Resource Intensity: Medium
Cost Share: Variable
Sector: Greening and Land Use
Support Stage: Implementation
Support to: Local Governments
Type of Funding: Grant
This program is administered by the Department of Natural Resources. “PARC grants are available for the acquisition and development of land for public indoor/outdoor park, recreation or conservation purposes. Applications must be for a single project site and the local sponsor must be capable of accomplishing the project in the specified PARC program time frame.
Rehabilitation or Construction Projects with Capital Expenditures. Capital expenditure means an outlay of capital that confers long-term benefits that permanently improve the property’s value or usefulness. Capital expenditures generally include, but are not limited to, one or more of the following purposes: land acquisition, architectural planning and engineering design costs in association with a larger bondable project; demolition (in preparation for additional work); site preparation and improvement; utility work; new construction of buildings and structures; reconstruction or improvement of existing buildings or structures; initial furniture and equipment integral to the project; replacement of currently utilized assets by a better asset; and expansion of existing buildings or facilities.
The Alternate Energy Revolving Loan Program (AERLP), administered by the Iowa Energy Center, provides low-interest loans to individuals and organizations that seek to build renewable energy production facilities in Iowa.
Successful applicants receive a low-interest loan that consists of a combination of AERLP and lender-provided funds. The AERLP provides 50% of the total loan at 0% interest rate up to a maximum of $1,000,000. Rural electric cooperatives and municipal utilities are limited to one loan every 2 years with a maximum loan of $500,000. The remainder of the loan is provided by a lender at market rate.
Eligible renewable energy technologies include solar, biomass, wind and small hydro.
Technical applications for projects with a total financed capital cost of $50,000 or less are reviewed on a continuous basis. Higher cost project are reviewed on a quarterly basis, with deadlines on October 31, January 31, April 30, and July 31.
Submissions received during a given application cycle are reviewed and ranked. Those applications receiving the highest ranking are selected to receive loans, subject to the sufficient available program funds. After the Energy Center technically qualifies a project, the lending institution chosen by the applicant financially qualifies the applicant. The lender manages the entire loan and arranges repayment of the AERLP share of the loan to the Iowa Energy Center.
The maximum loan term allowed for the AERLP funds is 20 years. As the loans are paid back to the Iowa Energy Center, those funds are cycled back into the program and made available to new applicants.