager David Morrison, ITG Accountant Stephanie Willis, Accounting Manager Becky Wu, Accounting Manager Michelle Thomas, Accounting Manager Staci Hupp Ballard, Chief Strategic Communications Officer

Nicki Howell, IFA Office Assistant Kristin Hanks-Bents, Legislative Liaison/Counsel Ashley Jared, Communications Director Tim Morlan, Multifamily Underwriter Brian Sullivan, Chief Programs Officer Dave Vaske, LIHTC Manager Rita Grimm, Chief Legal Counsel Derek Folden, Multifamily Underwriter Brad Benson, Financial Analyst Jennifer Pulford, Accounting Manager Rita Eble, HOME Program Analyst Amber Lewis, Homeless Programs Manager Lindsey Guerrero, ITG Director Mollie Brees, Homeless Assistant Program Manager

UOthers Present

David Grossklaus, Dorsey & Whitney Mike Norris, Homes for Iowa, Inc.

James Smith, Dorsey & Whitney

2

Board Chair UWelcome and Roll Call

Chair Nelson called to order the December 2, 2020 meeting of the Iowa Finance Authority (IFA) Board of Directors at 11:00 a.m. Roll call was taken, and a quorum was established. The following Board members were present: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, and Van Milligen. The following Board members were absent: Reasner and Thomas

UApproval of November 4, 2020 Meeting Minutes UMOTION: U On a motion by Mr. Eisenman and a second by Ms. Randleman, the Board unanimously approved the November 4, 2020 IFA Board Meeting minutes.

Public Comment Period

Receive Comments from General Public Chair Nelson opened the public comment period and asked if anyone in the audience would like to address the Board. No members of the audience requested to speak. Chair Nelson closed the public comment period. Mr. Thomas joined the meeting at 11:02 a.m.

Consent Agenda Chair Nelson introduced the consent agenda and asked if anyone wanted to request items be removed. No items were removed. 36TMOTION:36T Ms. RandlemanMs. made a motion to approve the items on the consent agenda, which included the following:

IADD - Authorizing Resolutions A. 04086B, Steven D. and Sheryl L. Evanson B. 04659B, Zachary J. and Kari J. Knutson C. AG 20-037B, Zachary J. Palas D. AG 20-038B, Cody Anderson E. AG 20-039B, Ben and Abbie Bunge F. AG 20-040-IB, Dakota J. Hageman

IADD – Amending Resolutions G. 04665M, Brian A. Bousselot, Calamus H. AG 19-036M, Ryan L. and Alissa Paulsen, Paullina

Private Activity Bond Program I. PAB 20-08A, Gevo Project

State Revolving Fund J. WQ 20-17, SRF Planning and Design Loans K. WQ 20-18, SRF Construction Loans

On a second by Ms. Aust, the Board unanimously approved the items on the consent agenda. Ms. Reasner joined the meeting at 11:05 a.m.

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Presentation – Homes for Iowa, Inc Mike Norris, President of Homes for Iowa, Inc. presented the Board with an update on what Homes for Iowa, Inc has done during 2020 and where they hope to go in the future. Mr. Norris shared that Homes for Iowa has moved 13 homes and has five more homes in progress for 2020. For 2021, Homes for Iowa has a goal of moving 24 homes. Mr. Norris shared that 2020 has been difficult due to COVID-19 but that relief grants presented opportunities to hire and train additional personnel to help with building and moving homes. The board and Mr. Norris had a lengthy discussion regarding the Homes for Iowa process, cost of building, and locations of homes.

Finance October 2020 Financials

Mr. Harvey presented the highlights of the October 2020 financial statement that was included in the board packet. MOTION: On a motion by 37TMr. Thomas and a second by Mr. Van Milligen, the Board unanimously approved the October 2020 Financials.

FIN 20-20, Single Family Mortgage Bonds – Authorizing Resolution Ms. Harris stated that this authorizing resolution is for a Single-Family mortgage bonds issuance for an amount not to exceed $120 million. However, the expected size of the bond is anticipated to be about $85 million. The bonds will be used to fund new mortgage-backed securities and to refund 2009 Indenture bonds. Ms. Harris shared that the Authority would issue only tax-exempt fixed rate bonds instead of having to layer in variable rate debt, which will improve the Authority’s risk profile. The plan is to price the bonds the week of January 18th and to close the bonds the week of February 18th. Ms. Harris requested board action on FIN 20-20. MOTION: 37TMs. Reasner made a motion to approve FIN 20-20. On a second by Ms. Randleman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

FIN 20-21, Permanent Loan – Hotel Maytag Mr. Morlan reported this resolution received prior approval from the board to do a permanent loan in March of 2018. There have been a few small changes to the loan based on operating expenses being higher than anticipated and tax abatements being reduced from 15-year term to a 13-year term. Mr. Morlan stated that staff is proposing a loan amount reduced from $2,300,000 to $2,225,000, a loan term change from 16 years to 13 years, and an interest rate is reduced from 5.05% to 4.4%. Mr. Morlan requested board action on FIN 20-21. MOTION: 37TMr. Eisenman made a motion to approve FIN 20-21. On a second by Ms. Randleman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

FIN 20-22, HOME Loan Forgiveness – Perry Reid Projects Mr. Morlan stated that this resolution is for forgiveness of five HOME loan for five separate projects located in Newton, Monroe, Kellogg, Grinnell, and Pella. The projects were completed in 1999 and 2000. Mr. Morlan stated that the original funding sources included 4% tax credits, conventional debt, HAF funds, developer loans or fees and IDED Home loans. The 1st mortgage loan on each project needs to be refinanced with additional funds needed for upgrades and the refinancing will allow for the payoff of the IFA HAF loans. Mr. Morlan requested board action on FIN 20-22.

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MOTION: 37TMs. Reasner made a motion to approve FIN 20-22. On a second by Ms. Aust, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

FIN 20-23, HOME Loan Forgiveness – Washington Court Apartments Mr. Morlan reported that this resolution is for a 16-unit elderly project built in Decorah in 1998. The original funding sources included low-income housing tax credits, HAF funds, an owner contribution and an IDED Home loan of $383,779. The project is 100% occupied and the owner continues to make improvements to the project. Mr. Morlan stated that the tax abatement is ending, and they will have less cash flow going forward. Staff recommends forgiving the Home loan in full without any cash payments. Mr. Morlan requested board action on FIN 20-23. MOTION: 37TMr. Thomas made a motion to approve FIN 20-23. On a second by Ms. Bell, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

FIN 20-24, HOME Loan Forgiveness – Century Plaza Apartments Mr. Folden reported that this resolution is for a 17-unit property that was renovated in 1999 in Sioux City. The renovation included using low-income housing tax credits, historic tax credits, conventional financing, HAF funds, City CDBG and an IDED Home loan of $250,000. Mr. Folden stated that the property has been struggling the last few years and has not had positive cash flow but are still current with their IFA MF permanent loan that is in place until 2033. The project has met its affordability requirements and staff recommends forgiving the HOME loan. Mr. Folden requested board action on FIN 20-24. MOTION: 37TMs. Reasner made a motion to approve FIN 20-24. On a second by Mr. Eisenman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed. The Board, Mr. Harvey, and Mr. Folden discussed the balance of the outstanding HOME loans shown in the financial statement and the parameters that are decided by the committee for HOME loans. Mr. Folden will share the parameters with the Board.

Housing Programs HI 20-09, SHTF FY2021 Local Housing Trust Fund Awards

Ms. Rosonke reported that staff is recommending the fiscal year 2021 Local Housing Trust Fund program grant awards totaling more than $7,000,000 in funding for the 27 certified Local Housing Trust Funds serving all 99 Iowa counties. The state funding is anticipated to leverage an additional $2.6 million in other finance resources or $.38 for every dollar of Local Housing Trust Fund program money and is projected to assist 2,100 affordable housing units across Iowa. Ms. Rosonke requested board action on HI 20-09. Mr. Thomas and Ms. Rosonke discussed the rules regarding multiple grants. Ms. Rosonke shared that the Local Housing Trust funds can only be actively drawing funds under two open grant agreements at a time. MOTION: 37TMr. Thomas made a motion to approve HI 20-09. On a second by Ms. Randleman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, and Thomas; NO: none; Abstain: Van Milligen. The motion passed.

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HI 20-10, ESG-CARES Act Round 2 Awards Ms. Lewis stated that this resolution is for awards for the second allocation of CARES Act funds for the Emergency Solutions Grant (ESG) program. The contract from HUD was received in November, authorizing IFA to issue the awards and a competition was held for this allocation with two main categories. The first category was for shelter and street outreach and the second category was for regional rapid rehousing and homelessness prevention. Pending potential administrative rule changes, there may be a third category for shelter renovation. If the changes are approved, then the few applications that came in for shelter renovation will be reviewed and presented to the Board in February. For the first category, 38 applications were received, and staff is recommending full funding to 35 of the applicants. For the second category, staff is recommending two tiers of funding based on the scoring and presented the Board with a list of all the applicants, their location, and the recommended awards. Ms. Lewis stated that the awards would total a little less than $9 million, leaving funds leftover for the shelter renovation category. Ms. Lewis requested board action on HI 20-10. The Board and Ms. Lewis discussed locations and geographic distribution of the applicants. MOTION: 37TMs. Randleman made a motion to approve HI 20-10. On a second by Ms. Aust, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, and Thomas; NO: none; Abstain: Reasner and Van Milligen. The motion passed.

Iowa Title Guaranty – Transfer of Funds Ms. Guerrero stated that Iowa Title Guaranty (ITG) is currently 64% above budget as far as revenues are concerned. ITG had previously budgeted for $250,000 to be transferred on a quarterly basis and due to an outstanding year, staff is recommending transfer of $500,000 to the Housing Assistance Fund. MOTION: On a motion by 37TMr. Van Milligen and a second by Mr. Thomas, the Board unanimously approved the Iowa Title Guaranty transfer of funds.

Amendments to ESG Program Rules

Ms. Hanks-Bents stated that this request is for the Board to approve to adopt amendments to Chapter 42 of the Emergency Solutions Grant program previously mentioned by Ms. Lewis. HUD allows renovation as an eligible activity under the Emergency Solutions Grant program, but administrative rules have never specifically allowed renovation as a permissible activity given the amount of funds received. Through this second round of funding, staff decided that it would be a great opportunity to be able to utilize some of those funds for renovation which requires an amendment to the rules. Ms. Hanks-Bents stated that there is also one technical change made to remove an outdated code reference. The notice was published on October 7th and staff did not receive any public comments on the rulemaking. MOTION: 37TMs. Reasner made a motion to approve the Amendments to ESG Program Rules. On a second by Ms. Randleman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

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Private Activity Bond Program PAB 20-01B, New Kahl Project

Ms. Beary reported that PAB 20-01B is a resolution authorizing the issuance of an amount not to exceed $12.9 million of IFA Multifamily housing revenue notes for the New Kahl Project in Davenport. The project is going to use the funds for historic rehabilitation of a college and office space into 55 affordable units. The project is going to use 4% tax credits and Private Activity Bond cap. A public hearing was held December 2nd and no comments were received. Chair Nelson requested that Ms. Beary present all four PAB resolutions on the agenda and the Board will then vote on each resolution individually. Ms. Beary stated that PAB 20-03B is a resolution authorizing the issuance $65,000,000 of Iowa Finance Authority Sewage and Solid Waste Disposal Facilities Revenue Bonds for the Cargill wastewater facility and solid waste disposal project in Eddyville. This project will have an allocation of Private Activity Bond cap. A public hearing was held December 2nd and no comments were received. Ms. Beary stated that PAB 20-05B is a resolution authorizing the issuance of an amount not to exceed $50,000,000 of Iowa Finance Authority Senior Housing Facility Revenue Bonds for the BVM-PHS Senior Housing Project in Dubuque. The bonds will be used to construct a 116-unit independent living facility and to remodel the motherhouse and townhomes for the Sisters of Charity of the Blessed Virgin Mary. The project is a 501(c)3 nonprofit. A public hearing was held December 2nd and no comments were received. Ms. Beary stated that PAB 20-06B is a resolution authorizing the issuance of $10,400,000 of Iowa Finance Authority Wellness Facility Revenue Refunding Bonds for the Marshalltown YMCA-YWCA Project. The bonds will be used to pay off existing bonds as well as the termination value of the existing interest rate swap agreement. The project is a 501C3 nonprofit. A public hearing was held December 2nd and no comments were received. MOTION: 37TMr. Eisenman made a motion to approve PAB 20-01B. On a second by Mr. Thomas, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

PAB 20-03B, Cargill Project MOTION: 37TMr. Thomas made a motion to approve PAB 20-03B. On a second by Mr. Van Milligen, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

PAB 20-05B, BVM-PHS Senior Housing Project MOTION: 37TMr. Thomas made a motion to approve PAB 20-05B. On a second by Ms. Randleman, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, and Thomas; NO: none; Abstain: Van Milligen. The motion passed.

PAB 20-06B, Marshalltown YMCA-YWCA Project MOTION: 37TMs. Randleman made a motion to approve PAB 20-06B. On a second by Ms. Reasner, a roll call vote was taken with the following results: YES: Aust, Baum, Bell, Borg, Eisenman, Nelson, Randleman, Reasner, Thomas, and Van Milligen; NO: none; Abstain: none. The motion passed.

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Executive Director’s Office Ms. Hanks-Bents presented the Board with a legislative update. Ms. Hanks-Bents stated that the first item on the proposed agenda is a new affordable housing tax credit program that would utilize the unused 4% LIHTC program credit to help stimulate and grow affordable housing stock in our state. The next agenda item is an increase of funding to the State Housing Trust Fund by removing the cap of $3,000,000 so that we receive the full 30% of real estate transfer tax. Additional items being proposed are amendments to the IEDA Workforce Housing Tax Incentive Program and a Disaster Recovery Housing Assistance Program with a rental assistance component. The last item is an Eviction Diversion Program to help provide rental assistance, similar to the Eviction and Foreclosure Prevention Program that was created due to the COVID-19 pandemic. Director Durham gave an update on the COVID-19 relief programs. The Eviction and Foreclosure Prevention Program has assisted 11,923 renters in 97 counties and 2,585 homeowners in 66 counties with a total of $330.7 million spent. The Residential Utility Disruption Prevention Program deadline is December 4th and 3,865 applications have been received and about 1541 applicants have been awarded. The Iowa Beginning Farmer Debt Relief Fund is the only agriculture relief program still running and has awarded $10.1 million so far.

Other Business The next meeting of the IFA Board of Directors will be Wednesday, January 6, 2021 at 11:00 a.m.

Adjournment

On a motion by Mr. Thomas and a second by Mr. Eisenman, the December 2, 2020 meeting of the Iowa Finance Authority Board of Directors adjourned at 12:31 p.m. Dated this 6th day of January 2021. Respectfully submitted: Approved as to form: Deborah Durham, Michel Nelson, Chair Executive Director Iowa Finance Authority

To: IFA Board of Directors From: Tammy Nebola, Iowa Ag Program Specialist

Lori Beary, Community Development Director Date: December 23, 2020 Re: Iowa Agricultural Division Beginning Farmer Loan and Tax Credit Programs

Consent Agenda

Iowa Agricultural Development Division

Authorizing Resolutions AG 20-041 William P. and Abigail R. Stanek This is a resolution authorizing the issuance of $328,058 for William P. and Abigail R. Stanek. The bond will be used: To purchase approximately 79.05 acres of agricultural land in Webster County. The lender is Northwest Bank in Fort Dodge.

• Need Board action on Resolution AG 20-041B AG 20-042 Nickolas Arthur Christensen This is a resolution authorizing the issuance of $123,750 for Nickolas Arthur Christensen. The bond will be used: To purchase approximately 45 acres of agricultural land in Wright County. The lender is First Bank in Eagle Grove.

• Need Board action on Resolution AG 20-042B AG 20-043 Darin and Lisa Pollema This is a resolution authorizing the issuance of $430,000 for Darin and Lisa Pollema. The bond will be used: To purchase approximately 30 acres of agricultural land, house and cattle feedlot in Sioux County. The lender is American State Bank in Sioux Center.

• Need Board action on Resolution AG 20-043B

Amending Resolutions

04773 Calvin Maassen, Inwood This is a resolution amending a $145,772 Beginning Farmer Loan to Calvin Maassen issued 5/1/2013 to change the rate index from 80% of the announced prime rate of American State Bank, adjustable annually to the new index of 2.75% above the 5 Year Treasury Bill, next rate adjustment date will be January 4, 2026 and will adjust every five years thereafter. All other loan terms will remain the same. The lender is American State Bank in Alvord.

• Need Board action on Resolution 04773M

Resolution B

Page 1

RESOLUTION

AG 20-041B

A Resolution authorizing the issuance and sale of an Agricultural Development Revenue Bond

to finance the acquisition of a Project by a Beginning Farmer; the execution of a Financing Agreement

providing the terms and sale of such Bond and for the repayment of the loan of the proceeds of such

bond; and related matters.

WHEREAS, the Iowa Finance Authority (the “Authority”) is a public instrumentality and

agency of the State of Iowa established and empowered by the provisions of Chapter 16 of the Code of

Iowa (together, the “Act”) to issue its negotiable bonds and notes for the purpose of financing in whole

or in part the acquisition by construction or purchase of Agricultural Land, Agricultural Improvements,

or Depreciable Agricultural Property by a Beginning Farmer; and

WHEREAS, the Authority has received and has approved an Application from the Beginning

Farmer identified on Exhibit A hereto (the “Beginning Farmer”) to issue its Agricultural Development

Revenue Bond (the “Bond”) in the principal amount identified on Exhibit A hereto (the “Principal

Amount”) to finance the acquisition of the Project identified on Exhibit A hereto (the “Project”); and

WHEREAS, it is necessary and advisable that provisions be made for the issuance of the Bond

in the Principal Amount as authorized and permitted by the Act to finance the cost of the Project to that

amount; and

WHEREAS, the Authority will loan the proceeds of the Bond to the Beginning Farmer pursuant

to the provisions of a Financing Agreement among the Authority, the Bond Purchaser identified in

Exhibit A hereto (the “Lender”) and the Beginning Farmer (the “Agreement”), the obligation of which

will be evidenced by a Promissory Note the repayment of which will be sufficient to pay the principal

of, redemption premium, if any, and interest on the Bond as and when the same shall be due and payable;

and

WHEREAS, the Bond will be sold to the Lender pursuant to and secured as provided by the

Agreement; and

NOW, THEREFORE, BE IT RESOLVED by the Iowa Finance Authority as follows:

Section 1. The Project Consistent with the Act. It is hereby determined that the Project, as

described in the representations and certifications of the Beginning Farmer in the Application to the

Authority and in the Agreement qualifies under the Act for financing with the proceeds of the Bond, and

further, it is found and determined that the financing of the Project will promote those public purposes

outlined in the Act.

Section 2. Authorization of the Bond. In order to finance the cost of the Project, the Bond

shall be and the same is hereby authorized, determined and ordered to be issued in the Principal Amount.

The Bond shall be issued as a single Bond in fully registered form, transferable only in accordance with

its terms, and shall be dated, shall be executed, shall be in such form, shall be payable, shall have such

prepayment provisions, shall bear interest at such rates, and shall be subject to such other terms and

conditions as are set forth in the Agreement and the Bond. However, if so requested by the Beginning

Resolution B

Page 2

Farmer and the Lender, the Chairman or Vice Chairman is hereby empowered to adjust the Principal

Amount of the Bond and any of the other terms and conditions as set forth therein or in the Agreement,

to an amount or in such manner as is mutually acceptable to the Lender and the Beginning Farmer,

provided that the principal amount of the Bond after adjustment is never more than the Principal Amount.

In the event such adjustments are made, they shall be set forth in the Agreement. The Bond and the

interest thereon do not and shall never constitute an indebtedness of or a charge either against the State

of Iowa or any subdivision thereof, including the Authority, within the meaning of any constitutional or

statutory debt limit, or against the general credit or general fund of the Authority, but are limited

obligations of the Authority payable solely from revenues and other amounts derived from the

Agreement and the Project and shall be secured by an assignment of the Agreement and the revenues

derived therefrom to the Lender. Forms of the Bond and the Agreement are before this meeting and are

by this reference incorporated in this Bond Resolution, and the Secretary is hereby directed to insert

them into the minutes of the Authority and to keep them on file.

Section 3. Agreement; Sale of the Bond. In order to provide for the loan of the proceeds of

the Bond to the Beginning Farmer to finance the Project and the payment by the Beginning Farmer of

amounts sufficient to pay the principal of, premium, if any, and interest on the Bond, and in order to

provide for the sale of the Bond to the Lender and the conditions with respect to the delivery thereof, the

Executive Director shall execute in the name and on behalf of the Authority the Agreement in

substantially the form submitted to the Authority, which is hereby approved in all respects. However,

the Executive Director is empowered to amend the Agreement prior to the execution thereof to conform

the same to any adjustments of the Principal Amount or other provisions of the Bond as authorized in

Section 2 hereof. The sale of the Bond to the Lender is hereby approved and the Chairman or Vice

Chairman and Secretary of the Authority are hereby authorized and directed to execute and deliver the

Bond to the Lender. Payment by the Lender of the purchase price, namely the Principal Amount, or

such lesser amount as determined by the Chairman or Vice Chairman pursuant to Section 2 hereof, in

immediately available funds in accordance with the Agreement shall constitute payment in full for the

Bond. The Lender shall immediately deposit such purchase price to the account or credit of the

Beginning Farmer in accordance with the Agreement to effect the making of the loan of the proceeds of

sale of the Bond to the Beginning Farmer pursuant to the Agreement.

Section 4. Repayment of Loan. The Agreement requires the Beginning Farmer in each year to

pay amounts as loan payments sufficient to pay the principal of, redemption premium, if any, and interest

on the Bond when and as due and the payment of such amounts by the Beginning Farmer to the Lender

pursuant to the Agreement is hereby authorized, approved, and confirmed.

Section 5. Filing of Agreement. The Executive Director is authorized and directed to file a

copy of this resolution and the Agreement with the Iowa Secretary of State pursuant to Sections 16.26(7)

and 175.17(7) of the Act to evidence the pledge of or grant of a security interest, in the revenues to be

received under, and all of the Authority’s interests in the Agreement, by the Authority to the Lender.

Section 6. Miscellaneous. The Chairman, Vice Chairman, and/or Secretary are hereby

authorized and directed to execute, attest, seal and deliver any and all documents and do any and all

things deemed necessary to effect the issuance and sale of the Bond and the execution and delivery of

the Agreement, and to carry out the intent and purposes of this resolution, including the preamble hereto.

Resolution B

Page 3

Section 7. Severability. The provisions of this resolution are hereby declared to be separable,

and if any section, phrase, or provisions shall for any reason be declared to be invalid, such declaration

shall not affect the validity of the remainder of the sections, phrases, and provisions.

Section 8. Repealer. All resolutions, parts of resolutions or prior actions of the Authority in

conflict herewith are hereby repealed to the extent of such conflict.

Section 9. Effective Date. This resolution shall become effective immediately upon adoption.

Passed and approved this 6th day of January, 2021.

___________________________

Michel Nelson, Board Chairman

ATTEST:

_______________________

Deborah Durham, Secretary (Seal)

Resolution B

Page 4

EXHIBIT A

1. Project Number: AG 20-041

2. Beginning Farmer: William P. and Abigail R. Stanek

1114 Park St

Gowrie, IA 50543-7719

3. Bond Purchaser: Northwest Bank

10 N 29th, PO Box 977

Fort Dodge, IA 50501

4. Principal Amount: $328,058

5. Initial Approval Date: 12/23/2020

6. Public Hearing Date: 12/23/2020

7. Bond Resolution Date: 1/6/2021

8. Project: To purchase approximately 79.05 acres of agricultural

land

Resolution B

Page 1

RESOLUTION

AG 20-042B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








___________________________


ATTEST:

_______________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Nickolas Arthur Christensen

220 W Webster St

Goldfield, IA 50542-5010

3. Bond Purchaser: First Bank

201 W Broadway, PO Box 347

Eagle Grove, IA 50533-0347





8. Project: To purchase approximately 45 acres of agricultural

land

Resolution B

Page 1

RESOLUTION

AG 20-043B
















amount; and






and


Agreement; and












Resolution B

Page 2











































Resolution B

Page 3








___________________________


ATTEST:

_______________________


Resolution B

Page 4

EXHIBIT A


2. Beginning Farmer: Darin and Lisa Pollema

1921 270th St

Inwood, IA 51240-7508

3. Bond Purchaser: American State Bank

525 N Main, PO Box 140

Sioux Center, IA 51250-0140





8. Project: To purchase approximately 30 acres of agricultural

land, house and cattle feedlot

RESOLUTION

04773M

A Resolution amending an Agricultural Development Revenue Bond.

