The Iowa SRF Has New Project Readiness Requirements
The Iowa SRF recently introduced updates to their loan application process. Prior to submitting a loan application, SRF borrowers must meet the following program requirements:
1. Construction Permit(s) issued by DNR Project Manager for all project phases to be funded by the SRF loan
2. Environmental Clearance issued by SRF Environmental Review Staff
3. Project Bid and Bid Documents (including signed SRF Front-End Documents) submitted to DNR
4. Opinion of legal counsel certifying compliance with Iowa public bidding laws
5. SRF Eligibility Letter issued by SRF Project Compliance Specialist
6. Pro Forma Financial Analysis completed by a registered municipal advisor identifying all outstanding parity obligations and demonstrating system revenues can meet loan requirements
Note: Item #3 - The bid document submission checklist and SRF Front-End documents have been revised so be sure to use the most recent version available here on our website.
Note: Item #4 - This is a new requirement that applies to any SRF loan applications submitted on or after July 1st, 2023.
For questions or additional information, please contact Amy Seyffer