Iowa Administrative Code Agency 285 - Iowa Advance Funding Authority
📌 Iowa Administrative Code – Agency 285: Iowa Advance Funding Authority (IAFA)
Agency 285 governs the Iowa Advance Funding Authority (IAFA), a state-level body that manages financial programs designed to support economic development, infrastructure projects, and other state-prioritized investments.
The Authority’s purpose is to provide funding solutions and financial assistance mechanisms that promote statewide growth and development.
🔑 Major Areas Covered in IAC 285
1. Agency Organization & Authority
Defines the structure, composition, and powers of the Iowa Advance Funding Authority.
Establishes the roles of the board, executive director, and staff.
Provides authority for rulemaking, issuing financial instruments, and managing programs.
2. Funding Programs
Rules for establishing various funding programs, such as loans, grants, or revenue bonds.
Eligibility criteria for projects or entities seeking funding.
Purpose of funding programs: economic development, infrastructure, innovation, or strategic state projects.
3. Application & Approval Process
Procedures for applying for funding assistance.
Required documentation and project information for review.
Review criteria: financial viability, economic impact, public benefit.
Approval process, including board review and final decision.
4. Financial Instruments
Authority to issue loans, bonds, or other financial commitments.
Terms and conditions for repayment, interest, and security.
Guidelines for managing risks and ensuring repayment.
5. Project Monitoring & Reporting
Rules for tracking the use of funds and project progress.
Reporting requirements for funding recipients, including financial and performance reports.
Procedures for audits and compliance verification.
6. Enforcement & Remedies
Procedures for handling non-compliance or misuse of funds.
Authority to recover funds, impose penalties, or revoke funding agreements.
7. Public Accountability & Transparency
Requirements for public notice of funding programs or board actions.
Records retention and access to ensure transparency.
🎯 Purpose of IAC 285
The main objectives of these rules are to:
Provide a structured process for funding state-prioritized projects.
Ensure fiscal responsibility and accountability in financial assistance.
Promote economic development, job creation, and infrastructure improvement across Iowa.
Protect public funds while encouraging private and public partnerships.
✅ In short:
Iowa Administrative Code, Agency 285 sets the rules for the Iowa Advance Funding Authority, covering its organization, funding programs, application and approval processes, financial instruments, project monitoring, enforcement, and transparency. Its mission is to efficiently allocate funds for state development and economic growth projects.
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