WHEREAS, the Iowa Agricultural Development Authority, or its successor, the Iowa Finance

Authority (the “Authority”), heretofore took action to authorize the issuance of an Agricultural

Development Revenue Bond, Project No. 04773 (the “Bond”) pursuant to Resolution B relating thereto

(the “Bond Resolution”) for the purpose of financing the acquisition of the Project (as defined in the Bond

Resolution) by the Beginning Farmer (as defined in the Bond Resolution); and

WHEREAS, the Beginning Farmer has requested to change the current interest rate on the Bond.

NOW, THEREFORE, Be It Resolved by the Iowa Finance Authority, as follows:

Section 1. The Authority hereby approves changing the current interest rate index on the Bond

from 80% of the announced prime rate of American State Bank, adjustable annually to the new index of

2.75% above the 5 Year Treasury Bill, next rate adjustment date will be January 4, 2026 and will adjust

every five years thereafter. All other loan terms will remain the same. Eff. 01.04.2021.

Section 2. That the Staff and Officers of the Authority are hereby authorized to amend any and all

loan documents as necessary to reflect the aforementioned amendments.

Section 3. That except as amended herein, the Bond and other loan documents are hereby

confirmed in all other respects.

Section 4. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith

are hereby repealed to the extent of such conflict.

Section 5. This resolution shall become effective immediately upon adoption.

Passed and approved on this 6th day of January, 2021.

___________________________


ATTEST:

_______________________


January 6, 2021

Josh Metzger

American State Bank

212 Main St, PO Box 116

Alvord, IA 51230-7707

Re: Calvin Maassen – Project No. 04773

Dear Mr. Metzger:

The Iowa Agricultural Development Division (IADD) Board held its monthly meeting

on December 23, 2020 and the above project change was recommended for

approval to the Iowa Finance Authority (IFA). The IFA Board held its monthly

meeting on January 6, 2021, and the above project was approved for the

proposed loan changes. The changes approved were as follows:

Change the rate index from 80% of the announced prime rate of American State

Bank, adjustable annually to the new index of 2.75% above the 5 Year Treasury

Bill, next rate adjustment date will be January 4, 2026 and will adjust every five

years thereafter. All other loan terms will remain the same. Eff. 01.04.2021

Attached is a copy of the official board resolution for the above Beginning Farmer

Loan Program project. This resolution was recently approved by the Iowa Finance

Authority (IFA) board of directors and prepared by our bond attorney.

If you have any questions, please do not hesitate to contact me at 515.452.0468

or [email protected].

Sincerely,

Tammy Nebola

Agricultural Development Program Specialist

Enclosure: Board Resolution

cc: Calvin Maassen

mailto:[email protected]

To: IFA Board of Directors

From: Lori Beary, Chief Bond Programs Director

Date: 12/28/20

Re: Consent Agenda

State Revolving Fund

SRF Construction Loans - WQ 21-01

This is a resolution to approve SRF Construction Loans totaling $10,738,000 for Fontanelle,

Merrill, Nevada, Pierson and West Burlington. SRF loans have an interest rate of 1.75% for 20

years or 2.75% for 30 years.

RESOLUTION WQ 21-01

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the statutory directives set

forth in Chapter 16 of the Code of Iowa and sections 455B.291 through and including 455B.299 of the Code of Iowa, works with the Iowa Department of Natural Resources (the “Department”), to administer the Iowa Water Pollution Control Works Financing Program and the Iowa Drinking Water Facilities Financing Program (collectively, the “SRF Program”); and

WHEREAS, the Authority offers loans under the SRF Program as a means of financing all or part of the

construction of certain drinking water or wastewater treatment facilities; and

WHEREAS, the construction activities being undertaken meet the requirements of the SRF Program and have been approved by the Department; and

WHEREAS, the Authority offers the SRF loans at below market interest maturing no later than thirty

years from execution; and WHEREAS, the Authority desires to approve SRF Loans to the communities and in the amounts set forth

on Exhibit A;

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance Authority as follows: SECTION 1. The Board authorizes the Executive Director to execute and deliver for and on behalf of

the Authority any and all certificates, documents, opinions or other papers and perform all other acts as may be deemed necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution.

SECTION 2. The Board authorizes funding SRF Loans to the communities and in the approximate

amounts set forth on Exhibit A attached hereto, each with an interest rate of 1.75% for a maturity of twenty years or an interest rate of 2.75% with a maturity of not to exceed thirty years, and such other restrictions as may be deemed necessary and appropriate by the Executive Director.

SECTION 3. The Board authorizes the Executive Director to fund said loan from funds held under the

SRF Program, all in the manner deemed necessary and appropriate by the Executive Director, subject to the terms and conditions of this Resolution.

SECTION 4. The provisions of this Resolution are declared to be separable, and if any section, phrase

or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions.

SECTION 5. All resolutions, parts of resolutions or prior actions of the Authority in conflict herewith are hereby repealed to the extent of such conflict and this Resolution shall become effective immediately upon adoption. PASSED AND APPROVED this 6th day of January, 2021.

________________________________ Michel Nelson, Chairperson

ATTEST: (SEAL) ________________________________ Deborah Durham, Secretary

Borrower County Population Amount CW/ DW Description

Fontanelle Adair 672 $2,948,000 CW Treatment Improvements

Merrill Plymouth 755 $125,000 CW Treatment Improvements

Nevada Story 6,751 $1,360,000 CW Treatment Improvements

Pierson Woodbury 366 $308,000 CW Transmission Improvements

West Burlington Des Moines 2,968 $5,997,000 DW Storage Improvements

$10,738,000

Exhibit A

SRF Construction Loans

To: IFA Board of Directors From: Steve Harvey Date: December 16, 2020 Re: November 2020 Financial Results

YTD Housing Authority Results ($ in thousands)

Thru November FY21, the Housing Authority operated favorably to budget; revenue exceeded plan and expenses were below plan.

Operating revenues were $3,516 or 16.1% above budget and 21.9% above last year. Gain on the sale of MBS and Title Guaranty fees account for this favorable variance.

Operating Expenses were $3,320 below budget or 17.3% but 2.5% above last year. Interest expense was $2,857 below budget due to timing of bond issuance delayed until August and lower than planned interest on the bonds issued. Employee expenses were $521 below budget. Shared expenses were $275 below budget due to the addition of IID to absorb their portion of those costs. Professional services were $582 above budget due to ITG ITG exceeding revenue plan and the associated field issuer fees.

$13,383 $11,853 $13,574 $15,284 $17,033 $15,372

$5,555$5,596

$5,728$5,282

$7,882

$5,956

$19,191$17,674

$19,582$20,827

$25,390

$21,874

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

FY17 FY18 FY19 FY20 FY21 Bud21 R2

Operating Revenue

Interest Revenue Fee Revenue Authority & Other Revenue

$5,199 $5,668 $6,533 $8,053 $6,856$9,713

$4,407 $4,306 $4,088$3,775

$4,138

$4,659$2,346 $2,309 $2,380

$2,090 $3,631

$3,049$12,872 $13,574 $13,939$15,473 $15,859

$19,179

$0

$5,000

$10,000

$15,000

$20,000

$25,000


Operating Expense

Interest Expense Employee Expenses Professional Services Other Expenses

1

As a result, NOIBG was $6,836 or 253.7% favorable to budget.

The budget was adjusted for the Covid funding received thru the State for Eviction, Foreclosure, Beginning Farmers, and Livestock Producers; and has a minor earnings impact for FY21. The remaining variance is due to additional Covid funding received for ESG, HOPWA, and HOME and the normal timing differences we always experience. Net grant income was $3,373 favorable to budget.

$6,320

$4,100

$5,642 $5,354

$9,530

$2,695

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


Net Operating Income before Grants

$31,562 $30,092 $30,851 $32,096

$135,204 $129,459

$6,192 $5,999 $6,075 $7,983

$10,313$8,120

$37,810 $36,142 $36,927 $40,080

$145,517$137,579

$0$20,000$40,000$60,000$80,000

$100,000$120,000$140,000$160,000


Grant Revenue

Grant Revenue - Federal Grant Revenue - State Grant Revenue - Misc

$29,866 $29,272 $30,977 $31,168

$132,770 $127,747

$6,162 $5,127 $4,590 $5,306

$3,445 $4,542

$37,708 $35,536 $36,987 $37,762

$137,938 $133,372

$0$20,000$40,000$60,000$80,000

$100,000$120,000$140,000$160,000


Grant Expense

Grant Expense - Federal Grant Expense - State Grant Expense - IFA

2

As a result, NOIAG was $10,208 or 196.8% favorable to budget.

Total Assets have increased $116,387 since last year and is $49,912 below budget due to a smaller than planned bond issue in June, higher than planned prepayments of MBS, and using those prepayments to call higher coupon debt on a monthly basis.

MBS purchases now exceed budget by $9,372.

$6,421

$4,705$5,582

$7,672

$17,110

$6,901

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


Net Operating Income after Grants

$201,067 $220,226 $236,074 $211,171 $196,462 $217,539

$421,592 $465,424$528,844

$703,404$828,738 $854,644$119,071

$116,780$116,723

$119,574

$117,763$122,255

$766,907 $823,413$911,676

$1,080,802$1,197,189 $1,247,101

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


Assets

Cash, CE, & Inv Mortgage Backed Securities Loans Other Assets

$123,772

$100,888 $100,015

$165,492

$116,072$106,700

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000


MBS Purchases

3

Housing Authority Long-Term Measures

This ratio is an indicator of the Housing Authority’s financial strength and ability to increase debt to acquire assets

This ratio represents the rate of return on the Housing Authority’s assets.

This is the rate of interest earned, after interest expense is deducted, on the Housing Authority’s cash, cash equivalents, investments, MBS, and loans.

This ratio is the percentage of MBS and Loans (Mission Assets) to the Housing Authority’s total assets

12.6% 12.4% 11.5%17.0%

24.6%28.9%

33.5%

42.5% 44.3% 41.1% 38.0% 34.9%30.7% 32.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Equity to Asset Ratio > 25.0%

Actual

Budget

0.8%0.5% 0.5% 0.7%

1.9% 1.7%1.3%

2.1%

-0.4%

1.7%1.3%

1.7%1.3%

3.7%

‐1.0%

0.0%

1.0%

2.0%

3.0%

4.0%


Return on Assets > .85%

Actual

Budget

1.1%0.7% 0.7% 0.8%

1.4% 1.3%

2.0%

2.5% 2.4% 2.5%

2.0% 1.9% 1.8%2.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%


Net Interest Margin > 1.25%

Actual

Budget

78.8% 73.4%58.8% 64.3%

73.5% 77.8% 75.2% 74.5% 73.6% 71.2% 72.0% 71.9% 77.1% 79.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Assets on Mission > 75%

Actual

Budget

4

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 3,356,503 3,107,494 249,008 8.0 3,055,791 300,711 9.8 17,033,187 15,371,529 1,661,658 10.8 15,284,083 1,749,104 11.4 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 1,550,314 1,104,084 446,231 40.4 1,248,194 302,120 24.2 7,882,272 5,956,141 1,926,131 32.3 5,281,695 2,600,577 49.2 Other Revenue 150,986 120,199 30,787 25.6 3,061 147,925 4833.2 474,246 546,214 (71,968) -13.2 261,131 213,115 81.6Total Operating Revenue 5,057,802 4,331,777 726,025 16.8 4,307,046 750,756 17.4 25,389,705 21,873,883 3,515,822 16.1 20,826,910 4,562,796 21.9

Operating Expense Interest Expense 1,261,602 1,828,089 (566,487) -31.0 1,547,825 (286,223) -18.5 6,855,816 9,713,075 (2,857,259) -29.4 8,053,245 (1,197,429) -14.9 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 824,022 901,490 (77,468) -8.6 727,393 96,629 13.3 4,138,193 4,659,009 (520,815) -11.2 3,775,475 362,719 9.6 Shared Expenses 200,774 252,122 (51,348) -20.4 166,756 34,018 20.4 1,406,203 1,681,370 (275,167) -16.4 1,092,151 314,053 28.8 Marketing Expense 1,434 53,507 (52,073) -97.3 37,769 (36,336) -96.2 83,587 173,890 (90,303) -51.9 449,341 (365,754) -81.4 Professional Services 629,622 515,793 113,829 22.1 441,005 188,617 42.8 3,630,697 3,049,114 581,583 19.1 2,090,171 1,540,526 73.7 Claim and Loss Expenses (3,075) (9,955) 6,880 -69.1 (126,152) 123,077 -97.6 (11,368) (48,040) 36,672 -76.3 43,326 (54,693) -126.2 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense (25,239) 7,575 (32,814) -433.2 4,730 (29,969) -633.6 (179,092) 37,875 (216,967) -572.8 38,213 (217,304) -568.7 Overhead Allocation (7,075) (14,930) 7,855 -52.6 (14,390) 7,315 -50.8 (64,667) (86,975) 22,308 -25.6 (69,359) 4,692 -6.8Total Operating Expense 2,882,065 3,533,692 (651,627) -18.4 2,784,936 97,129 3.5 15,859,371 19,179,318 (3,319,947) -17.3 15,472,563 386,808 2.5

Net Operating Income (Loss) Before Grants 2,175,737 798,085 1,377,652 172.6 1,522,110 653,628 42.9 9,530,335 2,694,565 6,835,770 253.7 5,354,347 4,175,988 78.0

Net Grant (Income) Expense Grant Revenue (24,642,672) (21,148,252) (3,494,420) 16.5 (8,351,205) (16,291,467) 195.1 (145,517,264) (137,578,624) (7,938,640) 5.8 (40,079,644) (105,437,620) 263.1 Grant Expense 19,912,605 18,545,630 1,366,975 7.4 6,726,654 13,185,950 196.0 137,938,013 133,372,099 4,565,914 3.4 37,761,546 100,176,467 265.3 Intra-Agency Transfers - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense (4,730,067) (2,602,622) (2,127,445) 81.7 (1,624,551) (3,105,516) 191.2 (7,579,251) (4,206,525) (3,372,725) 80.2 (2,318,098) (5,261,153) 227.0

Net Operating Income (Loss) After Grants 6,905,804 3,400,707 3,505,097 103.1 3,146,661 3,759,144 119.5 17,109,585 6,901,090 10,208,495 147.9 7,672,445 9,437,141 123.0

Other Non-Operating (Income) Expense (396,799) - (396,799) 0.0 444,361 (841,161) -189.3 (37,605) - (37,605) 0.0 (7,007,173) 6,969,568 -99.5

Net Income (Loss) 7,302,604 3,400,707 3,901,896 114.7 2,702,299 4,600,304 170.2 17,147,190 6,901,090 10,246,100 148.5 14,679,617 2,467,573 16.8

IFA Home Dept Staff Count 82 91 (9) -9.4 75 7 9.3 81 91 (10) -11.1 74 7 9.5FTE Staff Count 80 88 (8) -9.2 75 5 6.4 80 89 (8) -9.6 76 4 5.9

Income StatementHousing Authority (Rollup)

YTD as of Nov-2020Nov-2020

5

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 196,334,425 214,113,436 (17,779,011) -8.3 207,520,813 (11,186,389) -5.4 Investments 128,000 3,425,409 (3,297,409) -96.3 3,649,930 (3,521,930) -96.5 Mortgage Backed Securities 807,307,987 831,678,769 (24,370,782) -2.9 679,034,938 128,273,049 18.9 Line of Credit 21,430,411 22,965,437 (1,535,027) -6.7 24,368,659 (2,938,248) -12.1 Loans - net of reserve for losses 117,763,148 122,254,596 (4,491,448) -3.7 119,574,290 (1,811,141) -1.5 Capital Assets (net of accumulated depreciation) 14,093,180 14,779,037 (685,857) -4.6 12,663,962 1,429,218 11.3 Other Assets 27,354,063 29,064,020 (1,709,957) -5.9 25,000,155 2,353,909 9.4 Deferred Outflows 12,778,038 8,820,344 3,957,695 44.9 8,989,260 3,788,779 42.1Total Assets and Deferred Outflows 1,197,189,252 1,247,101,048 (49,911,796) -4.0 1,080,802,006 116,387,246 10.8

Liabilities, Deferred Inflows, and Equity Debt 724,620,729 798,790,930 (74,170,201) -9.3 680,417,077 44,203,652 6.5 Interest Payable 5,913,677 8,945,143 (3,031,466) -33.9 5,900,356 13,321 0.2 Unearned Revenue 18,747,539 13,622,619 5,124,919 37.6 2,021,038 16,726,500 827.6 Escrow Deposits 9,617,841 9,020,580 597,262 6.6 9,224,380 393,461 4.3 Reserves for Claims 1,859,003 1,472,558 386,445 26.2 1,540,510 318,493 20.7 Accounts Payable & Accrued Liabilities 6,171,656 3,898,303 2,273,353 58.3 3,946,315 2,225,341 56.4 Other liabilities 14,851,131 11,720,936 3,130,195 26.7 11,387,710 3,463,421 30.4 Deferred Inflows 3,145,923 2,046,003 1,099,920 53.8 2,674,003 471,920 17.6 Total Liabilities and Deferred Inflows 784,927,499 849,517,071 (64,589,573) -7.6 717,111,390 67,816,109 9.5

Equity YTD Earnings(Loss) 17,147,190 6,901,090 10,246,100 148.5 14,679,617 2,467,573 16.8 Prior Years Earnings 395,114,563 390,682,887 4,431,676 1.1 349,010,999 46,103,564 13.2 Transfers - - - 0.0 (0) 0 -100.0 Total Equity 412,261,753 397,583,977 14,677,776 3.7 363,690,616 48,571,137 13.4

Total Liabilities, Deferred Inflows, and Equity 1,197,189,252 1,247,101,048 (49,911,796) -4.0 1,080,802,006 116,387,246 10.8

Housing Authority (Rollup)Nov-2020Balance Sheet

6

To: IFA Board of Directors From: Karen Klinkefus Date December 7, 2020 Re: YTD November 2020 Financial Results

Overhead Departments ($ in thousands)

Midway through second quarter FY21, the Overhead departments are operating favorable to budget.

Operating Revenue was $346 or 19.2% unfavorable to budget, but 18.7% favorable to last year. Authority fees account for most of this variance.

Operating Expense was $455 or 22.4% favorable to budget and 3.1% favorable to last year. Shared Expenses, Miscellaneous Operating Expense, Employee Expenses, Professional Services Expense, Marketing Expense and Interest Expense were favorable to budget.

$98 $90 $109 $126 $39 $52

$1,476 $1,585

$1,098 $1,095$1,415

$1,748

$1,577$1,676

$1,211 $1,226

$1,456

$1,802

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000


Operating Revenue

Interest Revenue Authority & Other Revenue

$1 $2 $2

$1,112 $1,068 $1,021$879 $965 $1,066

$165$124

$362

$100$98

$120

$1,623$1,763 $1,799

$1,624 $1,574

$2,029

$0

$500

$1,000

$1,500

$2,000

$2,500


Operating Expense


7

As a result, NOIBG was $109 or 48.0% favorable to budget and 70.3% favorable to last year.

General Fund Liquidity The GF short term and long-term liquidity goals of $2.7 million and $10.9 million were $11.6 million and $12.5 million for November.

-$46-$87

-$588

-$398

-$118

-$227

-$700

-$600

-$500

-$400

-$300

-$200

-$100

$0FY17 FY18 FY19 FY20 FY21 Bud21 R2

Net Operating Loss before Grants

8

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %

Operating Revenue

Interest Revenue 7,267 10,271 (3,004) -29.2 17,098 (9,832) -57.5 38,655 52,244 (13,589) -26.0 125,833 (87,178) -69.3

Authority Revenue - - - 0.0 - - 0.0 976,140 1,231,637 (255,497) -20.7 878,480 97,661 11.1

Fee Revenue 400 417 (17) -4.1 1,570 (1,170) -74.5 2,905 2,085 820 39.3 5,270 (2,365) -44.9

Other Revenue 133,906 115,199 18,707 16.2 (500) 134,406 -26881.1 438,503 516,214 (77,711) -15.1 216,768 221,734 102.3

Total Operating Revenue 141,572 125,887 15,685 12.5 18,168 123,404 679.2 1,456,203 1,802,180 (345,978) -19.2 1,226,351 229,852 18.7

Operating Expense

Interest Expense - 54 (54) -100.0 954 (954) -100.0 - 1,818 (1,818) -100.0 2,193 (2,193) -100.0

Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Employee Expenses 201,733 205,691 (3,958) -1.9 153,737 47,996 31.2 965,327 1,066,146 (100,819) -9.5 878,565 86,763 9.9

Shared Expenses 154,165 232,216 (78,051) -33.6 141,691 12,475 8.8 1,112,511 1,394,264 (281,754) -20.2 807,996 304,515 37.7

Marketing Expense 10 16,667 (16,657) -99.9 21,622 (21,612) -100.0 80,490 83,335 (2,845) -3.4 379,516 (299,026) -78.8

Professional Services 9,565 24,053 (14,488) -60.2 30,627 (21,062) -68.8 97,692 120,267 (22,575) -18.8 100,399 (2,706) -2.7

Claim and Loss Expenses - - - 0.0 - - 0.0 (1,000) - (1,000) 0.0 (1,000) - 0.0

Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Miscellaneous Operating Expense (42,454) - (42,454) 0.0 - (42,454) 0.0 (214,873) - (214,873) 0.0 - (214,873) 0.0

Overhead Allocation (24,741) (99,371) 74,630 -75.1 (113,699) 88,957 -78.2 (466,064) (636,864) 170,800 -26.8 (543,809) 77,745 -14.3

Total Operating Expense 298,277 379,310 (81,033) -21.4 234,932 63,345 27.0 1,574,084 2,028,966 (454,882) -22.4 1,623,859 (49,775) -3.1

Net Operating Income (Loss) Before Grants (156,705) (253,424) 96,719 -38.2 (216,764) 60,059 -27.7 (117,881) (226,786) 108,905 -48.0 (397,508) 279,627 -70.3

Net Grant (Income) Expense

Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Intra-Agency Transfers - (500,000) 500,000 -100.0 - - 0.0 (1,000,000) (2,000,000) 1,000,000 -50.0 (8,000,000) 7,000,000 -87.5

Total Net Grant (Income) Expense - (500,000) 500,000 -100.0 - - 0.0 (1,000,000) (2,000,000) 1,000,000 -50.0 (8,000,000) 7,000,000 -87.5

Net Operating Income (Loss) After Grants (156,705) 246,576 (403,281) -163.6 (216,764) 60,059 -27.7 882,119 1,773,214 (891,095) -50.3 7,602,492 (6,720,373) -88.4

Other Non-Operating (Income) Expense (1,395) - (1,395) 0.0 2,555 (3,950) -154.6 1,685 - 1,685 0.0 (193) 1,878 -973.0

Net Income (Loss) (155,310) 246,576 (401,886) -163.0 (219,319) 64,010 -29.2 880,434 1,773,214 (892,780) -50.3 7,602,685 (6,722,251) -88.4

IFA Home Dept Staff Count 25 27 (2) -5.7 21 4 19.0 25 27 (2) -7.7 22 3 14.7

FTE Staff Count 18 20 (2) -10.1 17 1 4.2 18 20 (2) -11.3 18 0 2.3

Income Statement

Overhead (Rollup)


9


Operating Revenue

Interest Revenue 7,267 10,271 (3,004) -29.2 17,098 (9,832) -57.5 38,655 52,244 (13,589) -26.0 125,833 (87,178) -69.3

Authority Revenue - - - 0.0 - - 0.0 976,140 1,231,637 (255,497) -20.7 878,480 97,661 11.1

Fee Revenue - - - 0.0 600 (600) -100.0 - - - 0.0 600 (600) -100.0

Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Operating Revenue 7,267 10,271 (3,004) -29.2 17,698 (10,432) -58.9 1,014,795 1,283,881 (269,086) -21.0 1,004,913 9,883 1.0

Operating Expense

Interest Expense - 54 (54) -100.0 954 (954) -100.0 - 1,818 (1,818) -100.0 2,193 (2,193) -100.0


Employee Expenses 65,084 62,185 2,899 4.7 45,549 19,535 42.9 286,716 328,677 (41,961) -12.8 307,853 (21,138) -6.9

Shared Expenses 197 8,100 (7,903) -97.6 6,699 (6,502) -97.1 25,700 47,175 (21,475) -45.5 52,768 (27,068) -51.3

Marketing Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Professional Services 2,538 11,267 (8,729) -77.5 99 2,439 2457.1 12,189 56,333 (44,144) -78.4 17,989 (5,800) -32.2

Claim and Loss Expenses - - - 0.0 - - 0.0 (1,000) - (1,000) 0.0 (1,000) - 0.0


Miscellaneous Operating Expense - - - 0.0 - - 0.0 (23,511) - (23,511) 0.0 - (23,511) 0.0

Overhead Allocation (23,732) (21,286) (2,446) 11.5 (15,811) (7,920) 50.1 (93,318) (100,387) 7,068 -7.0 (86,311) (7,008) 8.1

Total Operating Expense 44,087 60,320 (16,233) -26.9 37,491 6,596 17.6 206,775 333,617 (126,842) -38.0 293,492 (86,718) -29.5

Net Operating Income (Loss) Before Grants (36,821) (50,049) 13,229 -26.4 (19,793) (17,028) 86.0 808,021 950,264 (142,244) -15.0 711,420 96,600 13.6


Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Intra-Agency Transfers - (500,000) 500,000 -100.0 - - 0.0 (1,000,000) (2,000,000) 1,000,000 -50.0 (8,000,000) 7,000,000 -87.5

Total Net Grant (Income) Expense - (500,000) 500,000 -100.0 - - 0.0 (1,000,000) (2,000,000) 1,000,000 -50.0 (8,000,000) 7,000,000 -87.5

Net Operating Income (Loss) After Grants (36,821) 449,951 (486,771) -108.2 (19,793) (17,028) 86.0 1,808,021 2,950,264 (1,142,244) -38.7 8,711,420 (6,903,400) -79.2

Other Non-Operating (Income) Expense (1,395) - (1,395) 0.0 2,555 (3,950) -154.6 1,685 - 1,685 0.0 (193) 1,878 -973.0

Net Income (Loss) (35,426) 449,951 (485,376) -107.9 (22,348) (13,077) 58.5 1,806,336 2,950,264 (1,143,929) -38.8 8,711,613 (6,905,278) -79.3

IFA Home Dept Staff Count 6 6 - 0.0 5 1 20.0 6 6 - 0.0 5 1 11.1

FTE Staff Count 5 6 (1) -11.2 6 (1) -12.3 5 6 (1) -21.4 6 (2) -26.2

Income Statement

010 - Admin


10


Operating Revenue

Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Fee Revenue 400 417 (17) -4.1 970 (570) -58.8 2,905 2,085 820 39.3 4,670 (1,765) -37.8

Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Operating Revenue 400 417 (17) -4.1 970 (570) -58.8 2,905 2,085 820 39.3 4,670 (1,765) -37.8

Operating Expense

Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0


Employee Expenses 75,876 85,439 (9,563) -11.2 51,260 24,615 48.0 404,011 423,628 (19,616) -4.6 355,260 48,751 13.7

Shared Expenses 14,383 14,801 (418) -2.8 13,637 746 5.5 143,771 146,665 (2,894) -2.0 139,314 4,458 3.2


Professional Services (1,183) 5,120 (6,303) -123.1 4,544 (5,727) -126.0 20,732 25,600 (4,868) -19.0 22,444 (1,712) -7.6

Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0



Overhead Allocation 101 7,799 (7,698) -98.7 10,169 (10,068) -99.0 37,228 53,581 (16,353) -30.5 47,525 (10,297) -21.7

Total Operating Expense 89,176 113,159 (23,983) -21.2 79,609 9,567 12.0 583,899 649,473 (65,574) -10.1 564,543 19,356 3.4

Net Operating Income (Loss) Before Grants (88,776) (112,742) 23,966 -21.3 (78,639) (10,137) 12.9 (580,995) (647,388) 66,394 -10.3 (559,873) (21,121) 3.8


Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Intra-Agency Transfers - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Net Grant (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Operating Income (Loss) After Grants (88,776) (112,742) 23,966 -21.3 (78,639) (10,137) 12.9 (580,995) (647,388) 66,394 -10.3 (559,873) (21,121) 3.8

Other Non-Operating (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Income (Loss) (88,776) (112,742) 23,966 -21.3 (78,639) (10,137) 12.9 (580,995) (647,388) 66,394 -10.3 (559,873) (21,121) 3.8

IFA Home Dept Staff Count 14 14 - 0.0 11 3 27.3 14 14 - 0.0 11 3 22.8

FTE Staff Count 9 8 1 9.0 6 2 38.9 8 8 0 5.3 7 1 18.4

Income Statement

011 - Acctg & Finance


11


Operating Revenue



Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Operating Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Operating Expense



Employee Expenses 39,500 38,234 1,266 3.3 36,672 2,828 7.7 172,060 198,742 (26,682) -13.4 113,712 58,348 51.3

Shared Expenses 61 225 (164) -72.9 6,581 (6,520) -99.1 358 7,125 (6,767) -95.0 76,901 (76,543) -99.5


Professional Services - 1,000 (1,000) -100.0 - - 0.0 219 5,000 (4,781) -95.6 4,872 (4,652) -95.5



Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Overhead Allocation 46 3,558 (3,512) -98.7 2,205 (2,159) -97.9 16,985 24,446 (7,461) -30.5 10,307 6,679 64.8

Total Operating Expense 39,607 43,017 (3,410) -7.9 45,458 (5,851) -12.9 189,622 235,313 (45,691) -19.4 205,791 (16,168) -7.9



Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0



Net Operating Income (Loss) After Grants (39,607) (43,017) 3,410 -7.9 (45,458) 5,851 -12.9 (189,622) (235,313) 45,691 -19.4 (205,791) 16,168 -7.9


Net Income (Loss) (39,607) (43,017) 3,410 -7.9 (45,458) 5,851 -12.9 (189,622) (235,313) 45,691 -19.4 (205,791) 16,168 -7.9

IFA Home Dept Staff Count 3 5 (2) -33.3 3 - 0.0 3 5 (2) -33.3 3 - 0.0

FTE Staff Count 2 4 (1) -35.1 2 (0) -3.7 2 4 (2) -47.9 2 0 1.1

Income Statement

014 - Information Technology


12


Operating Revenue



Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Other Revenue - - - 0.0 (500) 500 -100.0 425 - 425 0.0 216,768 (216,343) -99.8

Total Operating Revenue - - - 0.0 (500) 500 -100.0 425 - 425 0.0 216,768 (216,343) -99.8

Operating Expense



Employee Expenses 7,278 19,783 (12,505) -63.2 20,256 (12,978) -64.1 38,372 114,849 (76,478) -66.6 101,739 (63,367) -62.3

Shared Expenses 3,700 2,410 1,290 53.5 1,817 1,882 103.6 15,965 21,550 (5,585) -25.9 11,087 4,878 44.0

Marketing Expense 10 16,667 (16,657) -99.9 21,622 (21,612) -100.0 80,490 83,335 (2,845) -3.4 379,516 (299,026) -78.8

Professional Services 8,211 6,667 1,544 23.2 25,984 (17,774) -68.4 64,501 33,333 31,167 93.5 55,094 9,407 17.1




Overhead Allocation 28 1,950 (1,921) -98.5 2,695 (2,667) -98.9 10,470 17,604 (7,134) -40.5 12,597 (2,127) -16.9

Total Operating Expense 19,226 47,476 (28,250) -59.5 72,374 (53,148) -73.4 178,717 270,672 (91,955) -34.0 560,033 (381,315) -68.1



Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0



Net Operating Income (Loss) After Grants (19,226) (47,476) 28,250 -59.5 (72,874) 53,648 -73.6 (178,292) (270,672) 92,380 -34.1 (343,264) 164,972 -48.1


Net Income (Loss) (19,226) (47,476) 28,250 -59.5 (72,874) 53,648 -73.6 (178,292) (270,672) 92,380 -34.1 (343,264) 164,972 -48.1

IFA Home Dept Staff Count 2 2 - 0.0 2 - 0.0 2 3 (1) -23.1 2 - 0.0

FTE Staff Count 1 2 (1) -37.5 2 (1) -41.6 1 3 (1) -50.3 2 (1) -40.2

Income Statement

019 - Marketing


13


Operating Revenue



Fee Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Other Revenue 29,885 37,262 (7,377) -19.8 - 29,885 0.0 125,824 164,529 (38,705) -23.5 - 125,824 0.0

Total Operating Revenue 29,885 37,262 (7,377) -19.8 - 29,885 0.0 125,824 164,529 (38,705) -23.5 - 125,824 0.0

Operating Expense



Employee Expenses 13,856 50 13,806 27612.9 - 13,856 0.0 62,433 250 62,183 24873.1 - 62,433 0.0

Shared Expenses 30,757 37,351 (6,594) -17.7 - 30,757 0.0 178,771 187,955 (9,184) -4.9 - 178,771 0.0


Professional Services - - - 0.0 - - 0.0 51 - 51 0.0 - 51 0.0



Miscellaneous Operating Expense (42,454) - (42,454) 0.0 - (42,454) 0.0 (138,437) - (138,437) 0.0 - (138,437) 0.0

Overhead Allocation - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Total Operating Expense 2,160 37,401 (35,242) -94.2 - 2,160 0.0 102,817 188,205 (85,388) -45.4 - 102,817 0.0

Net Operating Income (Loss) Before Grants 27,725 (139) 27,864 -20046.1 - 27,725 0.0 23,007 (23,676) 46,683 -197.2 - 23,007 0.0


Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0



Net Operating Income (Loss) After Grants 27,725 (139) 27,864 -20046.1 - 27,725 0.0 23,007 (23,676) 46,683 -197.2 - 23,007 0.0


Net Income (Loss) 27,725 (139) 27,864 -20046.1 - 27,725 0.0 23,007 (23,676) 46,683 -197.2 - 23,007 0.0

IFA Home Dept Staff Count - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

FTE Staff Count - - - 0.0 - - 0.0 2 - 2 0.0 - 2 0.0

Income Statement

Tenant Expenses (Rollup)


14

Actuals Bud21 R2 Difference % Last Year Difference %

Assets and Deferred Outflows

Cash & Cash Equivelents 11,642,852 11,107,188 535,664 4.8 10,249,488 1,393,363 13.6

Investments - - - 0.0 265,268 (265,268) -100.0

Mortgage Backed Securities 818,152 789,970 28,182 3.6 970,526 (152,374) -15.7

Line of Credit 699,700 1,552,200 (852,500) -54.9 1,334,700 (635,000) -47.6

Loans - net of reserve for losses 515,023 473,809 41,214 8.7 479,790 35,233 7.3

Capital Assets (net of accumulated depreciation) 14,093,180 14,779,037 (685,857) -4.6 12,663,962 1,429,218 11.3

Other Assets 1,230,305 1,254,688 (24,383) -1.9 969,284 261,021 26.9

Deferred Outflows 1,092,499 1,368,390 (275,891) -20.2 1,368,390 (275,891) -20.2

Total Assets and Deferred Outflows 30,091,711 31,325,282 (1,233,571) -3.9 28,301,408 1,790,302 6.3

Liabilities, Deferred Inflows, and Equity

Debt - 419,785 (419,785) -100.0 98,759 (98,759) -100.0

Interest Payable - - - 0.0 - - 0.0

Unearned Revenue 746,328 832,142 (85,815) -10.3 1,162,290 (415,962) -35.8

Escrow Deposits - - - 0.0 - - 0.0

Reserves for Claims - - - 0.0 - - 0.0

Accounts Payable & Accrued Liabilities 2,003,839 1,863,422 140,417 7.5 1,748,057 255,783 14.6

Other liabilities 4,621,100 5,834,856 (1,213,756) -20.8 5,501,630 (880,530) -16.0

Deferred Inflows 1,049,139 279,578 769,561 275.3 401,051 648,088 161.6

Total Liabilities and Deferred Inflows 8,420,406 9,229,784 (809,378) -8.8 8,911,787 (491,381) -5.5

Equity

YTD Earnings(Loss) 880,434 1,773,214 (892,780) -50.3 7,602,685 (6,722,251) -88.4

Prior Years Earnings 20,309,257 20,718,609 (409,353) -2.0 12,498,685 7,810,572 62.5

Transfers 481,614 (396,326) 877,940 -221.5 (711,748) 1,193,362 -167.7

Total Equity 21,671,305 22,095,498 (424,193) -1.9 19,389,622 2,281,683 11.8

Total Liabilities, Deferred Inflows, and Equity 30,091,711 31,325,282 (1,233,571) -3.9 28,301,408 1,790,302 6.3

Overhead (Rollup)

Nov-2020Balance Sheet

15

To: IFA Board of Directors From: Joshua Kasibbo Date December 11, 2020 Re: November 2020 YTD Single Family Financial Results

Single Family Results ($ in thousands)

Five months into FY21, the Single-Family program is operating favorable to budget.

Operating Revenue was $1,556 or 12.0% above budget and $2,018 or 16.1% favorable to last year. Interest Revenue was $1,919 or 15.1% above budget primarily due to gains on MBS sales. Fee Revenue was unfavorable to budget as well as last year due to higher than planned amortization for Service Acquisition Expense resulting from higher prepayment.

Operating Expense was favorable to budget by $3,048 or 27.2% as well as last year by $917 or 10.1%. Interest Expense accounts for $2,738 of the favorable variance. This is explained by high prepayments used to call higher coupon debt and delayed bond issuance. Most expense categories were favorable to budget.

$10,654$9,027

$10,569$12,418

$14,618$12,698

$228

$234

$348

$98

-$85

$278$10,882

$9,263

$10,920

$12,517

$14,535

$12,979

-$2,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


Operating Revenue


$4,551 $5,138$5,973

$7,527$6,474

$9,212$408$388

$364

$336

$321

$391

$211$222

$247

$239

$334

$258

$6,319$7,027

$7,476

$9,062$8,145

$11,192

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


Operating Expense


16

As a result, NOIBG was favorable to budget and last year by $4,604 or 257.7% and $2,312 or 93.7% respectively.

Grant Revenue was $742 or 62.2% below budget as well as last year by $876 or 71.5%. The variances will

gradually net out because reservations started in July unlike in the previous years. Grant Revenue is solely made

up of military DPA.

$4,564

$2,236

$3,444 $3,455

$6,390

$1,787

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000



$1,709

$1,285$1,234

$1,325

$454

$1,200

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800


Grant Revenue


17

Grant Expense was favorable to budget by $287 or 12.5% and below last year by $337 or 14.4%.

Net Operating Income After Grants was favorable to budget by $5,744 and above last year by $2,251. A total of

$850 has been received from Housing Assistance Fund for DPA. Whereas $1,000 has been transferred to General

Fund for liquidity.

$1,709

$1,285 $1,234 $1,325

$454

$1,200

$1,680

$1,138$1,420

$1,008

$1,543

$1,083

$3,390

$2,422$2,654

$2,334

$1,996

$2,283

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000


Grant Expense

Grant Expense - State Grant Expense - IFA

$1,781

-$1,402

$1,874

$2,447

$4,698

-$1,046

-$2,000

-$1,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000


Net Operating Income (Loss) after Grants

18

MBS Activity ($ in thousands)

Series Purchased Sold Net DPA Grant

Funds

Available

RHF Security (034) 12,029 - 12,029 - 2,464

RHF Program (053) - - - 807 3,373

Retired MBS (058) - - - - 7,663

2020 ABC (068) 6,648 6,648 - 1,505

2020 DEF (069) 58,546 58,546 308 17,879

SF Warehouse Acct (054) 38,849 (46,734) (7,885) - 17,534

Total Single Family 116,072 (46,734) 69,338 1,115 50,417

General Fund - - - - -

MBS Purchases were $9,372 or 8.8% favorable to budget.

$123,772

$100,888 $100,015

$165,492

$116,072$106,700

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000


MBS Purchases

19

SF Portfolio Analysis ($ in thousands)

Balance Chg

Mortgage Backed Sec - Cost 736,217 69,338 (53,703) 751,853 2%

Other SF Loans (net of reserve) 2,033 (128) 1,905 -6%

SF Second Mortgage DPA 4,679 2,131 (32) 6,778 45%

Warehouse Loans - LOC 16,270 21,430 32%

Subtotal 759,199 71,469 (53,863) 781,966 3%

MBS - FMVA 52,117 2,520 54,637 5%

Total Portfolio 811,317 73,989 (53,863) 836,603 3%

DescriptionYTD FY21

6/30/20 Balance Additions Reduction

Other Activity

A total of $454 has been disbursed to date.

33 18

1,958 1,853

1,674 1,579

-

225

340

500

611 840

0

500

1,000

1,500

2,000

2,500

Beg. Bal Jul Aug Sep Oct Nov

Military DPA (in thousands)

Available Grant Outstanding Reservations

20

Total assets and deferred outflows were 6.0% below budget due to high MBS prepayments and less than

planned proceeds from bond issuance.

$2,029 $1,840 $1,974 $1,964

$1,115 $1,153

$1,179$1,003

$1,003

$2,178

$1,662 $1,398

$3,208$2,843 $2,977

$5,961

$4,871

$3,683

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000


MBS Acquisition Costs

DPA Grants Service Release Premiums 2nd Mortgage DPA

$99,422 $117,353 $122,421 $105,824$58,022 $94,672

$419,072$463,649

$527,602

$702,433 $827,920$853,854$3,516

$3,114

$2,729

$4,110

$8,678

$7,454

$540,739$599,360

$676,113

$841,970

$930,111$989,640

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000


Assets

Cash, CE, & Inv Mortgage Backed Securities Loans Other Assets

21

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 58,022,058 92,166,322 (34,144,263) -37.0 103,314,507 (45,292,449) -43.8 Investments - 2,506,086 (2,506,086) -100.0 2,509,570 (2,509,570) -100.0 Mortgage Backed Securities 806,489,835 830,888,799 (24,398,964) -2.9 678,064,412 128,425,423 18.9 Line of Credit 21,430,411 22,965,437 (1,535,027) -6.7 24,368,659 (2,938,248) -12.1 Loans - net of reserve for losses 8,677,758 7,453,747 1,224,011 16.4 4,109,813 4,567,945 111.1 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 24,542,078 26,933,518 (2,391,441) -8.9 22,708,329 1,833,748 8.1 Deferred Outflows 10,948,672 6,726,018 4,222,654 62.8 6,894,934 4,053,738 58.8Total Assets and Deferred Outflows 930,110,811 989,639,927 (59,529,116) -6.0 841,970,224 88,140,588 10.5

Liabilities, Deferred Inflows, and Equity Debt 690,086,746 763,837,161 (73,750,416) -9.7 644,019,519 46,067,227 7.2 Interest Payable 5,786,440 8,780,914 (2,994,475) -34.1 5,759,761 26,679 0.5 Unearned Revenue 1,579,214 832,916 746,298 89.6 120,416 1,458,798 1211.5 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 500,162 462,341 37,821 8.2 465,228 34,933 7.5 Other liabilities 8,599,165 4,200,126 4,399,039 104.7 4,200,126 4,399,039 104.7 Deferred Inflows 1,838,665 1,677,582 161,082 9.6 2,182,800 (344,136) -15.8 Total Liabilities and Deferred Inflows 708,390,391 779,791,040 (71,400,650) -9.2 656,747,851 51,642,540 7.9

Equity YTD Earnings(Loss) 4,746,090 (1,046,301) 5,792,391 -553.6 9,466,887 (4,720,796) -49.9 Prior Years Earnings 216,506,452 210,340,041 6,166,411 2.9 175,349,764 41,156,687 23.5 Transfers 467,879 555,147 (87,269) -15.7 405,722 62,157 15.3 Total Equity 221,720,421 209,848,887 11,871,534 5.7 185,222,373 36,498,048 19.7

Total Liabilities, Deferred Inflows, and Equity 930,110,811 989,639,927 (59,529,116) -6.0 841,970,224 88,140,588 10.5

Single Family (Rollup)Nov-2020Balance Sheet

22

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 2,875,004 2,569,194 305,810 11.9 2,503,155 371,849 14.9 14,617,713 12,698,235 1,919,478 15.1 12,417,921 2,199,792 17.7 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 5,151 55,552 (50,401) -90.7 45,326 (40,175) -88.6 (84,900) 277,761 (362,661) -130.6 97,949 (182,849) -186.7 Other Revenue - - - 0.0 - - 0.0 2,000 3,000 (1,000) -33.3 1,000 1,000 100.0Total Operating Revenue 2,880,155 2,624,746 255,409 9.7 2,548,481 331,675 13.0 14,534,813 12,978,996 1,555,818 12.0 12,516,870 2,017,943 16.1

Operating Expense Interest Expense 1,186,196 1,729,398 (543,202) -31.4 1,456,200 (270,005) -18.5 6,474,011 9,212,052 (2,738,041) -29.7 7,526,513 (1,052,502) -14.0 Authority Expense - - - 0.0 - - 0.0 910,631 1,166,204 (255,572) -21.9 811,857 98,775 12.2 Employee Expenses 62,841 75,255 (12,414) -16.5 70,902 (8,061) -11.4 320,655 391,094 (70,439) -18.0 336,124 (15,469) -4.6 Shared Expenses 2,268 3,630 (1,362) -37.5 2,547 (279) -10.9 63,855 68,155 (4,300) -6.3 62,826 1,030 1.6 Marketing Expense - 2,500 (2,500) -100.0 - - 0.0 459 37,500 (37,041) -98.8 32,099 (31,640) -98.6 Professional Services 18,051 13,360 4,691 35.1 19,602 (1,551) -7.9 333,804 258,103 75,701 29.3 239,123 94,681 39.6 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 10 (10) -100.0 - - - 0.0 10 (10) -100.0 Overhead Allocation 112 8,627 (8,516) -98.7 11,394 (11,282) -99.0 41,184 59,274 (18,090) -30.5 53,251 (12,067) -22.7Total Operating Expense 1,269,467 1,832,771 (563,304) -30.7 1,560,655 (291,187) -18.7 8,144,599 11,192,381 (3,047,782) -27.2 9,061,802 (917,203) -10.1

Net Operating Income (Loss) Before Grants 1,610,688 791,975 818,713 103.4 987,826 622,862 63.1 6,390,215 1,786,615 4,603,600 257.7 3,455,068 2,935,146 85.0

Net Grant (Income) Expense Grant Revenue (95,000) (200,000) 105,000 -52.5 (65,000) (30,000) 46.2 (453,702) (1,200,000) 746,298 -62.2 (1,325,387) 871,685 -65.8 Grant Expense 397,182 415,738 (18,556) -4.5 258,132 139,050 53.9 1,996,412 2,282,916 (286,504) -12.5 2,333,503 (337,092) -14.4 Intra-Agency Transfers - 500,000 (500,000) -100.0 - - 0.0 150,000 1,750,000 (1,600,000) -91.4 - 150,000 0.0Total Net Grant (Income) Expense 302,182 715,738 (413,556) -57.8 193,132 109,050 56.5 1,692,710 2,832,916 (1,140,206) -40.2 1,008,116 684,593 67.9

Net Operating Income (Loss) After Grants 1,308,506 76,236 1,232,269 1616.4 794,694 513,811 64.7 4,697,505 (1,046,301) 5,743,806 -549.0 2,446,952 2,250,553 92.0

Other Non-Operating (Income) Expense (396,387) - (396,387) 0.0 438,867 (835,255) -190.3 (48,585) - (48,585) 0.0 (7,019,934) 6,971,349 -99.3

Net Income (Loss) 1,704,893 76,236 1,628,657 2136.3 355,827 1,349,066 379.1 4,746,090 (1,046,301) 5,792,391 -553.6 9,466,887 (4,720,796) -49.9

IFA Home Dept Staff Count 4 7 (3) -42.9 7 (3) -42.9 5 7 (2) -31.4 6 (2) -25.0FTE Staff Count 5 9 (4) -45.0 9 (4) -43.0 6 9 (3) -32.3 8 (2) -23.5

Income StatementSingle Family (Rollup)


23

To: IFA Board Members From: Jennifer Pulford Date December 14, 2020 Re: November 2020 YTD Multi-Family Financial Results

Multi-Family Results ($ in thousands)

Multi-Family programs are operating favorable to budget through the end of November.

Operating Revenue was $310 or 6.8% above budget and $1,133 or 30.3% above last year. LIHTC fee revenue was $455 above budget due to timing of compliance fees received in November but budgeted for December. Interest revenue was $155 below budget due to lower investment and loan balances.

Operating Expense was $417 or 15.9% below budget and $176 or 7.4% below last year. All expense categories except Shared Expenses were below budget, with Employee Expenses being the largest contributor.

$2,429 $2,473 $2,546 $2,324 $2,174 $2,329

$1,499$1,737

$1,998

$1,407

$2,698 $2,232

$3,928$4,215

$4,554

$3,739

$4,872$4,562

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000


Operating Revenue


$648 $530 $559 $525 $382 $493

$1,361$1,308 $1,277 $1,285

$1,278$1,427

$282$374 $325 $253

$185

$305

$2,969

$2,675

$2,333 $2,390$2,214

$2,631

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


Operating Expense


24

NOIBG was $727 or 37.7% above budget and $1,310 or 97.2% above last year.

MF Portfolio Analysis ($ in whole dollars)

$960

$1,540

$2,221

$1,348

$2,658

$1,931

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000



$1,069

$810 $817

$196

$1,066$1,100

$0

$200

$400

$600

$800

$1,000

$1,200


Loan Disbursements

# 6/30/2020 Additions Transfers Reductions End Bal CHG #Multifamily Program Loans 44 23,883,836 1,065,643 0 (273,736) 24,675,743 3% 45Multifamily Real Estate Owned 0 0 0 0 0 0 N/A 0Multifamily Loans 6 34,292,800 0 0 (252,713) 34,040,087 -1% 6

50 58,176,635 1,065,643 0 (526,448) 58,715,830 51Loan Reserves (1,579,000) 0 0 44,000 (1,535,000) -3%Capitalized Interest Reserves (24,000) 0 0 5,000 (19,000) -21%Total Portfolio 56,573,635 1,065,643 0 (477,448) 57,161,830 1%

25

MF Commitments ($ in whole dollars)

Commitment Date

Original Commitment

10/31/2020 Balance

Monthly Activity

11/30/2020 Balance

Remaining Commitment

Grants Homes for Iowa, Inc 6/5/2019 1,200,000 300,000 120,000 420,000 780,000Total Grants 1,200,000 300,000 120,000 420,000 780,000

Construction LoansMF-20-001 - Champions Ridge 11/6/2019 250,000 250,000 0 250,000 0MF-20-002 - ECDC/Bear Creek 5/1/2019 300,000 160,000 0 160,000 140,000

Total Construction 550,000 410,000 0 410,000 140,000

Permanent LoansWF-19-001 - City of Garner 11/7/2018 360,000 350,629 0 350,629 9,371MF-20-004 - CHI North Bay 11/7/2018 964,000 0 0 0 964,000MF-XX-XXX - Latitude Lofts 10/2/2019 2,040,000 0 0 0 2,040,000

Total Permanent 3,364,000 350,629 0 350,629 3,013,371

Totals 5,114,000 1,060,629 120,000 1,180,629 3,933,371xxx = no loan agreement signed

26

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 439,165 469,043 (29,879) -6.4 448,731 (9,566) -2.1 2,173,678 2,328,816 (155,138) -6.7 2,323,822 (150,144) -6.5 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 539,886 305,354 234,532 76.8 245,380 294,507 120.0 2,698,296 2,231,641 466,655 20.9 1,406,806 1,291,490 91.8 Other Revenue - - - 0.0 - - 0.0 - 2,000 (2,000) -100.0 8,000 (8,000) -100.0Total Operating Revenue 979,051 774,398 204,653 26.4 694,110 284,941 41.1 4,871,974 4,562,457 309,517 6.8 3,738,628 1,133,346 30.3

Operating Expense Interest Expense 75,407 97,344 (21,937) -22.5 90,671 (15,264) -16.8 381,805 492,738 (110,933) -22.5 524,540 (142,734) -27.2 Authority Expense - - - 0.0 - - 0.0 65,509 65,434 75 0.1 66,623 (1,114) -1.7 Employee Expenses 245,957 275,893 (29,936) -10.9 251,347 (5,390) -2.1 1,278,248 1,426,638 (148,390) -10.4 1,285,247 (6,999) -0.5 Shared Expenses 26,312 1,600 24,712 1544.5 4,001 22,311 557.7 128,384 109,200 19,184 17.6 93,701 34,684 37.0 Marketing Expense - - - 0.0 - - 0.0 790 2,370 (1,580) -66.7 1,700 (910) -53.5 Professional Services 4,016 59,119 (55,103) -93.2 37,782 (33,766) -89.4 185,496 304,600 (119,104) -39.1 252,662 (67,166) -26.6 Claim and Loss Expenses (1,000) - (1,000) 0.0 (10,000) 9,000 -90.0 (4,000) - (4,000) 0.0 (38,000) 34,000 -89.5 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 10 - 10 0.0 40 (30) -75.0 - - - 0.0 40 (40) -100.0 Overhead Allocation 11,782 36,248 (24,466) -67.5 42,476 (30,694) -72.3 177,415 230,343 (52,929) -23.0 203,757 (26,343) -12.9Total Operating Expense 362,483 470,203 (107,720) -22.9 416,317 (53,833) -12.9 2,213,648 2,631,323 (417,676) -15.9 2,390,270 (176,622) -7.4

Net Operating Income (Loss) Before Grants 616,568 304,195 312,373 102.7 277,794 338,774 122.0 2,658,326 1,931,133 727,192 37.7 1,348,358 1,309,968 97.2

Net Grant (Income) Expense Grant Revenue (5,577,563) (5,000,000) (577,563) 11.6 (5,411,823) (165,741) 3.1 (28,571,388) (25,000,000) (3,571,388) 14.3 (27,295,284) (1,276,104) 4.7 Grant Expense 5,697,563 5,000,000 697,563 14.0 5,411,823 285,741 5.3 28,751,388 25,000,000 3,751,388 15.0 27,574,901 1,176,487 4.3 Intra-Agency Transfers - - - 0.0 - - 0.0 (199,163) - (199,163) 0.0 8,000,000 (8,199,163) -102.5Total Net Grant (Income) Expense 120,000 - 120,000 0.0 - 120,000 0.0 (19,163) - (19,163) 0.0 8,279,617 (8,298,780) -100.2

Net Operating Income (Loss) After Grants 496,568 304,195 192,373 63.2 277,794 218,774 78.8 2,677,489 1,931,133 746,355 38.6 (6,931,259) 9,608,748 -138.6

Other Non-Operating (Income) Expense 983 - 983 0.0 2,939 (1,955) -66.5 9,295 - 9,295 0.0 12,955 (3,659) -28.2

Net Income (Loss) 495,585 304,195 191,390 62.9 274,855 220,729 80.3 2,668,194 1,931,133 737,060 38.2 (6,944,214) 9,612,407 -138.4

IFA Home Dept Staff Count 26 28 (2) -7.1 25 1 4.0 25 28 (3) -10.0 25 0 0.8FTE Staff Count 24 26 (2) -8.5 24 (0) -0.5 23 26 (3) -9.8 24 (0) -1.6

Income StatementMulti Family (Rollup)


27

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 56,839,481 54,324,253 2,515,228 4.6 55,106,571 1,732,910 3.1 Investments 128,000 919,323 (791,323) -86.1 875,092 (747,092) -85.4 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 57,161,830 58,667,940 (1,506,110) -2.6 56,201,334 960,496 1.7 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 591,116 237,665 353,451 148.7 285,811 305,305 106.8 Deferred Outflows 466,677 418,267 48,411 11.6 418,267 48,411 11.6Total Assets and Deferred Outflows 115,187,105 114,567,448 619,656 0.5 112,887,075 2,300,030 2.0

Liabilities, Deferred Inflows, and Equity Debt 34,533,984 34,533,984 - 0.0 36,298,799 (1,764,816) -4.9 Interest Payable 127,237 154,368 (27,131) -17.6 140,595 (13,358) -9.5 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits 8,595,086 7,885,586 709,500 9.0 7,777,593 817,494 10.5 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 27,876 70,762 (42,886) -60.6 17,361 10,515 60.6 Other liabilities 466,677 418,267 48,411 11.6 418,267 48,411 11.6 Deferred Inflows 2,531 - 2,531 0.0 1,309 1,223 93.4 Total Liabilities and Deferred Inflows 43,753,391 43,062,966 690,425 1.6 44,653,923 (900,532) -2.0

Equity YTD Earnings(Loss) 2,668,194 1,931,133 737,060 38.2 (6,944,214) 9,612,407 -138.4 Prior Years Earnings 69,708,403 69,751,914 (43,510) -0.1 74,916,950 (5,208,546) -7.0 Transfers (942,884) (178,565) (764,318) 428.0 394,227 (1,337,111) -339.2 Total Equity 71,433,713 71,504,482 (70,769) -0.1 68,366,963 3,066,750 4.5

Total Liabilities, Deferred Inflows, and Equity 115,187,105 114,567,448 619,656 0.5 113,020,886 2,166,218 1.9

Multi Family (Rollup)Nov-2020Balance Sheet

28

To: IFA Board Members From: Stephanie Willis Date December 8, 2020 Re: November 2020 YTD Financial Results

Federal and State Programs ($ in thousands)

Federal and State programs operated favorable to budget in the middle of the second quarter of FY2021.

Operating Revenue was unfavorable to budget and prior year by $105 or 43.5%, and $228 or 62.6%, respectively. Fee Revenue was below budget by $45 or 71.1% mainly due to timing of closings in the Private Activity Bond program.

Operating Expense was $93 or 5.9% favorable to budget and $893 or 150.3%, unfavorable to prior year. The $762 increase in Professional Services from prior year is due to the new Covid relief programs.

$135$166

$219 $233

$118$178

$157 $105

$202$132

$18

$63

$292 $271

$421

$364

$136

$241

$0$50

$100$150$200$250$300$350$400$450


Operating Revenue

Interest Revenue Fee Revenue

$583 $531 $549 $451 $564 $697

$56 $130 $97$92

$854$830

$273 $640 $634 $594

$1,487$1,580

-$500

$0

$500

$1,000

$1,500

$2,000


Operating Expense

Employee Expenses Professional Services Other Expenses

29

NOIBG was comparable to budget by $12 or 0.9% and unfavorable to prior year by $1,121 or 487.8%.

Grant Revenue was favorable to budget at $5,113 or 4.6% Real estate transfer tax accounted for $1,824, Beginning Farmers was $2,442, and HOME was $1,651 of the increase. We saw a significant increase from prior year by $105,003 or 916.6%. The increase is explained by the new CARES Act programs, Eviction and Foreclosure, Iowa Beginning Farmer’s Debt Relief Fund, and Iowa Livestock Producer’s Relief Fund, which accounted for $106,663 in Federal Grant revenue.

$19

-$369

-$214 -$230

-$1,351 -$1,339

-$1,600

-$1,400

-$1,200

-$1,000

-$800

-$600

-$400

-$200

$0

$200



$7,053 $4,356 $4,995 $4,801

$106,633 $104,459

$4,483 $4,715 $4,841 $6,658

$9,859 $6,920

$11,591 $9,121 $9,836 $11,459

$116,492 $111,379

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000


Grant Revenue


30

Grant Expense was comparable to budget with a slight increase of $1,101 or 1.0% and a significant increase from prior year by $99,337 or 1,264.9%. The prior year did not include the CARES Act programs: Eviction and Foreclosure, Iowa Beginning Farmer’s Debt Relief Fund, and Iowa Livestock Producer’s Relief Fund, which accounted for $104,198 in Federal Grant expense.

NOIAG was favorable to budget by $3,202 or 81.0% and favorable to prior year by $3,692 or 106.7%.

$5,356 $3,536 $5,120 $3,873

$104,198 $102,747

$4,453 $3,842 $3,356 $3,980

$2,992 $3,342

$9,809 $7,378 $8,476 $7,853

$107,190 $106,089

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000


Grant Expense

Grant Expense - Federal Grant Expense - State

$1,774$1,410

$352

$3,460

$7,152

$3,950

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000


Net Operating Income (Loss) after Grants

31

# Balance Additions Payments Balance Chg #500-047 SHTF - Loans 11 2,086,025 - (45,199) 2,040,826 -2.2% 11500-047 SHTF - Cash Flow Loans 6 884,740 - 4,086 888,825 0.5% 6500-049 Senior Living Trust Lns 10 3,420,697 - (65,991) 3,354,707 -1.9% 10500-050 Home & Comm Tr Lns 8 1,832,098 - (57,466) 1,774,632 -3.1% 8500-051 Transitional Housing Lns 2 852,255 - (17,094) 835,161 -2.0% 2500-057 TCAP Loans 12 18,221,366 - (6,696) 18,214,670 0.0% 12500-058 HOME Loans 221 126,760,812 225,512 (4,553,141) 122,433,183 -3.4% 218500-062 CHS Loans 8 776,151 (7,361) 768,790 -0.9% 8Total Portfolio before Cap Int & Reserves 154,834,143 225,512 (4,748,862) 150,310,793 -2.9%Loan Capitalized Interest Reserve (9,118,000) - 240,000 (8,878,000) -2.6%Loan Reserves (98,720,000) - 2,392,000 (96,328,000) -2.4%Total Portfolio 278 46,996,143 225,512 (2,116,862) 45,104,794 -4.0% 275

FSP Loan Portfolio by SeriesJune 30, 2020 Ending Balance

Revolving Loan Fund Commitments ($ in whole dollars)

Cash, Cash Equiv & Investments State Loan FundsSLT 049 3,759,279

HCBS 050 630,123 THF 051 1,386,827 CHS 062 2,085,841

7,862,070

Commitment Date

Original Commitment

10/31/2020 Balance

Monthly Activity 11/30/2020 Balance

Remaining Commitment

Loan CommitmentsSpencer Manor (CHI) 5/1/2019 1,000,000 - - - 1,000,000 Sunset Spencer LLLP 3/30/2017 1,000,000 - - - 1,000,000

Total Commitments 2,000,000 2,000,000

Net Funds Available 5,862,070

$4,379

$1,846

$221

$1,180

$226

$1,390

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000


Loan Disbursements

32

$16,317 $19,216 $20,138 $25,555

$52,774$43,549

$50,763 $51,555 $49,635$51,877

$45,105$48,385

$68,733 $71,002 $70,352 $77,630

$98,088 $91,788

-$20,000

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000


Assets

Cash, CE, & Inv Loans Other Assets

33

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 52,773,911 43,548,650 9,225,261 21.2 25,555,042 27,218,869 106.5 Investments - - - 0.0 - - 0.0 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 45,104,794 48,384,788 (3,279,994) -6.8 51,877,042 (6,772,248) -13.1 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 209,514 (145,027) 354,540 -244.5 197,827 11,687 5.9 Deferred Outflows - - - 0.0 - - 0.0Total Assets and Deferred Outflows 98,088,219 91,788,411 6,299,807 6.9 77,629,910 20,458,308 26.4

Liabilities, Deferred Inflows, and Equity Debt - - - 0.0 - - 0.0 Interest Payable - - - 0.0 - - 0.0 Unearned Revenue 16,421,997 11,957,561 4,464,436 37.3 738,333 15,683,664 2124.2 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims 463,824 463,824 - 0.0 463,824 - 0.0 Accounts Payable & Accrued Liabilities - 1,931 (1,931) -100.0 - - 0.0 Other liabilities - - - 0.0 - - 0.0 Deferred Inflows - - - 0.0 - - 0.0 Total Liabilities and Deferred Inflows 16,885,820 12,423,315 4,462,505 35.9 1,202,156 15,683,664 1304.6

Equity YTD Earnings(Loss) 7,151,520 3,950,064 3,201,456 81.0 3,459,745 3,691,775 106.7 Prior Years Earnings 74,057,487 75,395,288 (1,337,801) -1.8 72,922,398 1,135,089 1.6 Transfers (6,609) 19,744 (26,353) -133.5 (88,201) 81,592 -92.5 Total Equity 81,202,398 79,365,096 1,837,302 2.3 76,293,943 4,908,455 6.4

Total Liabilities, Deferred Inflows, and Equity 98,088,219 91,788,411 6,299,807 6.9 77,496,099 20,592,120 26.6

Federal and State Grant Programs (Rollup)Nov-2020Balance Sheet

34

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 19,399 35,697 (16,298) -45.7 46,026 (26,627) -57.9 118,029 178,247 (60,217) -33.8 232,827 (114,797) -49.3 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 2,880 12,500 (9,620) -77.0 87,033 (84,153) -96.7 18,180 62,800 (44,620) -71.1 131,604 (113,424) -86.2 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 22,279 48,197 (25,918) -53.8 133,059 (110,780) -83.3 136,209 241,047 (104,837) -43.5 364,431 (228,221) -62.6

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 124,147 141,809 (17,662) -12.5 81,878 42,269 51.6 564,193 697,446 (133,253) -19.1 451,179 113,014 25.0 Shared Expenses 225 608 (383) -62.9 567 (342) -60.3 939 8,240 (7,301) -88.6 7,784 (6,845) -87.9 Marketing Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Professional Services 149,757 103,408 46,349 44.8 295 149,461 50584.3 853,690 830,059 23,630 2.8 91,684 762,005 831.1 Claim and Loss Expenses (2,000) (12,000) 10,000 -83.3 (154,000) 152,000 -98.7 (6,000) (60,000) 54,000 -90.0 (49,000) 43,000 -87.8 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - 25 (25) -100.0 20 (20) -100.0 60 125 (65) -52.0 70 (10) -14.3 Overhead Allocation 5,480 16,901 (11,422) -67.6 18,731 (13,251) -70.7 74,605 104,553 (29,948) -28.6 92,617 (18,012) -19.4Total Operating Expense 277,609 250,751 26,858 10.7 (52,508) 330,117 -628.7 1,487,487 1,580,424 (92,937) -5.9 594,335 893,152 150.3

Net Operating Income (Loss) Before Grants (255,330) (202,554) (52,776) 26.1 185,567 (440,896) -237.6 (1,351,277) (1,339,377) (11,900) 0.9 (229,904) (1,121,373) 487.8

Net Grant (Income) Expense Grant Revenue (18,970,109) (15,948,252) (3,021,857) 18.9 (2,874,383) (16,095,726) 560.0 (116,492,174) (111,378,624) (5,113,550) 4.6 (11,458,973) (105,033,201) 916.6 Grant Expense 13,817,859 13,129,891 687,968 5.2 1,056,700 12,761,159 1207.6 107,190,214 106,089,183 1,101,031 1.0 7,853,142 99,337,072 1264.9 Intra-Agency Transfers - - - 0.0 (20,686) 20,686 -100.0 799,163 - 799,163 0.0 (83,818) 882,981 -1053.4Total Net Grant (Income) Expense (5,152,250) (2,818,360) (2,333,889) 82.8 (1,838,369) (3,313,881) 180.3 (8,502,798) (5,289,441) (3,213,356) 60.8 (3,689,649) (4,813,148) 130.5

Net Operating Income (Loss) After Grants 4,896,920 2,615,807 2,281,113 87.2 2,023,935 2,872,984 142.0 7,151,520 3,950,064 3,201,456 81.0 3,459,745 3,691,775 106.7


Net Income (Loss) 4,896,920 2,615,807 2,281,113 87.2 2,023,935 2,872,984 142.0 7,151,520 3,950,064 3,201,456 81.0 3,459,745 3,691,775 106.7

IFA Home Dept Staff Count 7 8 (1) -12.5 6 1 16.7 6 8 (2) -25.0 6 - 0.0FTE Staff Count 12 10 2 18.8 8 4 54.1 10 10 (0) -0.7 8 2 23.7

Income StatementFederal and State Grant Programs (Rollup)


35

To: IFA and IADD Board Members From: Becky WuDate: December 14, 2020Re: November 2020 YTD IADD Financial Results

Iowa Agricultural Development Division Results ($ in thousands)

At end of November FY21, IADD operated unfavorable to budget.

Operating Revenue was $80 or 31.2% unfavorable to budget and $58 or 24.7% unfavorable to last year. Interest Revenue and Fee Revenue both being less than budget due to early loan payoffs and less new loans.

Operating Expense was $63 or 30.4% favorable to budget and $54 or 27.1% favorable to last year. All expense categories being favorable to budget. Primarily due to Employee Expenses and Professional Services.

$47 $61 $76$106 $88

$114

$204

$288

$120

$131

$89

$144

$252

$349

$196

$236

$178

$258

$0

$50

$100

$150

$200

$250

$300

$350

$400


Operating Revenue


$0 $0 $1 $6 $3 $6

$108 $113 $103$115

$89$120

$93$114

$33

$62

$38

$55

$227$247

$156

$197

$143

$206

$0

$50

$100

$150

$200

$250

$300


Operating Expense


36

Net Income was $18 or 34.3% unfavorable to budget and $5 or 12.8% unfavorable to last year.

Notes: There was $468 available for administrative expenses. Restricted Rural Rehab Trust funds (includes cash, cash equivalents, and funds due from MF) balance was

$683. LPP loan disbursements of $700 from the IFA Line of Credit. The LPP loan balance net of reserves was $6,303.

LPP Loan Commitments

LPP Bank Commitment DateOriginal Commitment

($ in actual)P0295 First Citizens Bank 8/5/2020 200,000P0296 First Community Bank 9/2/2020 150,000P0297 Northwest Bank 10/7/2020 31,500P0298 Northwest Bank 10/7/2020 31,500P0299 American Bank 11/4/2020 200,000

613,000Total Commitment

$24

$102

$40 $39$34

$52

$0

$20

$40

$60

$80

$100

$120


Net Operating Income

37

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 1,089,054 800,613 288,441 36.0 930,738 158,317 17.0 Investments - - - 0.0 - - 0.0 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 6,303,744 7,274,312 (970,569) -13.3 6,906,311 (602,568) -8.7 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 70,572 238,403 (167,831) -70.4 143,439 (72,868) -50.8 Deferred Outflows - - - 0.0 - - 0.0Total Assets and Deferred Outflows 7,463,370 8,313,328 (849,958) -10.2 7,980,488 (517,118) -6.5

Liabilities, Deferred Inflows, and Equity Debt 699,700 1,552,200 (852,500) -54.9 1,334,700 (635,000) -47.6 Interest Payable - 9,861 (9,861) -100.0 - - 0.0 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 4,639 12,663 (8,025) -63.4 5,827 (1,188) -20.4 Other liabilities - - - 0.0 - - 0.0 Deferred Inflows - - - 0.0 - - 0.0 Total Liabilities and Deferred Inflows 704,339 1,574,724 (870,385) -55.3 1,340,527 (636,188) -47.5

Equity YTD Earnings(Loss) 34,427 52,434 (18,006) -34.3 39,464 (5,037) -12.8 Prior Years Earnings 6,724,604 6,686,171 38,433 0.6 6,600,498 124,106 1.9 Transfers - - - 0.0 - - 0.0 Total Equity 6,759,031 6,738,605 20,427 0.3 6,639,962 119,070 1.8

Total Liabilities, Deferred Inflows, and Equity 7,463,370 8,313,328 (849,958) -10.2 7,980,488 (517,118) -6.5

Agriculture Development Division (Rollup)Nov-2020Balance Sheet

38

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 16,251 23,290 (7,038) -30.2 21,209 (4,957) -23.4 88,397 113,987 (25,590) -22.5 105,721 (17,324) -16.4 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 20,128 19,725 403 2.0 17,540 2,588 14.8 89,484 144,425 (54,941) -38.0 130,554 (41,070) -31.5 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 36,380 43,015 (6,635) -15.4 38,749 (2,369) -6.1 177,881 258,412 (80,531) -31.2 236,275 (58,394) -24.7

Operating Expense Interest Expense 583 1,294 (710) -54.9 1,112 (529) -47.6 3,285 6,468 (3,183) -49.2 5,859 (2,574) -43.9 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 11,336 22,829 (11,493) -50.3 22,074 (10,738) -48.6 88,970 119,874 (30,904) -25.8 115,339 (26,369) -22.9 Shared Expenses 26 290 (264) -91.0 176 (149) -85.1 579 1,450 (871) -60.0 973 (394) -40.5 Marketing Expense - 700 (700) -100.0 375 (375) -100.0 - 3,500 (3,500) -100.0 625 (625) -100.0 Professional Services 1,264 6,352 (5,088) -80.1 5,827 (4,563) -78.3 38,451 54,659 (16,208) -29.7 62,128 (23,677) -38.1 Claim and Loss Expenses - (541) 541 -100.0 (1,000) 1,000 -100.0 1,000 3,953 (2,953) -74.7 (3,000) 4,000 -133.3 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Overhead Allocation 30 2,340 (2,309) -98.7 3,185 (3,155) -99.1 11,168 16,074 (4,906) -30.5 14,887 (3,719) -25.0Total Operating Expense 13,239 33,263 (20,024) -60.2 31,748 (18,510) -58.3 143,453 205,978 (62,525) -30.4 196,811 (53,358) -27.1

Net Operating Income (Loss) Before Grants 23,141 9,752 13,389 137.3 7,001 16,140 230.6 34,427 52,434 (18,006) -34.3 39,464 (5,037) -12.8

Net Grant (Income) Expense Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Intra-Agency Transfers - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Operating Income (Loss) After Grants 23,141 9,752 13,389 137.3 7,001 16,140 230.6 34,427 52,434 (18,006) -34.3 39,464 (5,037) -12.8


Net Income (Loss) 23,141 9,752 13,389 137.3 7,001 16,140 230.6 34,427 52,434 (18,006) -34.3 39,464 (5,037) -12.8

IFA Home Dept Staff Count 2 2 - 0.0 2 - 0.0 2 2 - 0.0 2 - 0.0FTE Staff Count 1 2 (1) -56.3 2 (1) -56.6 2 2 (1) -23.3 2 (1) -24.3

Income StatementAgriculture Development Division (Rollup)


39

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Income

Interest Revenue - Loans 16,005 19,920 (3,915) -19.7% 19,310 (3,305) -17% 85,389 96,755 (11,366) -12% 98,318 (12,929) -13%Interest Revenue - CE & Inv 247 3,369 (3,123) -92.7% 1,898 (1,652) -87% 3,008 17,232 (14,224) -83% 7,403 (4,395) -59%

Fee Inc - BFLP 20,428 18,750 1,678 9.0% 17,340 3,088 18% 51,861 93,750 (41,889) -45% 76,204 (24,343) -32% Fee Inc - LPP - 875 (875) -100.0% - - 0% 10,713 4,375 6,338 145% 200 10,513 5256%

Fee Inc - BFTC (300) 100 (400) -400.0% 200 (500) -250% 26,910 46,300 (19,390) -42% 54,150 (27,240) -50%Fee Inc - BFCH TC - - - 0.0% - - 0% - - - 0% - - 0%

Total Operating Income 36,380 43,015 (6,635) -15.4% 38,749 (2,369) -6% 177,881 258,412 (80,531) -31% 236,275 (58,394) -25%

Operating ExpenseEmployee Expenses 11,336 22,829 (11,493) -50.3% 22,074 (10,738) -49% 88,970 119,874 (30,904) -26% 115,339 (26,369) -23%Shared Expenses 26 290 (264) -91.0% 176 (149) -85% 579 1,450 (871) -60% 973 (394) -40%Marketing Expense - 700 (700) -100.0% 375 (375) -100% - 3,500 (3,500) -100% 625 (625) -100%Professional Services 1,264 6,352 (5,088) -80.1% 5,827 (4,563) -78% 38,451 54,659 (16,208) -30% 62,128 (23,677) -38%Claim and Loss Expenses - (541) 541 -100.0% (1,000) 1,000 -100% 1,000 3,953 (2,953) -75% (3,000) 4,000 -133%

Operating Expense 13,239 33,263 (20,024) -60.2% 31,748 (18,510) -58% 143,453 205,978 (62,525) -30% 196,811 (53,358) -27%

Net Grant (Income) Expense - - - 0.0% - - 0% - - - 0% - - 0%

Net Income (Loss) 23,141 9,752 13,389 137.3% 7,001 16,140 231% 34,427 52,434 (18,006) -34% 39,464 (5,037) -13%

Balance Sheet Admin RRTF TotalAssets

Cash & Cash Equivelents 456,427 632,628 1,089,054 Investments - - - Loans - net of reserves 950,249 5,353,495 6,303,744 Other Assets 2,103 68,469 70,572

Total Assets 1,408,779 6,054,591 7,463,370

Liabilities and EquityA/P - STATE - - - A/P - IFA - - - A/P - MISC 4,639 - 4,639

Total Liabilities 704,339 - 704,339

Current Years Earnings (30,611) 65,039 34,427 Prior Years Earnings 735,052 5,989,553 6,724,604

Equity 704,440 6,054,591 6,759,031

Total Liabilities and Equity 1,408,779 6,054,591 7,463,370

YTD as of Nov-2020Agriculture Development Division (Rollup)

Nov-2020Income Statement

40

To: IFA & ITG Board Members From: David Morrison Date: December 15, 2020 RE: November 2020 YTD Financial Results

Iowa Title Guaranty Financial Results ($ in thousands)

ITG is operating favorably to budget through the second month of the second quarter of FY21.

Operating revenue was $1,930, or 59.1% above budget and 43.1% above last year.

Operating expense was $504, or 18.2% unfavorable to budget and 31.6% unfavorable to last year. Employee expenses were favorable to budget $37, Other Expenses $100 – due to $45 lower Marketing, $43 lower facility allocations; offset by unfavorable Professional Services ($640) – primarily related to higher incentive payments.

$20 $36 $56 $84

$3,464 $3,231 $3,057$3,510

$5,158

$3,237

$3,555$3,319 $3,148

$3,629

$5,192

$3,262

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000


Operating Revenue


$835 $898 $774 $709$921 $958

$1,539 $1,346$1,317 $1,344

$2,122

$1,481

$383$399

$317 $437

$233

$333

$2,756 $2,642$2,408 $2,490

$3,276

$2,772

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


Operating Expense

Employee Expenses Professional Services Other Expenses

41

Transfers to Housing Assistance Fund from Title Guaranty on track with budget.

As a result, NOIAG is $1,426 favorable to budget and $612 favorable to last year.

Commitments increased 11.3% ($3.196M vs $2.870M) compared to October, while outstanding receivables decreased 23.4% in November ($279k to $365k primarily in >30 days, 30>60 days and 60>90 days aging).

$20$36

$56

$84

$250 $250

$0

$50

$100

$150

$200

$250

$300

FY17 FY18 FY19 FY20 FY21 Bud21

Transfers to Housing Assistance

$779$642 $684

$1,055

$1,667

$241

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800


Net Operating Income after Grants

$(3,195,970)

$115,739 $37,466 $21,558 $74,414 $21,846 $8,136

(3,500,000) (3,000,000) (2,500,000) (2,000,000) (1,500,000) (1,000,000)

(500,000) -

500,000

Commit Deposits >30 30>60 60>90 90>1yr >1yr >2yr

Open A/R $

42

Iowa Title Guaranty issued 54.1 commitments FYTD November compared to 34.7 in FY20.

Iowa Title Guaranty issued 45.1 certificates FYTD November compared to 38.1 in FY20 (in red font).

3.93.1 3.2 3.2

3.9

5.35.9

6.67.4 7.5 7.4 7.0

5.4

5.45.0 5.0

6.2

11.0

12.0

10.511.6 11.8

11.1 11.0 10.8

9.4

0

2

4

6

8

10

12

14

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Monthly Trend - Commitments - Rolling 12 Months

PY - Commitments Issued CY - Commitments Issued

7.06.2

9.0

5.9 5.5 5.0 5.05.6

6.97.2 7.5

8.6

7.9

7.9 7.9

11.9

8.9

7.1 7.3 7.27.9 7.9

7.6

9.7

11.1

8.9

0

2

4

6

8

10

12

14

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Monthly Trend - Certificates Issued- Rolling 12 Months

PY - Certificates Issued CY - Certificates Issued

43

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 20,686 (20,686) -100.0 - - - 0.0 83,818 (83,818) -100.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 981,868 710,535 271,333 38.2 851,345 130,523 15.3 5,158,308 3,237,429 1,920,879 59.3 3,509,513 1,648,795 47.0 Other Revenue 17,080 5,000 12,080 241.6 3,561 13,519 379.7 33,744 25,000 8,744 35.0 35,363 (1,619) -4.6Total Operating Revenue 998,948 715,535 283,413 39.6 875,591 123,357 14.1 5,192,051 3,262,429 1,929,622 59.1 3,628,693 1,563,358 43.1

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 178,009 180,013 (2,004) -1.1 147,456 30,554 20.7 920,800 957,810 (37,010) -3.9 709,022 211,779 29.9 Shared Expenses 17,777 13,778 3,999 29.0 17,775 2 0.0 99,934 100,061 (127) -0.1 118,872 (18,937) -15.9 Marketing Expense 1,424 33,640 (32,216) -95.8 15,773 (14,349) -91.0 1,848 47,185 (45,337) -96.1 35,401 (33,553) -94.8 Professional Services 446,969 309,500 137,469 44.4 346,872 100,098 28.9 2,121,565 1,481,425 640,140 43.2 1,344,175 777,389 57.8 Claim and Loss Expenses (75) 2,586 (2,661) -102.9 38,848 (38,923) -100.2 (1,368) 8,007 (9,375) -117.1 134,326 (135,693) -101.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 17,205 7,550 9,655 127.9 4,660 12,545 269.2 35,721 37,750 (2,029) -5.4 38,093 (2,372) -6.2 Overhead Allocation 263 20,326 (20,063) -98.7 23,522 (23,260) -98.9 97,026 139,645 (42,619) -30.5 109,937 (12,912) -11.7Total Operating Expense 661,573 567,394 94,179 16.6 594,905 66,668 11.2 3,275,526 2,771,883 503,643 18.2 2,489,825 785,701 31.6

Net Operating Income (Loss) Before Grants 337,375 148,141 189,234 127.7 280,686 56,689 20.2 1,916,525 490,546 1,425,979 290.7 1,138,868 777,657 68.3

Net Grant (Income) Expense Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Intra-Agency Transfers - - - 0.0 20,686 (20,686) -100.0 250,000 250,000 - 0.0 83,818 166,182 198.3Total Net Grant (Income) Expense - - - 0.0 20,686 (20,686) -100.0 250,000 250,000 - 0.0 83,818 166,182 198.3

Net Operating Income (Loss) After Grants 337,375 148,141 189,234 127.7 260,001 77,375 29.8 1,666,525 240,546 1,425,979 592.8 1,055,050 611,475 58.0


Net Income (Loss) 337,375 148,141 189,234 127.7 260,001 77,375 29.8 1,666,525 240,546 1,425,979 592.8 1,055,050 611,475 58.0

IFA Home Dept Staff Count 18 19 (1) -5.3 14 4 28.6 18 19 (1) -5.3 13 5 40.6FTE Staff Count 20 21 (1) -2.4 15 5 32.2 21 21 (0) -0.7 16 5 30.9

Income StatementIowa Title Guaranty Division (Rollup)


44

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 20,686 (20,686) -100.0 - - - 0.0 83,818 (83,818) -100.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 946,186 655,160 291,026 44.4 751,544 194,642 25.9 4,881,803 3,018,180 1,863,623 61.7 3,244,452 1,637,351 50.5 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 946,186 655,160 291,026 44.4 772,230 173,956 22.5 4,881,803 3,018,180 1,863,623 61.7 3,328,270 1,553,533 46.7

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 146,405 147,839 (1,434) -1.0 114,754 31,651 27.6 751,846 783,788 (31,942) -4.1 563,553 188,293 33.4 Shared Expenses 17,068 12,963 4,104 31.7 17,238 (171) -1.0 92,880 91,901 979 1.1 116,917 (24,037) -20.6 Marketing Expense 724 32,945 (32,221) -97.8 15,178 (14,454) -95.2 948 42,840 (41,892) -97.8 31,906 (30,958) -97.0 Professional Services 446,611 309,400 137,211 44.3 346,872 99,740 28.8 2,119,352 1,480,925 638,427 43.1 1,344,049 775,303 57.7 Claim and Loss Expenses (75) 679 (754) -111.0 29,848 (29,923) -100.3 (1,368) 4,235 (5,603) -132.3 154,060 (155,428) -100.9 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 370 300 70 23.3 187 183 97.9 1,740 1,500 240 16.0 2,149 (409) -19.0 Overhead Allocation 211 16,329 (16,118) -98.7 18,499 (18,288) -98.9 77,946 112,185 (34,239) -30.5 86,461 (8,515) -9.8Total Operating Expense 611,313 520,455 90,858 17.5 542,576 68,737 12.7 3,043,345 2,517,374 525,971 20.9 2,299,095 744,250 32.4

Net Operating Income (Loss) Before Grants 334,873 134,705 200,168 148.6 229,654 105,219 45.8 1,838,459 500,806 1,337,652 267.1 1,029,175 809,284 78.6

Net Grant (Income) Expense Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Intra-Agency Transfers - - - 0.0 20,686 (20,686) -100.0 250,000 250,000 - 0.0 83,818 166,182 198.3Total Net Grant (Income) Expense - - - 0.0 20,686 (20,686) -100.0 250,000 250,000 - 0.0 83,818 166,182 198.3

Net Operating Income (Loss) After Grants 334,873 134,705 200,168 148.6 208,968 125,905 60.3 1,588,459 250,806 1,337,652 533.3 945,357 643,102 68.0


Net Income (Loss) 334,873 134,705 200,168 148.6 208,968 125,905 60.3 1,588,459 250,806 1,337,652 533.3 945,357 643,102 68.0

IFA Home Dept Staff Count 14 15 (1) -6.7 10 4 40.0 14 15 (1) -6.7 9 5 52.2FTE Staff Count 16 17 (0) -1.6 12 5 40.1 17 17 0 0.8 12 4 35.1

Income Statement800-020 Residential


45

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 35,682 55,375 (19,693) -35.6 99,801 (64,119) -64.2 276,505 219,249 57,256 26.1 265,061 11,444 4.3 Other Revenue 17,080 5,000 12,080 241.6 3,561 13,519 379.7 33,744 25,000 8,744 35.0 35,363 (1,619) -4.6Total Operating Revenue 52,762 60,375 (7,613) -12.6 103,361 (50,599) -49.0 310,248 244,249 65,999 27.0 300,424 9,825 3.3

Operating Expense Interest Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 31,605 32,175 (570) -1.8 32,702 (1,097) -3.4 168,954 174,022 (5,068) -2.9 145,468 23,486 16.1 Shared Expenses 710 815 (105) -12.9 537 173 32.3 7,054 8,160 (1,106) -13.5 1,955 5,099 260.9 Marketing Expense 700 695 5 0.7 595 105 17.6 900 4,345 (3,445) -79.3 3,495 (2,595) -74.2 Professional Services 358 100 258 258.1 - 358 0.0 2,213 500 1,713 342.6 127 2,086 1646.6 Claim and Loss Expenses - 1,907 (1,907) -100.0 9,000 (9,000) -100.0 (0) 3,772 (3,772) -100.0 (19,735) 19,735 -100.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 16,835 7,250 9,585 132.2 4,473 12,362 276.4 33,981 36,250 (2,269) -6.3 35,944 (1,963) -5.5 Overhead Allocation 52 3,997 (3,945) -98.7 5,023 (4,971) -99.0 19,079 27,460 (8,381) -30.5 23,476 (4,397) -18.7Total Operating Expense 50,259 46,939 3,321 7.1 52,329 (2,070) -4.0 232,182 254,510 (22,328) -8.8 190,730 41,451 21.7

Net Operating Income (Loss) Before Grants 2,503 13,436 (10,934) -81.4 51,033 (48,530) -95.1 78,067 (10,261) 88,327 -860.8 109,694 (31,627) -28.8

Net Grant (Income) Expense Grant Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Grant Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Intra-Agency Transfers - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0

Net Operating Income (Loss) After Grants 2,503 13,436 (10,934) -81.4 51,033 (48,530) -95.1 78,067 (10,261) 88,327 -860.8 109,694 (31,627) -28.8


Net Income (Loss) 2,503 13,436 (10,934) -81.4 51,033 (48,530) -95.1 78,067 (10,261) 88,327 -860.8 109,694 (31,627) -28.8

IFA Home Dept Staff Count 4 4 - 0.0 4 - 0.0 4 4 - 0.0 4 0 11.1FTE Staff Count 4 4 (0) -6.1 4 0 6.6 4 4 (0) -6.9 3 0 14.9

Income Statement800-030 Commercial


46

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 15,967,068 12,166,410 3,800,658 31.2 12,364,467 3,602,600 29.1 Investments - - - 0.0 - - 0.0 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses - - - 0.0 - - 0.0 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 710,479 544,772 165,707 30.4 695,463 15,016 2.2 Deferred Outflows 270,190 307,669 (37,479) -12.2 307,669 (37,479) -12.2Total Assets and Deferred Outflows 16,947,737 13,018,851 3,928,886 30.2 13,367,600 3,580,137 26.8

Liabilities, Deferred Inflows, and Equity Debt - - - 0.0 - - 0.0 Interest Payable - - - 0.0 - - 0.0 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits 1,022,755 1,134,994 (112,239) -9.9 1,446,788 (424,033) -29.3 Reserves for Claims 1,395,179 1,008,734 386,445 38.3 1,076,686 318,493 29.6 Accounts Payable & Accrued Liabilities 3,635,140 1,487,184 2,147,956 144.4 1,709,842 1,925,298 112.6 Other liabilities 1,164,189 1,267,687 (103,498) -8.2 1,267,687 (103,498) -8.2 Deferred Inflows 255,588 88,843 166,745 187.7 88,843 166,745 187.7 Total Liabilities and Deferred Inflows 7,472,851 4,987,442 2,485,409 49.8 5,589,847 1,883,005 33.7

Equity YTD Earnings(Loss) 1,666,525 240,546 1,425,979 592.8 1,055,050 611,475 58.0 Prior Years Earnings 7,808,360 7,790,863 17,497 0.2 6,722,703 1,085,657 16.1 Transfers - - - 0.0 - - 0.0 Total Equity 9,474,885 8,031,409 1,443,476 18.0 7,777,753 1,697,132 21.8


Iowa Title Guaranty Division (Rollup)Nov-2020Balance Sheet

47

To: IFA Board Members From: Michelle Thomas Date December 10, 2020 Re: November 2020 YTD Financial Results

State Revolving Fund Results ($ in thousands) With the second quarter of FY21 underway, SRF was operating favorable to budget.

Operating Revenue was $1,760 or 8.5% unfavorable to budget and 12.4% unfavorable to last year.

Operating Expense was $855 or 4.0% unfavorable to budget and 7.2% unfavorable to last year. Interest Expense relating to bonds was unfavorable to budget by $1,887. Miscellaneous Operating Expense which accounts for DNR administrative expenses was favorable to budget by $942. Professional Services, Overhead Allocation, Employee Expenses, and Marketing Expense were favorable to budget.

$15,667 $16,450 $17,678 $19,003$15,759

$17,924

$1,880$2,246

$2,698$2,619

$3,187

$2,783$17,548$18,697

$20,376$21,623

$18,946$20,706

$0

$5,000

$10,000

$15,000

$20,000

$25,000


Operating Revenue


$13,417 $13,439 $14,328$17,278

$18,856$16,968

$3,477 $3,106$3,777

$3,244$3,149

$4,181$16,893 $16,544

$18,105$20,522

$22,005 $21,150

$0

$5,000

$10,000

$15,000

$20,000

$25,000


Operating Expense

Interest Expense Other Expenses

48

NOIBG was $2,615 or 589.7% unfavorable to budget and 377.8% unfavorable to last year.

CAP Grant Revenue was $4,258 or 15.3% favorable to budget and 3.5% favorable to last year.

$654

$2,153 $2,271

$1,101

-$3,058

-$443

-$4,000

-$3,000

-$2,000

-$1,000

$0

$1,000

$2,000

$3,000


Net Operating Income (Loss) Before Grants

$3,034

$21,636 $23,572$28,007

$30,173

$24,892

$4,521

$23,749$26,331

$31,068 $32,146$27,888

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000


CAP Grant Revenue

Loans Admin DW Set Asides

49

Grant Expense was $2,599 or 79.9% favorable to budget and 81.8% favorable to last year.

Grant Expense relates to the forgivable portion of specific SRF loans. The forgivable portion was favorable to budget as of the end of November 2020.

NOIAG was $4,243 or 17.5% favorable to budget but 0.5% unfavorable to last year.

$2,903

$892

$2,412

$3,599

$654

$3,253

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000


Grant Expense

$2,272

$25,010$26,190

$28,570 $28,434

$24,191

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000


Net Operating Income After Grants

50

Assets were $9,701 or 0.4% favorable to budget and 8.9% favorable to last year.

Loan commitments were $340,262.

$362,304 $227,195 $238,985 $332,623 $397,626 $414,119

$1,568,119 $1,686,399 $1,814,973$1,986,480

$2,133,857 $2,107,071

$1,972,576 $1,952,726$2,090,933

$2,353,647$2,562,220 $2,552,519

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000


Assets

Cash, CE, & Inv Loans Other Assets

$71,731

$92,217

$113,233

$138,273$126,372 $124,823

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000


Loan Disbursements

51

Equity/Program/Admin Fund Balances

Balance at Net Cash Balance atProgram Uses Account 6/30/2020 Inflows (Outflows) 11/30/2020Equity Fund Construction Loans

Clean Water 12069250/1 209,877 (50,702) 159,175Drinking Water 12069253/4 115,844 (11,353) 104,491

Leveraged 82644014/82410107 1,093 (1,093) 0326,814 (63,148) 263,666

Program Fund P&D, CW GNPS, DW SWPClean Water 22546000 40,043 675 40,719Drinking Water 22546001 16,071 (173) 15,898

56,114 503 56,617Administration Fund Administrative Expenses

Clean Water 22546002 13,986 (913) 13,074Drinking Water 22546003 16,786 137 16,922

30,772 (776) 29,996 Federal Capitalization Grants

As of 11/30/20

Grant Award Year EPA Awards Remaining EPA Awards Remaining EPA Awards RemainingPrior Years 572,278 - 309,343 - 881,621 - 2018 21,723 - 17,348 250 39,071 250 2019 21,505 - 17,348 3,124 38,853 3,124 2020 21,483 - 17,378 2,023 38,861 2,023

636,989 - 361,417 5,397 998,406 5,397

Total federal capitalization grants received to date: 993,009$

Available for Loan Draws Clean Water Drinking Water Total Available for Set-asides2019 - - - Clean Water - 2020 - - - Drinking Water 5,397

- - - 5,397

Clean Water Drinking Water Total SRF

SRF Loan Portfolio 6/30/2018 6/30/2019 6/30/2020 11/30/2020 YTD Increase

Clean Water 1,245,967 1,393,736 1,527,898 1,610,133 5.4%

Drinking Water 483,827 481,218 497,130 534,294 7.5%Total SRF Loan Portfolio 1,729,794 1,874,954 2,025,028 2,144,427 5.9%

52

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 1,390,735 3,646,746 (2,256,011) -61.9 3,686,326 (2,295,591) -62.3 15,758,883 17,923,706 (2,164,824) -12.1 19,003,213 (3,244,331) -17.1 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 669,506 565,612 103,894 18.4 467,218 202,288 43.3 3,187,447 2,782,584 404,863 14.5 2,619,479 567,967 21.7 Other Revenue - - - 0.0 - - 0.0 - 4 (4) -100.0 4 (4) -100.0Total Operating Revenue 2,060,241 4,212,358 (2,152,117) -51.1 4,153,543 (2,093,303) -50.4 18,946,329 20,706,294 (1,759,965) -8.5 21,622,697 (2,676,367) -12.4

Operating Expense Interest Expense 3,754,393 3,361,189 393,204 11.7 3,419,600 334,793 9.8 18,855,624 16,968,376 1,887,248 11.1 17,277,589 1,578,035 9.1 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 58,061 64,234 (6,173) -9.6 61,807 (3,746) -6.1 312,795 333,351 (20,557) -6.2 306,305 6,490 2.1 Shared Expenses 110 1,491 (1,382) -92.6 1,561 (1,451) -93.0 7,100 7,456 (357) -4.8 2,025 5,075 250.6 Marketing Expense 1,025 4,167 (3,142) -75.4 3,405 (2,380) -69.9 35,698 50,833 (15,136) -29.8 13,999 21,698 155.0 Professional Services 35,765 46,920 (11,155) -23.8 37,783 (2,018) -5.3 209,602 241,544 (31,942) -13.2 214,783 (5,181) -2.4 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 573,026 692,240 (119,214) -17.2 508,616 64,410 12.7 2,519,229 3,461,192 (941,963) -27.2 2,637,615 (118,386) -4.5 Overhead Allocation 7,075 14,930 (7,855) -52.6 14,390 (7,315) -50.8 64,667 86,975 (22,308) -25.6 69,359 (4,692) -6.8Total Operating Expense 4,429,455 4,185,171 244,285 5.8 4,047,161 382,294 9.4 22,004,713 21,149,727 854,986 4.0 20,521,674 1,483,038 7.2

Net Operating Income (Loss) Before Grants (2,369,215) 27,188 (2,396,402) -8814.3 106,382 (2,475,597) -2327.1 (3,058,383) (443,432) (2,614,951) 589.7 1,101,022 (4,159,406) -377.8

Net Grant (Income) Expense Grant Revenue (2,048,916) (2,253,212) 204,296 -9.1 (4,320,147) 2,271,231 -52.6 (32,146,305) (27,887,518) (4,258,787) 15.3 (31,067,904) (1,078,402) 3.5 Grant Expense 94,186 650,537 (556,350) -85.5 365,211 (271,024) -74.2 653,687 3,252,684 (2,598,997) -79.9 3,599,237 (2,945,550) -81.8 Intra-Agency Transfers - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Net Grant (Income) Expense (1,954,730) (1,602,675) (352,055) 22.0 (3,954,937) 2,000,207 -50.6 (31,492,618) (24,634,834) (6,857,785) 27.8 (27,468,667) (4,023,951) 14.6

Net Operating Income (Loss) After Grants (414,485) 1,629,863 (2,044,347) -125.4 4,061,319 (4,475,804) -110.2 28,434,235 24,191,402 4,242,834 17.5 28,569,689 (135,454) -0.5

Other Non-Operating (Income) Expense (3,585) - (3,585) 0.0 34,393 (37,979) -110.4 166,451 - 166,451 0.0 (21,050) 187,502 -890.7

Net Income (Loss) (410,899) 1,629,863 (2,040,762) -125.2 4,026,926 (4,437,825) -110.2 28,267,784 24,191,402 4,076,382 16.9 28,590,740 (322,956) -1.1

IFA Home Dept Staff Count 4 4 - 0.0 4 - 0.0 4 4 - 0.0 4 - 0.0FTE Staff Count 5 6 (1) -13.0 5 (0) -2.7 5 6 (0) -7.2 5 0 2.4

Income StatementState Revolving Fund (Rollup)


53

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 353,928,575 342,664,152 11,264,424 3.3 300,808,909 53,119,666 17.7 Investments 43,697,373 71,454,630 (27,757,256) -38.8 31,814,365 11,883,008 37.4 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 2,133,857,040 2,107,071,244 26,785,795 1.3 1,986,480,290 147,376,750 7.4 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 21,713,356 22,288,968 (575,612) -2.6 22,929,783 (1,216,427) -5.3 Deferred Outflows 9,023,501 9,040,189 (16,688) -0.2 11,613,373 (2,589,872) -22.3Total Assets and Deferred Outflows 2,562,219,845 2,552,519,182 9,700,663 0.4 2,353,646,720 208,573,125 8.9

Liabilities, Deferred Inflows, and Equity Debt 1,515,610,923 1,516,821,180 (1,210,256) -0.1 1,347,907,618 167,703,305 12.4 Interest Payable 20,678,133 18,608,515 2,069,618 11.1 18,432,869 2,245,264 12.2 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 1,387,702 952,876 434,827 45.6 1,162,554 225,148 19.4 Other liabilities 473,125 640,102 (166,977) -26.1 515,310 (42,185) -8.2 Deferred Inflows 111,711 30,947 80,764 261.0 37,110 74,601 201.0 Total Liabilities and Deferred Inflows 1,538,261,595 1,537,053,620 1,207,976 0.1 1,368,055,462 170,206,133 12.4

Equity YTD Earnings(Loss) 28,267,784 24,191,402 4,076,382 16.9 28,590,740 (322,956) -1.1 Prior Years Earnings 995,690,466 991,274,161 4,416,305 0.4 957,000,518 38,689,948 4.0 Transfers - (0) 0 0.0 0 (0) 0.0 Total Equity 1,023,958,250 1,015,465,563 8,492,687 0.8 985,591,258 38,366,992 3.9

Total Liabilities, Deferred Inflows, and Equity 2,562,219,845 2,552,519,182 9,700,663 0.4 2,353,646,720 208,573,125 8.9

State Revolving Fund (Rollup)Nov-2020Balance Sheet

54

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 601,326 2,746,272 (2,144,946) -78.1 2,694,281 (2,092,955) -77.7 11,851,395 13,505,713 (1,654,318) -12.2 13,745,379 (1,893,984) -13.8 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 505,999 441,906 64,093 14.5 343,923 162,077 47.1 2,434,230 2,176,177 258,053 11.9 1,897,682 536,547 28.3 Other Revenue - - - 0.0 - - 0.0 - 4 (4) -100.0 4 (4) -100.0Total Operating Revenue 1,107,325 3,188,179 (2,080,853) -65.3 3,038,203 (1,930,878) -63.6 14,285,624 15,681,894 (1,396,269) -8.9 15,643,065 (1,357,441) -8.7

Operating Expense Interest Expense 2,955,486 2,599,392 356,094 13.7 2,604,762 350,725 13.5 14,774,256 13,101,999 1,672,257 12.8 13,091,067 1,683,189 12.9 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 38,717 43,820 (5,103) -11.6 42,015 (3,298) -7.8 207,559 227,409 (19,850) -8.7 211,306 (3,747) -1.8 Shared Expenses 110 905 (796) -87.9 1,529 (1,420) -92.8 5,332 4,527 805 17.8 1,865 3,467 185.9 Marketing Expense 856 3,027 (2,172) -71.7 2,525 (1,669) -66.1 34,065 15,136 18,929 125.1 8,176 25,889 316.7 Professional Services 22,652 35,055 (12,403) -35.4 25,029 (2,377) -9.5 158,657 181,271 (22,614) -12.5 138,420 20,236 14.6 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 264,247 296,157 (31,910) -10.8 285,877 (21,631) -7.6 1,340,513 1,480,781 (140,268) -9.5 1,178,606 161,907 13.7 Overhead Allocation 4,720 10,282 (5,561) -54.1 9,979 (5,259) -52.7 43,878 60,000 (16,122) -26.9 48,451 (4,573) -9.4Total Operating Expense 3,286,788 2,988,639 298,149 10.0 2,971,717 315,072 10.6 16,564,260 15,071,123 1,493,136 9.9 14,677,891 1,886,368 12.9

Net Operating Income (Loss) Before Grants (2,179,463) 199,540 (2,379,003) -1192.2 66,487 (2,245,950) -3378.0 (2,278,635) 610,770 (2,889,406) -473.1 965,174 (3,243,809) -336.1

Net Grant (Income) Expense Grant Revenue - (158,380) 158,380 -100.0 (218,287) 218,287 -100.0 (15,198,537) (13,754,520) (1,444,017) 10.5 (21,958,347) 6,759,810 -30.8 Grant Expense 87,241 295,956 (208,715) -70.5 76,941 10,300 13.4 608,108 1,479,781 (871,673) -58.9 2,767,339 (2,159,231) -78.0 Intra-Agency Transfers - - - 0.0 4,104,148 (4,104,148) -100.0 - - - 0.0 4,104,148 (4,104,148) -100.0Total Net Grant (Income) Expense 87,241 137,576 (50,335) -36.6 3,962,803 (3,875,562) -97.8 (14,590,429) (12,274,739) (2,315,690) 18.9 (15,086,860) 496,430 -3.3

Net Operating Income (Loss) After Grants (2,266,704) 61,964 (2,328,668) -3758.1 (3,896,316) 1,629,612 -41.8 12,311,794 12,885,510 (573,715) -4.5 16,052,034 (3,740,240) -23.3

Other Non-Operating (Income) Expense (5,489) - (5,489) 0.0 20,729 (26,218) -126.5 76,083 - 76,083 0.0 (9,717) 85,799 -883.0

Net Income (Loss) (2,261,216) 61,964 (2,323,180) -3749.2 (3,917,045) 1,655,829 -42.3 12,235,712 12,885,510 (649,798) -5.0 16,061,750 (3,826,039) -23.8

IFA Home Dept Staff Count 4 4 - 0.0 4 - 0.0 4 4 - 0.0 4 - 0.0FTE Staff Count 4 4 (0) -8.1 4 (0) -4.6 4 4 (0) -7.2 4 (0) -2.4

Income StatementClean Water Programs (Rollup)


55

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 240,138,255 225,465,638 14,672,617 6.5 168,829,839 71,308,416 42.2 Investments 18,898,336 35,181,164 (16,282,827) -46.3 17,683,726 1,214,611 6.9 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 1,608,559,387 1,601,510,830 7,048,556 0.4 1,495,478,220 113,081,166 7.6 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 16,120,171 16,557,762 (437,592) -2.6 16,888,969 (768,798) -4.6 Deferred Outflows 6,189,385 6,201,578 (12,193) -0.2 7,843,902 (1,654,517) -21.1Total Assets and Deferred Outflows 1,889,905,534 1,884,916,973 4,988,561 0.3 1,706,724,656 183,180,878 10.7

Liabilities, Deferred Inflows, and Equity Debt 1,180,688,387 1,181,570,013 (881,627) -0.1 1,016,435,059 164,253,328 16.2 Interest Payable 16,076,443 14,299,223 1,777,220 12.4 13,880,626 2,195,818 15.8 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 1,042,535 504,436 538,099 106.7 901,135 141,400 15.7 Other liabilities 326,829 365,288 (38,459) -10.5 360,522 (33,693) -9.3 Deferred Inflows 75,436 17,214 58,222 338.2 26,000 49,436 190.1 Total Liabilities and Deferred Inflows 1,198,209,630 1,196,756,174 1,453,456 0.1 1,031,603,341 166,606,289 16.2

Equity YTD Earnings(Loss) 12,235,712 12,885,510 (649,798) -5.0 16,061,750 (3,826,039) -23.8 Prior Years Earnings 679,460,192 675,275,289 4,184,903 0.6 659,059,564 20,400,628 3.1 Transfers 0 - 0 0.0 (0) 0 0.0 Total Equity 691,695,904 688,160,799 3,535,105 0.5 675,121,314 16,574,590 2.5

Total Liabilities, Deferred Inflows, and Equity 1,889,905,534 1,884,916,973 4,988,561 0.3 1,706,724,656 183,180,878 10.7

Clean Water Programs (Rollup)Nov-2020Balance Sheet

56

Actuals Bud21 R2 Difference % Last Year Difference % Actuals Bud21 R2 Difference % Last Year Difference %Operating Revenue Interest Revenue 789,409 900,474 (111,065) -12.3 992,045 (202,636) -20.4 3,907,488 4,417,994 (510,506) -11.6 5,257,834 (1,350,346) -25.7 Authority Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Fee Revenue 163,507 123,706 39,801 32.2 123,295 40,211 32.6 753,217 606,407 146,810 24.2 721,797 31,420 4.4 Other Revenue - - - 0.0 - - 0.0 - - - 0.0 - - 0.0Total Operating Revenue 952,916 1,024,180 (71,264) -7.0 1,115,340 (162,424) -14.6 4,660,705 5,024,401 (363,696) -7.2 5,979,631 (1,318,926) -22.1

Operating Expense Interest Expense 798,907 761,797 37,110 4.9 814,838 (15,931) -2.0 4,081,368 3,866,376 214,991 5.6 4,186,521 (105,154) -2.5 Authority Expense - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Employee Expenses 19,344 20,414 (1,070) -5.2 19,792 (448) -2.3 105,236 105,942 (706) -0.7 94,999 10,236 10.8 Shared Expenses - 586 (586) -100.0 32 (32) -100.0 1,768 2,929 (1,161) -39.6 160 1,608 1004.6 Marketing Expense 169 1,140 (970) -85.1 880 (710) -80.7 1,633 35,698 (34,065) -95.4 5,823 (4,191) -72.0 Professional Services 13,113 11,865 1,248 10.5 12,754 359 2.8 50,945 60,273 (9,327) -15.5 76,362 (25,417) -33.3 Claim and Loss Expenses - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Service Release Premium - - - 0.0 - - 0.0 - - - 0.0 - - 0.0 Miscellaneous Operating Expense 308,779 396,083 (87,304) -22.0 222,738 86,041 38.6 1,178,716 1,980,411 (801,695) -40.5 1,459,009 (280,293) -19.2 Overhead Allocation 2,355 4,648 (2,293) -49.3 4,410 (2,056) -46.6 20,789 26,975 (6,186) -22.9 20,908 (119) -0.6Total Operating Expense 1,142,667 1,196,532 (53,865) -4.5 1,075,445 67,223 6.3 5,440,453 6,078,603 (638,150) -10.5 5,843,783 (403,330) -6.9

Net Operating Income (Loss) Before Grants (189,752) (172,352) (17,399) 10.1 39,895 (229,647) -575.6 (779,748) (1,054,203) 274,455 -26.0 135,848 (915,596) -674.0

Net Grant (Income) Expense Grant Revenue (2,048,916) (2,094,832) 45,916 -2.2 (4,101,861) 2,052,945 -50.0 (16,947,768) (14,132,998) (2,814,770) 19.9 (9,109,557) (7,838,211) 86.0 Grant Expense 6,945 354,581 (347,636) -98.0 288,269 (281,324) -97.6 45,579 1,772,903 (1,727,324) -97.4 831,898 (786,319) -94.5 Intra-Agency Transfers - - - 0.0 (4,104,148) 4,104,148 -100.0 - - - 0.0 (4,104,148) 4,104,148 -100.0Total Net Grant (Income) Expense (2,041,971) (1,740,251) (301,720) 17.3 (7,917,740) 5,875,768 -74.2 (16,902,189) (12,360,095) (4,542,094) 36.7 (12,381,807) (4,520,382) 36.5

Net Operating Income (Loss) After Grants 1,852,220 1,567,899 284,321 18.1 7,957,635 (6,105,416) -76.7 16,122,441 11,305,892 4,816,549 42.6 12,517,656 3,604,785 28.8

Other Non-Operating (Income) Expense 1,903 - 1,903 0.0 13,664 (11,761) -86.1 90,369 - 90,369 0.0 (11,334) 101,702 -897.4

Net Income (Loss) 1,850,316 1,567,899 282,417 18.0 7,943,971 (6,093,654) -76.7 16,032,072 11,305,892 4,726,180 41.8 12,528,989 3,503,083 28.0

IFA Home Dept Staff Count - - - 0.0 - - 0.0 - - - 0.0 - - 0.0FTE Staff Count 1 2 (0) -24.1 1 0 3.1 2 2 (0) -7.1 1 0 15.6

Income StatementDrinking Water Programs (Rollup)


57

Actuals Bud21 R2 Difference % Last Year Difference %Assets and Deferred Outflows Cash & Cash Equivelents 113,790,320 117,198,513 (3,408,193) -2.9 131,979,070 (18,188,749) -13.8 Investments 24,799,037 36,273,466 (11,474,429) -31.6 14,130,640 10,668,397 75.5 Mortgage Backed Securities - - - 0.0 - - 0.0 Line of Credit - - - 0.0 - - 0.0 Loans - net of reserve for losses 525,297,653 505,560,414 19,737,239 3.9 491,002,069 34,295,583 7.0 Capital Assets (net of accumulated depreciation) - - - 0.0 - - 0.0 Other Assets 5,593,185 5,731,205 (138,020) -2.4 6,040,814 (447,629) -7.4 Deferred Outflows 2,834,116 2,838,611 (4,495) -0.2 3,769,471 (935,355) -24.8Total Assets and Deferred Outflows 672,314,311 667,602,209 4,712,102 0.7 646,922,064 25,392,247 3.9

Liabilities, Deferred Inflows, and Equity Debt 334,922,537 335,251,166 (328,630) -0.1 331,472,560 3,449,977 1.0 Interest Payable 4,601,690 4,309,292 292,398 6.8 4,552,244 49,446 1.1 Unearned Revenue - - - 0.0 - - 0.0 Escrow Deposits - - - 0.0 - - 0.0 Reserves for Claims - - - 0.0 - - 0.0 Accounts Payable & Accrued Liabilities 345,168 448,440 (103,272) -23.0 261,419 83,748 32.0 Other liabilities 146,296 274,814 (128,518) -46.8 154,788 (8,492) -5.5 Deferred Inflows 36,275 13,733 22,542 164.1 11,110 25,165 226.5 Total Liabilities and Deferred Inflows 340,051,965 340,297,445 (245,480) -0.1 336,452,121 3,599,845 1.1

Equity YTD Earnings(Loss) 16,032,072 11,305,892 4,726,180 41.8 12,528,989 3,503,083 28.0 Prior Years Earnings 316,230,274 315,998,872 231,402 0.1 297,940,954 18,289,320 6.1 Transfers 0 - 0 0.0 - 0 0.0 Total Equity 332,262,346 327,304,764 4,957,582 1.5 310,469,944 21,792,403 7.0


Drinking Water Programs (Rollup)Nov-2020Balance Sheet

58

To: Iowa Finance Authority Board of Directors From: Tim Morlan, Underwriter Date: January 6, 2020 Re: Decorah Woolen Mill

Background: This 15-unit project for the developmentally disabled was completed in

2002 as a rehab of a historic building. Original funding sources included low income housing tax credits, AHP funds, conventional debt, an owner contribution and an IDED Home loan of $330,000. The project is 93% occupied at this time and is normally above 94%. The owner continues to make improvements to the project to keep it marketable. NEICAC, the general partner, is a CHDO and plans to own and operate the project with its continued use in the foreseeable future.

Recommendation: Staff recommends forgiving the HOME loan with no cash payment since

the project has met its affordability requirements and is operating with little to no cash flow at this time. Any excess cash flow in future years will be used for capital improvements.

Borrower: Decorah Woolen Mill, LP HOME Loan Balance: $330,000 HOME Loan payments: $3,300 payment annually; total payments- $56,100 HOME Loan Interest Rate: 1% HOME Loan Maturity Date: 8/31/2023 HOME Affordability End Date: 7/29/2013 2020 YTD (9 months) $17,476 2019 Cash flow: $(2,549) 2018 Cash flow: $12,258 2017 Cash flow: $(9,776) Cash payment: $0

Page 1 of 1

RESOLUTION FIN 21-01

WHEREAS, the Iowa Finance Authority (the “Authority”), in accordance with the statutory directives set forth in Chapter 16 of the Code of Iowa, as amended, works to create, protect and preserve affordable housing for low and moderate income families in the State of Iowa; and

WHEREAS, on August 10, 2001, the Iowa Department of Economic Development,

now succeeded by the Authority, provided a $330,000 affordable housing loan, known as Loan Number 01-HM-219 (“the HOME loan”), to Decorah Woolen Mill, LP (the “Owner”) for the Rehab of a historic building into a 15 unit apartment complex located in Decorah, Winneshiek County, Iowa (the “Project”); and

WHEREAS, due to the Project meeting its HOME affordability requirements and its

inability to make loan payments, the Authority and Owner desire that the HOME loan be forgiven.

NOW, THEREFORE, BE IT RESOLVED by the Board of the Iowa Finance

Authority as follows: SECTION 1. The Board authorizes the Authority to work with the Owner and any

other necessary parties to forgive all or part of the HOME loan balance plus any accrued interest and other capitalized amounts, as the Executive Director, working with Authority staff, deems necessary and appropriate. SECTION 2. Upon settlement of the HOME loan, Authority staff is hereby authorized to write the remaining debt of the HOME loan off of the Authority’s loan account and cease further collection efforts relating to such loan, including releasing the outstanding mortgage securing the HOME loan. SECTION 3. Authority staff is hereby further authorized to work with the Owner to complete and issue the appropriate tax documents associated with the write off of the HOME loan. PASSED AND APPROVED this 6th day of January 2021.

_______________________________ Michel Nelson, Board Chair

(Seal) ATTEST: ________________________________ Deborah Durham, Secretary

To: Iowa Finance Authority Board of Directors From: Kristin Hanks-Bents, Legislative Liaison and Counsel Date: December 29, 2020 Re: Notice of Intended Action to Amend 265—Chapters 11 and 18

Reason for the rule making: The proposed amendments update rules in accordance with changes included in 2020 Iowa Acts, House File 2389, section 10. The changes call for deletions of the word “variance” when the word is used in relation to “waiver.” Amendments are also proposed for the submission of information regarding waivers on the Legislative Services Agency’s Internet site.

Staff recommendation: Staff recommends the Board approve the filing of a Notice of Intended Action to amend chapters 265-11 and 261-18 as set forth in the attached rule making.

Proposed Motion: Move to approve the filing of a Notice of Intended Action to amend chapters 265-11 and 261-18 as proposed.

ITEM 1. Amend rule 265—11.2(16) as follows:

265—11.2(16) Waiver. The authority may by resolution waive or vary particular provisions of

these rules in accordance with rule 265—1.11(16) or, after August 1, 2001, 265—Chapter 18.

ITEM 2. Amend 265—Chapter 18, title, as follows:

WAIVERS AND VARIANCES FROM ADMINISTRATIVE RULES

ITEM 3. Amend rule 265—18.1(17A,16) as follows:

265—18.1(17A,16) Definitions. The following words and phrases, when used in this chapter, shall

have the meanings set forth below unless a meaning is inconsistent with the manifest intent or the context

of a particular rule:

“Authority” means the Iowa finance authority whose powers are exercised by a board of nine voting

members appointed by the governor pursuant to Iowa Code section 16.2.

“Executive director” means the executive director of the authority appointed by the governor pursuant

to Iowa Code section 16.6, or the executive director’s designee.

“Person” means an individual, corporation, limited liability company, government or governmental

subdivision or agency, business trust, trust, partnership or association, or any legal entity.

“Waiver” or “variance” means an action by the authority which suspends in whole or in part the

requirements or provisions of a rule as applied to a person on the basis of the particular circumstances of

that person.


265—18.4(17A,16) Criteria for waiver or variance. In response to a petition completed pursuant

to rule 265—18.6(17A,16), the authority may in its sole discretion issue an order waiving in whole or in

part the requirements of a rule if the authority finds, based on clear and convincing evidence, all of the

following:

1. The application of the rule would impose an undue hardship on the person for whom the waiver is

requested;

2. The waiver from the requirements of the rule in the specific case would not prejudice the substantial

legal rights of any person;

3. The provisions of the rule subject to the petition for a waiver are not specifically mandated by statute

or another provision of law; and

4. Substantially equal protection of public health, safety, and welfare will be afforded by a means other

than that prescribed in the particular rule for which the waiver is requested.

In determining whether a waiver or variance should be granted, the authority shall consider the public

interest, policies and legislative intent of the statute on which the rule is based.


265—18.6(17A,16) Content of petition. A petition for waiver shall include the following

information where applicable and known to the requester (for an example of a petition for waiver or

variance, see Exhibit A at the end of this chapter):

1. The name, address, and telephone number of the person for whom a waiver is being requested and

the case number of any related contested case.

2. A description and citation of the specific rule from which a waiver is requested.

3. The specific waiver requested, including the precise scope and duration.

4. The relevant facts that the petitioner believes would justify a waiver under each of the four criteria

described in rule 265—18.4(17A,16). This statement shall include a signed statement from the petitioner

attesting to the accuracy of the facts provided in the petition and a statement of reasons that the petitioner

believes will justify a waiver.

5. A history of any prior contacts between the authority and the petitioner relating to the regulated

activity or license affected by the proposed waiver, including a description of each affected license held by

https://www.legis.iowa.gov/docs/ico/section/16.2.pdf

https://www.legis.iowa.gov/docs/ico/section/16.6.pdf

https://www.legis.iowa.gov/docs/iac/rule/265.18.6.pdf

the requester, any notices of violation, contested case hearings, or investigative reports relating to the

regulated activity or license within the last five years.

6. Any information known to the requester regarding the authority’s treatment of similar cases.

7. The name, address, and telephone number of any public agency or political subdivision which also

regulates the activity in question, or which might be affected by the granting of a waiver.

8. The name, address, and telephone number of any person who would be adversely affected by the

granting of a petition.

9. The name, address, and telephone number of any person with knowledge of the relevant facts

relating to the proposed waiver.

10. Signed releases of information authorizing persons with knowledge regarding the request to furnish

the authority with information relevant to the waiver.


265—18.12(17A,16) Summary reports Submission of waiver information. The authority shall

semiannually prepare a summary report identifying Within 60 days of granting or denying a waiver, the

authority shall make a submission on the Internet site established pursuant to Iowa Code section 17A.9A

for the submission of waiver information. The submission shall identify the rules for which a waiver has

been granted or denied, the number of times a waiver was granted or denied for each rule, a citation to the

statutory provisions implemented by these rules, and a general summary of the reasons justifying the

authority’s actions on waiver requests. If practicable, the report shall detail the extent to which granting a

waiver has established a precedent for additional waivers and the extent to which the granting of a waiver

has affected the general applicability of the rule itself. Copies of this report shall be available for public

inspection and shall be provided semiannually to the administrative rules coordinator and the administrative

rules review committee.


265—18.13(17A,16) Voiding or cancellation. A waiver or variance is void if the material facts

upon which the petition is based are not true or if material facts have been withheld. A waiver or variance

issued by the authority pursuant to this chapter may be withdrawn, canceled, or modified if, after

appropriate notice and hearing, the authority issues an order finding any of the following:

1. That the petitioner or the person who was the subject of the waiver order withheld or misrepresented

material facts relevant to the propriety or desirability of the waiver; or

2. That the alternative means for ensuring that the public health, safety and welfare will be adequately

protected after issuance of the waiver order have been demonstrated to be insufficient; or

3. That the subject of the waiver order has failed to comply with all conditions contained in the order.

ITEM 8. Amend 265—Chapter 18, Exhibit A, Sample Petition for Waiver or Variance as follows:

Exhibit A

Sample Petition for Waiver/Variance

BEFORE THE IOWA FINANCE AUTHORITY

Petition by (insert name of

petitioner) for the waiver of

(insert rule citation) relating to

(insert the subject matter).

} PETITION FOR

WAIVER

A petition for waiver or variance from a rule adopted by the authority shall include the following

information in the petition for waiver or variance where applicable and known:

a. Provide the petitioner’s (person asking for a waiver or variance) name, address, and telephone

number.

b. Describe and cite the specific rule from which a waiver or variance is requested.

c. Describe the specific waiver or variance requested; include the exact scope and operative time period

that the waiver or variance will extend.

d. Explain the important facts that the petitioner believes justify a waiver or variance. Include in your

answer (1) why applying the rule will result in undue hardship on the petitioner; and (2) how granting the

waiver or variance will not prejudice the substantial legal rights of any person; and (3) that the provisions

of the rule subject to the petition for waiver are not specifically mandated by statute or another provision

of law; and (4) where applicable, how substantially equal protection of public health, safety, and welfare

will be afforded by a means other than that prescribed in the particular rule for which the waiver or variance

is requested.

e. Provide a history of prior contacts between the authority and petitioner relating to the regulated

activity, license, grant, loan or other financial assistance that would be affected by the waiver or variance;

include a description of each affected license, grant, loan or other financial assistance held by the petitioner,

any notices of violation, contested case hearings, or investigative or examination reports relating to the

regulated activity, license, grant or loan within the past five years.

f. Provide information known to the petitioner regarding the treatment by the authority of similar cases.

g. Provide the name, address, and telephone number of any public agency or political subdivision which

also regulates the activity in question or which might be affected by the granting of a waiver or variance.

h. Provide the name, address, and telephone number of any person that would be adversely affected or

disadvantaged by the granting of the waiver or variance.

i. Provide the name, address, and telephone number of any person with knowledge of the relevant or

important facts relating to the requested waiver or variance.

j. Provide signed releases of information authorizing persons with knowledge regarding the request to

furnish the authority with information relevant to the waiver or variance.

I hereby attest to the accuracy and truthfulness of the above information.

Petitioner’s signature Date

Petitioner should note the following when requesting or petitioning for a waiver or variance:

1. The petitioner has the burden of proving to the authority, by clear and convincing evidence, the

following: (a) application of the rule to the petitioner would result in an undue hardship on the petitioner;

and (b) waiver or variance in the specific case would not prejudice the substantial legal rights of any person;

and (c) the provisions of the rule subject to the petition for waiver are not specifically mandated by statute

or another provision of law; and (d) where applicable, how substantially equal protection of public health,

safety, and welfare will be afforded by a means other than that prescribed in the particular rule for which

the waiver or variance is requested.

2. The executive director may request additional information from or request an informal meeting with

the petitioner prior to issuing a ruling granting or denying a request for waiver or variance.

3. All petitions for waiver or variance must be submitted in writing to the attention of the executive

director of the Iowa finance authority at the address set forth in rule 265—1.3(16). If the petition relates to

a pending contested case, a copy of the petition shall also be filed in the contested case proceeding.

To: Iowa Finance Authority Board of Directors From: Kristin Hanks-Bents, Legislative Liaison and Counsel Date: December 29, 2020 Re: Notice of Intended Action to Amend 265—Chapter1

Reason for the rule making: The proposed amendments update rules in accordance with changes

included in 2020 Iowa Acts, House File 2536, section 10. This bill was the Code Editor’s bill and inserted

the word “voting” in Iowa Code section 16.2(1).

Staff recommendation: Staff recommends the Board approve the filing of a Notice of Intended Action to

amend chapter 265-1 as set forth in the attached rule making.

Proposed Motion: Move to approve the filing of a Notice of Intended Action to amend chapter 265-1 as

proposed.

Item 1. Amend subrule 1.3(2) as follows:

1.3(2) Authority board and staff. The powers of the authority are vested in and exercised by a

board of nine voting members, appointed by the governor and subject to confirmation by the senate.

A chairperson, vice-chairperson and treasurer are elected annually by the members, generally at the

July board meeting each year. Authority staff consists of an executive director, also appointed by

the governor and subject to confirmation by the senate, and additional staff as approved by the

executive director.

To: IFA Board of Directors

From: Lori Beary, Chief Bond Programs Director

Date: 12/28/20

Re: Private Activity Bonds

Private Activity Bond Program

PAB # 10-20, 12-09, 19-05 CCRR Project

This is an amending resolution for Midwestern Disaster Area bonds issued in 2012 for the CCRR

project. The bonds were used by R & R Investors for improvements to a variety of office

buildings in Polk and Dallas counties. Over the years, the original borrower has created new

entities and assigned the bonds to those entities and requested other amendments to the bonds.

This resolution allows for the assignment and assumption of the bonds to BACNN, LLC and

Prairie Business Park, LLC which are affiliates of the original borrower.

• Resolution PAB 10-20B-10, 12-09B-7 and 19-05A-1

PAB #16-17 Westdale Apartments Project

This is an amending resolution for Iowa Finance Authority Multifamily Housing Revenue Bonds

issued in 2018 in an amount not to exceed $17,500,000 for the Westdale Apartment Project in

Cedar Rapids. The bonds were used to construct a 152-unit multifamily housing development

and were purchased by Cedar Rapids Bank and Trust Company. This project suffered damage in

the derecho this August which impacted the occupancy of the project and increased costs. The

amendment allows for a deferral of payments for a year. The public hearing will be held on

January 6, 2021.

• Resolution PAB 16-17B-2

881116\00690\4842-5514-5685\2

AMENDING RESOLUTION

PAB 10-20B-10, 12-09B-7 and 19-05A-1

Resolution authorizing the execution of multiple Assignment,

Assumption and Omnibus Amendment Agreements relating to the

Authority’s Midwestern Disaster Area Revenue Bonds (CCRR

Project), 2012 Series A, B, C, D, E, G, I and J


agency of the State of Iowa established and empowered by the provisions of Chapter 16 of the

Code of Iowa, as amended (the “Act”), to issue its revenue bonds to be used to defray the cost of

acquiring, constructing and improving Projects described in the Act including certain facilities

that qualify under the Heartland Disaster Tax Relief Act of 2008 (the “Tax Relief Act”) and

Section 1400N of the Internal Revenue Code of 1986, as amended (the “Code”), for tax-exempt

financing by the issuance of Midwestern Disaster Area Bonds, including to pay the cost of

refunding any bonds or notes, including the payment of any redemption premiums thereon and

any interest accrued or to accrue to the date of redemption of the outstanding bonds or notes; and

WHEREAS, the Authority has heretofore authorized and issued its (a) Midwestern Disaster

Area Revenue Bonds (CCRR Project), 2012 Series A in the aggregate principal amount of

$4,000,000 (the “2012 Series A Bonds”) pursuant to an Indenture of Trust dated as of November 1,

2012 (as previously amended, the “2012 Series A Indenture”) between the Authority and UMB

Bank, n.a., successor to Bankers Trust Company, as trustee (the “Trustee”), (b) Midwestern Disaster

Area Revenue Bonds (CCRR Project), 2012 Series B in the aggregate principal amount of

$4,000,000 (the “2012 Series B Bonds”) pursuant to an Indenture of Trust dated as of November 1,

2012 (as previously amended, the “2012 Series B Indenture”) between the Authority and the Trustee,

(c) Midwestern Disaster Area Revenue Bonds (CCRR Project), 2012 Series C in the aggregate

principal amount of $4,000,000 (the “2012 Series C Bonds”) pursuant to an Indenture of Trust dated

as of November 1, 2012 (as previously amended, the “2012 Series C Indenture”) between the Issuer

and the Trustee, (d) Midwestern Disaster Area Revenue Bonds (CCRR Project), 2012 Series D in the

aggregate principal amount of $3,000,000 (the “2012 Series D Bonds”) pursuant to an Indenture of

Trust dated as of November 1, 2012 (as previously amended, the “2012 Series D Indenture”) between

the Authority and the Trustee, (e) Midwestern Disaster Area Revenue Bonds (CCRR Project), 2012

Series E in the aggregate principal amount of $3,000,000 (the “2012 Series E Bonds”) pursuant to an

Indenture of Trust dated as of November 1, 2012 (as previously amended, the “2012 Series E

Indenture”) between the Authority and the Trustee, (f) Midwestern Disaster Area Revenue Bonds

(CCRR Project), 2012 Series G in the aggregate principal amount of $2,000,000 (the “2012 Series G

Bonds”) pursuant to an Indenture of Trust dated as of November 1, 2012 (as previously amended, the

“2012 Series G Indenture”) between the Authority and the Trustee, (g) Midwestern Disaster Area

Revenue Bonds (CCRR Project), 2012 Series I in the aggregate principal amount of $1,000,000 (the

“2012 Series I Bonds”) pursuant to an Indenture of Trust dated as of November 1, 2012 (as

previously amended, the “2012 Series I Indenture”) between the Authority and the Trustee, and (h)

Midwestern Disaster Area Revenue Bonds (CCRR Project), 2012 Series J in the aggregate principal

amount of $1,000,000 (the “2012 Series J Bonds” and, together with the 2012 Series A Bonds, the

2012 Series B Bonds, the 2012 Series C Bonds, the 2012 Series D Bonds, the 2012 Series E Bonds,

the 2012 Series G Bonds and the 2012 Series I Bonds, the “Bonds”) pursuant to an Indenture of Trust

2 881116\00690\4842-5514-5685\2

dated as of November 1, 2012 (as previously amended, the “2012 Series J Indenture” and, together

with the 2012 Series A Indenture, the 2012 Series B Indenture, the 2012 Series C Indenture, the 2012

Series D Indenture, the 2012 Series E Indenture, the 2012 Series G Indenture and the 2012 Series I

Indenture, the “Indentures” and singularly, a “Loan Agreement”) between the Authority and the

Trustee; and

WHEREAS, (a) the proceeds of the 2012 Series A Bonds were loaned to R&R Investors,

Ltd. (the “Original Borrower”) pursuant to a Loan Agreement dated as of November 1, 2012 (as

previously amended, the “2012 Series A Loan Agreement”) between the Authority and the

Original Borrower for the purpose of financing a portion of the project described in the 2012

Series A Indenture, (b) the proceeds of the 2012 Series B Bonds were loaned to the Original

Borrower pursuant to a Loan Agreement dated as of November 1, 2012 (as previously amended,

the “2012 Series B Loan Agreement”) between the Authority and the Original Borrower for the

purpose of financing a portion of the project described in the 2012 Series B Indenture, (c) the

proceeds of the 2012 Series C Bonds were loaned to the Original Borrower pursuant to the Loan

Agreement dated as of November 1, 2012 (as previously amended, the “2012 Series C Loan

Agreement”) between the Original Borrower and the Authority for the purpose of financing a

portion of the project described in the 2012 Series C Indenture, (d) the proceeds of the 2012

Series D Bonds were loaned to the Original Borrower pursuant to a Loan Agreement dated as of

November 1, 2012 (as previously amended, the “2012 Series D Loan Agreement”) between the

Authority and the Original Borrower for the purpose of financing a portion of the project

described in the 2012 Series D Indenture, (e) the proceeds of the 2012 Series E Bonds were

loaned to the Original Borrower pursuant to a Loan Agreement dated as of November 1, 2012 (as

previously amended, the “2012 Series E Loan Agreement”) between the Authority and the

Original Borrower for the purpose of financing a portion of the Project as described in the 2012

Series E Indenture, (f) the proceeds of the 2012 Series G Bonds were loaned to the Original

Borrower pursuant to a Loan Agreement dated as of November 1, 2012 (as previously amended,

the “2012 Series G Loan Agreement”) between the Authority and the Original Borrower for the

purpose of financing a portion of the project described in the 2012 Series G Indenture, (g) the

proceeds of the 2012 Series I Bonds were loaned to the Original Borrower pursuant to a Loan

Agreement dated as of November 1, 2012 (as previously amended, the “2012 Series I Loan

Agreement”) between the Authority and the Original Borrower for the purpose of financing a

portion of the project described in the 2012 Series I Indenture, and (h) the proceeds of the 2012

Series J Bonds were loaned to the Original Borrower pursuant to a Loan Agreement dated as of

November 1, 2012 (as previously amended, the “2012 Series J Loan Agreement” and, together with

the 2012 Series A Loan Agreement, the 2012 Series B Loan Agreement, the 2012 Series C Loan

Agreement, the 2012 Series D Loan Agreement, the 2012 Series E Loan Agreement, the 2012 Series

G Loan Agreement and the 2012 Series I Loan Agreement, the “Loan Agreements” and singularly, a

“Loan Agreement”) between the Authority and the Original Borrower for the purpose of financing a

portion of the project described in the 2012 Series J Indenture; and

WHEREAS, pursuant to prior resolutions, including resolutions adopted by the Authority on

May 3, 2017 and August 7, 2019, attached hereto as Exhibits A and B, respectively (collectively, the

“Prior Resolutions”), the Authority entered into various amendments and agreements with respect to

the Bonds, the Indentures and the Loan Agreements, pursuant to which the Original Borrower

assigned its rights to one or more successor borrowers, and certain other amendments were made to

the Bonds, the Indentures and the Loan Agreements; and

3 881116\00690\4842-5514-5685\2

WHEREAS, the current borrowers have requested the Authority to enter into one or more

separate Assignment, Assumption and Omnibus Amendment Agreements (collectively, the

“Amendment Agreements”) with respect to the Bonds in order to (a) assign the respective current

borrower’s interests in the related Indenture and Loan Agreement to (i) BACNN, LLC (“BACNN”),

an affiliate of the Original Borrower, with respect to the 2012 Series A Bonds, the 2012 Series B

Bonds and the 2012 Series C Bonds and (ii) Prairie Business Park II, LLC (“Prairie Park” and,

together with BACNN, the “New Borrowers” and singularly, a “New Borrower”), an affiliate of the

Original Borrower, with respect to the 2012 Series D Bonds, the 2012 Series E Bonds, the 2012

Series G Bonds, the 2012 Series I Bonds and the 2012 Series J Bonds, (b) transfer the bonds to new

lenders, and (c) make certain other amendments to the Indentures and Loan Agreements, all as set

forth in the applicable Assignment, Assumption and Omnibus Amendment Agreement; and

NOW, THEREFORE, be it resolved by the Iowa Finance Authority, as follows:

Section 1. The Amendment Agreements are hereby approved in substantially the

forms submitted to the Board, with such variations therein as may be made at the time of

execution thereof as approved by the Executive Director, the Chief Financial Officer, the Chief

Operating Officer or the Chief Bond Programs Director (each an “Authorized Officer”) and

counsel to the Authority, and any Authorized Officer is hereby authorized and directed to

execute, seal and deliver the Amendment Agreements in the name and on behalf of the

Authority. The Chairperson and Secretary of the Authority are hereby authorized to execute and

deliver any replacement bonds as set forth in the Amendments.

Section 2. Any Authorized Officer and counsel to the Authority are hereby

authorized and directed to take such further actions as may be necessary to effectuate the intent

and purpose of this Resolution, including but not limited to, accepting, acknowledging, and

consenting to revisions or amendments to, or restatements of, any other documents relating to

each series of the Bonds in order to effectuate the purpose of this Resolution.

Section 3. Any Authorized Officer is authorized to execute and deliver for and on

behalf of the Authority any and all agreements, certificates, documents or other papers and

perform all other acts and the execution of all closing documents as may be approved by counsel

to the Authority, and the acceptance of any documentation evidencing indemnification of the

Authority by the New Borrower in connection with the transaction contemplated hereby as they

may deem necessary or appropriate in order to implement and carry out the intent and purposes

of this Resolution.

Section 4. The Bonds shall remain limited obligations payable solely out of the

revenues derived from the debt obligation, collateral, or other security furnished by or on behalf

of the applicable New Borrower pursuant to the Indentures and the Loan Agreements, and the

principal and interest thereof shall not constitute an indebtedness of or charge against the State of

Iowa or any subdivision thereof, including the Authority, within the meaning of any

constitutional or statutory debt limit or give rise to pecuniary liability of the State of Iowa or the

Authority or charge against its general credit or general funds.

4 881116\00690\4842-5514-5685\2

Section 5. All resolutions, parts of resolutions and prior actions of the Authority in

conflict herewith, are hereby repealed to the extent of such conflict and this Resolution shall

become effective immediately upon its adoption.

Passed and approved on this 6th day of January, 2021.

________________________________

Michel Nelson, Chairperson

ATTEST:

(SEAL)

_______________________________

Deborah Durham, Secretary

EXHIBIT A

RESOLUTION

PAB19-05A

Approving an Application for not to exceed $32,000,000 for the Reissuance of

Iowa Finance Authority Midwestern Disaster Area and Small Business Development Revenue

Bonds, in one or more series

For Sonoma Building, LLC, Dice Building, LLC, and Three Fountains II, LLC (collectively the

“Borrowers”)

And Evidencing the Intent to Proceed with the Reissuance of not to exceed

$32,000,000 Midwestern Disaster Area and Small Business Development Revenue Bonds

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State

of Iowa duly organized and existing under and by virtue of the Constitution and laws of the State

of Iowa (the “Authority”) is authorized and empowered by Chapter 16 of the Code of Iowa (the

“Act”) to issue bonds and notes for the purpose of financing or refunding the cost of certain

projects defined in the Act that further the development and expansion of family farming, soil

conservation, housing, and business in the State; and

WHEREAS, the Authority has received the Private Activity Bond Program Application set

forth in Exhibit A attached hereto (the “Application”) which Application is incorporated herein as

though set out here in full; and

WHEREAS, the Application is a request that the Authority enter into certain amendments

to the documents pursuant to which the bonds listed in the Application (the “Bonds”) were

originally issued, which amendments will result in a reissuance of the Bonds in an amount not to

exceed $32,000,000 (the “Reissuance”);

NOW, THEREFORE, Be It Resolved by the Board of the Authority, as follows:

Section 1. Approval of Application. The Application is hereby approved, and the

Executive Director of the Authority is authorized to notify the Borrowers of such approval.

Section 2. Intent to Reissue Bonds. It is hereby determined necessary and advisable

that the Authority proceed with the Reissuance of the Bonds as permitted by the Act and that the

Authority hereby declares its intent to reissue the Bonds, and that such actions will be taken by the

Authority as may be required by the Act to reissue the Bonds.

Section 3. Execution and Approval of Amendments and Agreements. The Authority

will enter into all amendments to existing agreements and any other agreements necessary to be

entered into by the Authority in connection with the reissuance of the Bonds. The Authority’s

Program Counsel and/or General Counsel shall approve all amendments and/or agreements to be

entered into in connection with the reissuance of the Bonds, and such agreements shall be

authorized and approved after due consideration by the Authority prior to their execution by the

Authority.

EXHIBIT B

Section 4. Notice and Governor Approval. If necessary, the Executive Director, and

the staff of the Authority are directed, on behalf of the Authority, to publish notice of the proposal

to issue the Bonds, to conduct a public hearing on such proposal and, following such hearing,

obtain the approval of the Governor as the chief elected executive officer, all as required by Section

147(f) of the Internal Revenue Code of 1986, as amended.

Section 5. Further Actions. The officers, Executive Director and Program Counsel of

the Authority are hereby authorized and directed to take such further actions as may be necessary

to effect the intent and purpose of this Resolution, the accomplishment of the reissuance of the

Bonds.

Section 6. Not Obligations of the Authority. The Bonds are now and, when reissued,

shall be limited obligations payable solely out of the revenues derived from the debt obligation,

collateral, or other security furnished by or on behalf of the Borrowers. The Bonds, the interest

thereon and any other payments or costs incident thereto do not constitute an indebtedness or a

loan of the credit of the Authority, the State of Iowa or any political subdivision thereof within the

meaning of any constitutional or statutory provisions. The Authority does not pledge its faith or

credit nor the faith or credit of the State of Iowa nor any political subdivision of the State of Iowa

to the payment of the principal of, the interest on or any other payments or costs incident to the

Bonds. The issuance of the Bonds and the execution of any documents in relation thereto do not

directly, indirectly or contingently obligate the State of Iowa or any political subdivision of the

State of Iowa to apply money from or levy or pledge any form of taxation whatever to the payment

of the principal of or interest on the Bonds or any other payments or costs incident thereto. The

Authority has no taxing power.

Section 7. Costs. It is to be understood that the Borrowers shall pay all reasonable and

necessary costs, including costs of counsel, and expenses of the Authority related to the reissuance

of the Bonds.

Section 8. Repealer. All resolutions, parts of resolutions, and prior actions of the

Authority in conflict herewith are hereby repealed to the extent of such conflict.

Passed and approved this 7th day of August, 2019.


(Seal) ATTEST:


Exhibit A V：_ 爾

FORIFA USE ONLY Project No, ^ r/Vfe Application r Application Fee Received? D Amount of Request $ SZ, OOQ/COC>

Deborah Durham, Executive Director 1963 Bell Avenue, Suite 200 Des Moines, Iowa 50315 (515) 725-4900 — (515) 725-4901

I气aiWrmReceived

PRIVATE ACTIVITY BOND APPLICATION

Part A - Borrower information

1, Project Name: Sonoma Building, LLC/Dice Building, LLC/Three Fountains II, LLC - see General Project Description section below for further details._____________________________________________

2. Contact Person/Title: Tony Rogers/CFO.

Company;R&R Realty Group.

Address」080 Jordan Creek Pkv/y., Suite 200 North

City, State, ZipiWest Des Moines, IA 50266.

E-mail:[email protected]! 5-223-7235,

3, Principals: (If a partnership, list partners; if a corporation, list officers/directors and state of incorporation; if a nursing facility, list directors and principal staff) Attach separate list if necessary.All borrowing entities are wholly owned subsidiaries of R&R Realty.:

Mark Rupprecht - President/Director/Manager Tony Rogers - CFO/Director/Manager Steven Gaer- COO/Director/ManagerDaniel P. Rupprecht - Chairman/Director/Manager__________ ____________________________________

4. If Borrower is a nonprofit corporation, provide copy of IRS determination letter or date of application fordeterminatfon letter and state purpose:N/A___________ _ ,. —____________________________

5. Is the Borrower currently qualified to transact business within the State of Iowa? Yes 図 No □

•V :

謂_.1:觀6. If project is a Nursing Facility, is state certificate of need required: Yes □ No 口

If yes, attach copy.

7, Total current FTE*s of Borrower: 0 - Borrowers are wholly owned subsidiaries of R&R Realty established for the ownership of property. R&R Realty has 130 FTE,_________ __

Number of permanent FTE’s created by the project:.

•■7

IOWA FINANCEAUTHORITY

Part B - Project information

1 This Project qualifies for financing pursuant to the Private Activity Bond Program as land, buildings or improvements suitable for use as one of the following facilities (Check one):

O 501 c (3) entity:FI Private college or university FI Housing facility for elderly or disabled persons □ Museum or library facility

FI Voluntary nonprofit hospital, clinic or health care facility as defined in Section 135c,1 (6) of the

Iowa Code. Specify;__________ _______________________ ___________________ _

Qtliir 501c (3) entity (please specify) ________ ___________________________________ ___

Manufacturing facility Agricultural processing facility Multi-family housing

—_, Solid Waste facilityOther; Midwestern Disaster Area and Other Private Activity Bonds

3，Amount of Loan Request: $lSIot to exceed $32,000,000______ __________________

□o□n

fO o4 4 赛Afnount to be used for refunding: $_

4, Address/Location of Project

Street/City/State See below and attached County _________________

5. General Project Description:

Amendinent to existing bonds financed through the Iowa Finance Authority for the following projects. Sonoma Building, LLC.

SdÔO.OOO Iowa Finance Authority Small Business Development Multi-Family Housing Revenue Bonds (Village Court Associates Project) Series 1985B - $5,191,770,96 outstanding: 6031 Meadow Crest Dr. Johnston，IA 50131 (Polk County)

$2,000,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (CCRR Project) 2012 Series F - $1,542,912.44 outstanding - Sg,q attached

Dice Building, LLC

$3,050,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (Dice Building Project) Series 2011 -$2?3.9'04488.00 outstanding —docitments were dated Deceinbei* 1, 2011: 12150 Meredith Dr. Urbandale, IA 50323 (Polk County)

$3,000,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (CCRR Project) 2012 Series H - $875,398.00 outstanding - documents were dated December ］，2011. - See attached

lowaFtîcncnAufh^rily |.

必IOWA FINANCEAUTHORITY

Three Fountains IT, LLC.

$7,790,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (PEC Project) Series 2010 - $6,105,564.00 outstanding - see attached

$6,020,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (PARC Projects) Series 2010 - $4,718,272.00 outstanding - see attached

$6>560,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (PS Projects) Series 2010 - $5，14I，516.00 outstanding - see attached

$6,580,000 Iowa Finance Authority Midwestern Disaster Area Revenue Bonds (PCDC Projects) Series 2011- $5,157，】 92.00 outstanding - see attached

im fownrinri他onh go/

f Part B - Project information continued |

6. Does the Borrower expect to use bond proceeds to reimburse capital expenditures already made? HNoQ Yes, in the amount of $. (There are IRS limitations on eligible reimbursable costs.)

7, Parties related to the Project:

Principal User will be:R&R Realty.a.

b. Seller (if any) of the Project:N/A,

Purchaser (if any) or Owner or Lessee of the Project:.c.

d. Relationship of Project Seller and Purchaser, if any:,

8. Sources and Uses of Project Funds (Sum of Sources and Uses must match):

Sources: Amount Uses: Amount

Reissued Bonds $ Not to exceed Reissued Bonds $Not to exceed

$32,000,000$32,000,000

$ Reissued

Bonds (not to

exceed

$Reissued Bonds

(not to exceed

$32,000,000)

Total Total

$32,000,000)

Type of Bond Sale □ Public Sale 区I Private Placement9.

■- TT 'V--；--

w

Part C - Professionals Participating in the Financing

Applications must have either Bond Counsel or Uhderwriter/Financgai Institution identified

1. Bond Counsel: (an attorney hired by the borrower to ensure the bonds can be issued on a tax-

exempt basis)

Name: Linda Schakel/Andrew Spicknall.

Firm Name: Ballard Spahr LLPl

1909 K Street NWAddress:

City/State/Zip Code:Washington，DC 20006____

<305. E-mail:Telephone:

2. Counsel to the Borrower:

Name:

Firm Name; Address;

Wendy Ogden______R&R General Counsel1080 Jordan Creek Pkwy.，Suite 200 North.

City/State/Zip Code:West Des Moines, 1A 50266,

Telephone: E-maiI:.ogden.wendy@rrrealtyxom,515-974-5213

3. Underwriter or Financial Institution purchasing the bonds:

Name:

Firm Name:

Address:

John Rent___________Wells Fargo Bank, NA._

90 S, 7th Street, Floor 18

City/State/Zip Code;Mirmeapolis, MN 55402.

Telephone: E-maii:john.e.rent@wensfargoxoin612-667-2668.

4, Counsel to the Underwriter:

Name:

Firm Name:

Jon Hoganson__________Winthrop Sc V/einstine, P.A..

Address: 225 South Sixth Street, Suite 3500,

City/State/Zip Codeînneapolis, MN 55402.

1 \ry rf.af i,.«»'ceAurhoi ih' yov

E-mail;[email protected],612-604-6745Telephone:

5. Trustee: {5f needed)

Name:Firm Name:Address:

Minda Barr. UMBBaBk.7155 Lake Drive, Suite 120、

City/State/2ip Code:West Des Moines, IA 50266.

E*maiI:[email protected],515-368-6064tKSwW'tm^j»amuOTS5a»«»w»wm3caasaawnn

nd Charges f

Telephone:

PART D - Fees a

1. A non-r@fundab!e applicaffon fee must accompany this form at the time of submission to the Authority. For applications up to $10 million, the application fee is $1,000- For applications over $10 milKon, the application fee is $2,500. The applscatfon fee is subtracted from th© Issuers fee at closing.

Submit application to the Authority at the following address;

Lori BearyCommunity Development Director

Iowa Finance Authority 1963 Be!! Avenue, Suite 200

Des Moines, IA 50315

2, An Issuer's fee will be due at the time of dosing. The fee is 10 basis points for the first $10 million and declines after that. Please contact Lori Beary at 515-725-4965 or [email protected] for more information.

3, Borrower is required to pay the fees and expenses of Dorsey & Whitney，who serve as Issuer's Counsel. Bond documents should be sent to David Claypool (olav0aol.davld©,doraev.:com ) or David Grossklaus ([email protected] ) at Dorsey & Whitney and the Authority^ Community Development Director (lorLbearv@lDwaf::lnance,co.m ).

Dated this^^Sav ofsHU, 20lf3I

BorrowenSonoma Bmldmg, LLC; Dice Building LLC; Three Fountains ILLC; Three Fountains II, LLC_________ _

By.Tony Rogers, Chief Financial

CCZ2^ -

EXHIBIT A

PROJECT DESCRIPTION

4546 Corporate Drive，West De$ Moines, IA 4200 Corporate Drive, West De$ Moines, IA4200 University Avenue, West Des Moines, IA4201 Westown Parkway, West Des Moines, IA 4401 Westown Parkway, West Des Moines, IA 4900 University Avenue, West Des Moiness IA 4520 University Avenue, West Des Moines, IA 4300 Corporate Drive, West Des Moines, IA 4601 Westown Parkway, West Des Moines, IA 4445 Corporate Drive, West Des Moines. IA 6805 Vista Drive, West Des Moines, IA6775 Vista Drive, West Des Moines, IA 7155 Vista Drive, West Des Moines, IA 1055 Jordan Creek Parkway^ West Des Moines, IA 7001 Vista Drive, West Des Moines, IA7600 Office Plaza Drive，South, West Des Moines, IA 7210 Vista Drive, West Des Moines, IA1240 Office Plaza Drive, West Des Moines, IA 7745 Office Plaza Drive, North, West Des Moines, IA 7780 Office Plaza Drive, South, West Des Moines, IA7601 Office Plaza Drive, North, West Des Moines，IA 7755 Office Plaza Drive, North, West Des Moines, IA 1225 Jordan Creek Parkway, West Des Moines, IA 10S9 Jordan Creek Parkway, West Des Moines, IA 1245 Jordan Creek Parkwaya West Des Moines, IA 7205 Vista Drive, West Des Moines, IA6905 Vista Drive, West Des Moines, IA 7000 Vista Drive, West Des Moines, IA 7760 Office Plaza Drive, South, West Des Moines, IA 72nd Street, West Des Moines, IA 4145 109th Street, Urbandale, IA 11001-11051 Aurora Aventie, Urbandale, IA 11071-11081 Aurora Avenue, Urbandale, IA 111 53-11171 Avirora Avenue；, Urbandale, IA 11173-11197 Aurora Avenue，Urbandale，IA 11101-11151 Aurora Avenue, Urbandale, IA 31201-11243 Aurora Avenue, Urbandale, IA 11245-11299 Aurora Avenue，Urbandale, IA 11303-11329 Aurora Avenue, Urbandale, IA 11331-11337 Aurora Avenue, Urbandale, IA 11338-11386 Aurora Avenue^ Urbandale，IA 11304-11328 Aurora Avenue, Urbandalej IA 11200-11274 Aurora Avenue, Urbandale, IA Hi00-11180 Aurora Avenue，Urbandale, IA 4550 NW 114th Street，Urbandale, IA 4450 NW 114th Street Urbandale, IA 4350 KW 114th Street, Urbandale, IA

^ <5oi3. K C^ÂV^\

4250 NW 114tli Street，Urbandale, IA 4150 NW 114th Street, Urbandale, IA 4050 NW 114th Street, Urbandale, IA 4401 NW 114th Street, Urbandale, IA 12032 Meredith Drive, Urbandale；, IA 4467 121st Street, Urbandale, IA 4401 121st Street,/Urbandale, IA 4340 121st Street, /Urbandale, IA 4432-4468 121st Street, Urbandale, IA 4239 NW109th Street，Urbandale, IA 10750 Aurora Avenue, Urbandale, IA , 4319 NW i 12th Street, Urbandale, IA

112th Street, Urbandale, IA 112th Street^ Urbandale, IA

NWNW

4434452112671 Meredith Drive，Urbandale, IA4740：121st Street, Urbandale, IA12401 Meredith Drive, Urbandale, IALand in the 128th St Sc Meredith Dr Area* Urbandale, IALand South of 180/35 West of 86th St Urbandale, IALand East of 128th St & South ofHW 54th Avenue，Urbandale3 IA2600 Grand Avenue，Des Moines, IA2700 Grand Avenue, Des Moines, IA600 E Court Avenue, Des Moines, IA500 E Court Avenue, Des Moines, IA400 E Court Avenue, Des Moines, IA2600 Westown Parkway, West Des Moines, IA6031 Meadow Crest Drive (and sxirroimding area), Johnston, IA1200 Office Park Road (and surrounding area), West Des Moines，IA1501 50th Street, West Des Moines，IA1401 50th Street, West Des Moines, IA4800 Westown Parkway, West Des Moines, IA4700 Westown Parkway, West Des Moines., IA4500 Westown Parkway, West Des Moines, IA4600 Westown Parkway, West Des Moines，IA4400 Westown Parkway, West Des Moines IA4350 Westown Parkway，West Des Moines, IA

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EXHIBIT A

PROJECT DESCRIPTION

Frojeot Names Addresses Counties

4740 121st Street 4740 121st Steet/Urbandale/IA Polk

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Ê&IBIT A

PROJECT DESCRIPTION

Project Naines Addresses Counties

CeateyHl Bmldmg 2600 Westown Pkwy / West Des Moines/ IAr Polk11303*11329 Aurora Aveame/ Urbaadale/IAAurora Btismess Park 8 Polk1133141337 Aurora Av&rme / Uxbaudale/IAAurora Business Park 9 Pollc11001-11051 Axirora Av&xme / Ufbaaidale/IA Po3kAurora Business Park 111071-11081 Aurora Avenue / Urbandale/IAAurora Business Park 2 Polk

Aurora Business Park 3 1115341171 Aurom Avenue / Urbandale/IA Polk:111 73-11197 Aurora Avenue / Urbandale/ IAAnrora Business Park 4 Polk1 IlOl-niSl Aurora Avenue / Uibandals/IA PolkAurora Busiaesg Park 511201-11243 Axurora Avenue / Urbandale / IA 11245-11299 Axurora Avenue / Urbandale/IA

Aurora Business Park 6 PolkAurora Bxtsiness Park 7 Polk

11338-11386 Aurora Avenue/ Urbandale / IAAurora Business Park 10 Polk1130441328 Aurora Avenue/ Uxbandale/IA PolkAurora Business Park 1111200-11274 Aurora Aveniae / Urbandale / IAora Business Park 12 PolkAur

Aw 4450 NW 114th Street/ Uibandale / IAora Business Park 15 Polk4350 NW 114& Street/ Uxbandale/IAAurora Business Park 16 Polk11100*1 U80 Aurora Aveaiie / Urbandale/IA PolkAurora Business Park 134401 Westown Pkwy / West Des Moines / IANeptune Building Pollc6905 Vista Drive/ West Des Moines / IA.Wedgewood Building Dallas7001 Vista Drive/ West Des Moines / IA 7155 Vista Drive/ West Des Moines/IA

DallasBristol BuildingDallasAugusta Building

Palisade Building 4900 University Ave/ West Des Moines / IA. Polk4546 Corporate Dr/West Des Moines / IA, PolkBrookview Building4401 121st Street/Urbandale/IAMeredifh Business Park Polk

Warehouse DI12032 Meredith Drive/ Urbandale / IA PolkMeredith Business Park

Warehouse I ____Land in the 128th St Sc Meredith Drive Area/ Urbandale/IA

PolkParagon Office & Retail Parks

12671 Meredith Drive/ Urbandale / IAParagon Retail Birilding Marsh & McLetmaa Building

Polk12401 Meredith Drive/ Urbandale/IA Polk2600 Grand Avenue / Des Moiaes/IA PolkTerraoe Place Building4200 Corporate Dr/ West Des Moines/XA. PolkCrestwood Buildiag4601 Westown Pkwy/West Des Moines / IA PolkVeridian Building4200 University Ave/ Vest Des Moines/ IA PolkEdgewater B\nl(fe\g

Waterford Btulding 4445 Corporate Dr/West Des Moines/ IA. Polk1055 Jordan Creek Pkvyy/ West Des Moines / XA DallasBrickstop^ Bmldjng1089 Jordan Creek Pkwy/ West Des Moines / XA DallasSonoma Biiilding

Dallas72nd Street/ West Des Moines 7 IA72nd Street Extension

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EXHIBITA

PROJECT DESCRIPTION

4145,109th Street, Urbandale* IA 4432-4468121^ Street, Urbandale, IA 13001-11051 Aurora Avenue, Urbandals,认 11071-11081 Aurora Avenue, Urbandale, IA 11153-11171 Aurora Avenue, Urbandale, IA 11173-11197 Aurora Avenue, Urbandale, IA 1110141151 Aurora Avenue, Urbandale, TA 11201-11243 Aurora Avenue, Urbandale, IA n 24541299 Aurora Avenue, Urbandale, IA 11303-11329 Aurora Avenue, Urbandale, IA 11331-11337 Aurora Avenue, Urbandale, IA 11338-11386 Aurora Avenwe, Uiban^le, IA 11304-11328 Aurora Avenue, Urbandale* IA 11200-11274 Aurora Avenue, Urbandale, IA 11100-11180 Aurora Avenue, Uitandale, IA 4550 NW 114th Street, Urbandale, IA 4450 NW 114th Street, Urbandale,. IA 4350 NW 124th Streep Urbandale, 3A

NW II 4th Street, Urbandale, IA 4150 NW U4th Street, Uifeandale. IA 4050 NW114th Street, Urbandale, IA 4401 NW ! 14th Street, Urbandale, IA 1055 Jordan Credc Pkwy, West Des Moines, IA 400 E Court Avenue* Des Moines，IA 4200 Coiporate 0r, West Des Moines, IA 6805 Vista Drive, West Des Moines, IA 6775 Vista Drive, West Des Moines* IA 6905 Vista Drive, West Des MdnesJA 7001 Vista Drive, West Des Moines, IA 7155 Vista Drive, West Des Moines, IA 1240 Office Plaza Drive, Wes Des Moines, IA4200 University Ave, West Des Moines, IA 4900 University Ave, West Des Moines, XA 4601 V/estown Pkwy, West Des Moines, IA4201 Westovm Pkwy, West Des Moines, IALand South of 180/35 West of Be1" Si., Urbandale, IA4239 NW 309lh Street, Urbandale, IA10750 Aurora Avenue, Urbandale, IA4319 NW 112th Street, Urbandale, IA4434 NW 112lh Street, Urbandale, IA4521 NW m,h Street, Urbandale, IA12401 Meredith Drive, Urbandale, IA12032 Meredith Drive, Urbandale, IA4467Street, UrbandalÎA4401 121s1 Street, Urbandale，！A4340 121s1 Street, Urbandale, IA4401 Wostown PIcwy, West Des Moines, IA2600 Grand Avenue, Des Moines, IA2700 Grand Avenue, Des Moines, IA7760 Office Plaza Drive South, West Des Moines, IA

4250

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Bori-ower: KScR Realty Grotfp 1080 Jordan Creek Plcvvy, Suite 200 North West Des Moines, IA 50266

Tony Rogers Wendy Ogden

Issuer: Iowa Finance Aixthority 2015 Grand Avenue Des Moines, IA 50312

Lori Beary, Community Development DirectorIssuer Counsel: Dorsey; & Whitney LLP 8oi Grand Avenue, Suite 4300 Des Moines, IA 50309

Darla Geise David Grossklaus

Bank Purchaser; Wells Pargo Bank, N.A.. 9oSyth Street, Floor 18 Minneapolis, MN 5540a

John Rent, Relationship Manager Pam Probst, Loan Administrator

550 S Tryon Street, Floor 27 Charlotte, NC 28202

John Wooten, Head of Municipal Placements John Self, Director，Brian Goins, Vice President Justin Ralli, Analyst

Bank Counsel: Winthrop Sc Weinstine, PJV, 225 SoutS Sixth Street, Suite 3500 Minneapolis, MN 55402

Jon HogansonBank's Special Tax Counsel: Kutalc Rock lXP 2300 Main Street, Ste, 800 Kansas City, MO 64108

Paul Smith

5巧-974-5265 515-974-5213

foqers ionv@rff«altv,com [email protected]

515-725-4965 ldri.begfV@iowa qqv

515-699-3293515-699-3287

Qies6.dai1a@dorsev [email protected]

612-667-26&8 312-345-7664

i咖 e rent@wel{sfarQ{Xcom [email protected]

704-410-0804303-863-6461713*319-1802704-410-8963

;ohn yy9o^n<S)\v^]i^farcio-t;cim i迦九磁tteMiStelv圆 briars J.qQjo$@wellf>fAfqo,comiustin.ratt»(g)wellsfafao.com

612-604-6745 •麵n仿.瞄麵

816-502-4619 Dau).fifnHh(^)kutakfot；k corr^

Bond Counsel: Ballard Spahr LLP1909 k Street NW Floor 12, Suite 1000 South Washington, DC 20006

Linda Schakel Andrew Spiclaiall

Trustee? UMB Banlc 7155 Lake Drive, Suiteiao West Des Moines, IA 50266

Minda Barr Melissa Stover

202-661-2228202-661-2268

[email protected]^ballardspahr.com

515-368-6064515-368-6062

roindaârrûmb.com melissa.stover@umb com

881116\00813\4813-4869-9605\1

AMENDING RESOLUTION

PAB 16-17B-2

Resolution Amending Resolution No. ED 16-17B Regarding

Certain Amendments to the Not to Exceed $17,500,000 Iowa

Finance Authority Multifamily Housing Revenue Bonds (Westdale

Apartments Project) and to Approve and Acknowledge Certain

Documents Related to the Notes.

WHEREAS, the Iowa Finance Authority, a public instrumentality and agency of the State

of Iowa, duly organized and existing under and by virtue of the Constitution and the laws of the

State of Iowa, (the “Authority”) is authorized and empowered by Chapter 16 of the Code of Iowa

(the “Act”) to issue revenue bonds to be used to pay the cost of defraying the cost of acquiring,

constructing, improving and equipping certain projects described in the Act, including any

project for which tax exempt financing is authorized by the Internal Revenue Code of 1986, as

amended (the “Code”); and

WHEREAS, at the request of Westdale Apartments, L.P. (the “Borrower”) the Authority

has previously issued its $14,675,000 Multifamily Housing Revenue Bonds (Westdale

Apartments Project), Series 2018A (the “Series 2018A Bond”) and its $1,800,000 Multifamily

Housing Revenue Bond (Westdale Apartments Project), Series 2018B (the “Series 2018B Bond”

and, together with the Series 2018A Bond, the “Bonds”) pursuant to an Indenture of Trust dated

as of June 1, 2018 (the “Indenture”) between Regions Bank, as trustee (the “Trustee”) and the

Authority, and loaned the proceeds of the Bonds to the Borrower pursuant to the Loan

Agreement dated as of June 1, 2018 (the “Loan Agreement”) between the Authority and the

Borrower for the purposes of financing the costs of acquiring, constructing, equipping and

furnishing an approximately 152-unit multifamily housing development and other related

improvements located at 5200 16th Avenue SW, Cedar Rapids, Iowa and paying for certain costs

of issuance of the Bonds (the “Project”); and

WHEREAS, the Borrower arranged for the sale of the Bonds to Cedar Rapids Bank and

Trust Company (the “Purchaser”); and

WHEREAS, the Borrower and the Lender have requested that the Authority approve a

deferral of certain payments on the Bonds and certain other amendments to the Indenture and the

Loan Agreement, all as set forth in the Agreement Regarding Stabilization (the “Stabilization

Agreement”) among the Authority, the Trustee, the Borrower, the Purchaser and R4 Servicers

LLC, as controlling person under the Indenture and the Loan Agreement;

WHEREAS, the deferral of certain payments on the Bonds will result in a reissuance of

the Bonds for federal tax purposes under the Code; and

WHEREAS, pursuant to published notice of intention (a copy of which notice is attached

hereto as Exhibit A), the Authority conducted a public hearing on the 6th day of January, 2021, at

8:30 a.m. on the proposal to reissue the Bonds as required by Section 147 of the Code and this

Board has deemed it to be in the best interests of the Authority that the Bonds be reissued as

proposed;

881116\00813\4813-4869-9605\1

NOW THEREFORE, Be It Resolved by the Board of the Authority, as follows:

1. At the public hearing conducted by the Authority in accordance with the

provisions of Section 147(f) of the Code, pursuant to published notice, all persons who appeared

were given an opportunity to express their views for or against the proposal to reissue the Bonds,

and the Authority has determined to proceed with the necessary proceedings relating to the

reissuance of the Bonds.

2. The execution and delivery of the Stabilization Agreement is hereby authorized

and approved, with such variations therein as may be made at the time of execution thereof as

approved by the Executive Director, the Chief Financial Officer, the Chief Operating Officer or

the Chief Bond Programs Director (each, an “Authorized Officer”) and counsel to the Authority,

and any Authorized Officer is authorized to execute and deliver the Stabilization Agreement.

The Chairperson and Secretary are hereby authorized to execute and deliver any amended Bond

that may be necessary in connection with the amendments contemplated by the Stabilization

Agreement.

3. Any Authorized Officer is hereby authorized to execute and deliver any and all

other agreements, instruments and documents related to the amendments contemplated by the

Stabilization Agreement as deemed required by bond counsel and acceptable to counsel to the

Authority and to take such further actions as may be necessary to effectuate the intent and

purpose of this Resolution.

4. The Bonds shall remain special, limited obligations of the Authority, payable

solely from the proceeds of the Bonds, and the revenues pledged to the payment thereof pursuant

to the Loan Agreement and secured pursuant to and in accordance with the provisions of the

Loan Agreement and the Indenture. The Bonds, the interest thereon and any other payments or

costs incident thereto do not constitute an indebtedness or a loan of the credit of the Authority,

the State of Iowa or any political subdivision thereof within the meaning of any constitutional or

statutory provisions. The Authority does not pledge its faith or credit nor the faith or credit of

the State of Iowa nor any political subdivision of the State of Iowa to the payment of the

principal of, the interest on or any other payments or costs incident to the Bonds. The issuance

of the Bonds and the execution of any documents in relation thereto do not directly, indirectly or

contingently obligate the State of Iowa or any political subdivision of the State of Iowa to apply

money from or levy or pledge any form of taxation whatever to the payment of the principal of

or interest on the Bonds or any other payments or costs incident thereto. The Authority has no

taxing power.

5. The provisions of this Resolution are hereby declared to be separable and if any

section, phrase or provisions shall for any reason be declared to be invalid, such declaration shall

not affect the validity of the remainder of the sections, phrases and provisions.

6. All resolutions, parts of resolutions or prior actions of the Authority in conflict

herewith are hereby repealed to the extent of such conflict and this Resolution shall become

effective immediately upon adoption.

881116\00813\4813-4869-9605\1


________________________________

Michel Nelson, Chairperson

ATTEST:

(SEAL)

_______________________________


Date post:	28-Feb-2021
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