Security Deposit Loan Program
The Security Deposit Loan Program has been established jointly by The Housing Fellowship and US Bank, to provide no-interest loans for security deposits.
The loan program is based on a revolving fund of money, allowing loans to be made as payments are received. As each loan customer makes monthly payments, another person can benefit from the program.
The Housing Fellowship is responsible for administering the loan fund. The Housing Fellowship reviews and approves or denies loan applications. Us Bank makes the loans as approved by The Housing Fellowship and provides loan customers monthly statements. US Bank will act as a credit reference for customers when loans are repaid. Minimum Qualifications
• Verification of continuous income for the last six months
• Favorable landlord references for the last two years.
• Demonstrated ability to repay the loan.
• Security Deposit must be at least $400.
The Housing Fellowship
322 E. 2nd Ave.
Iowa City, IA 52240
2. Applications are completed by appointment only.
3. A non-refundable application fee of $35.00 must be paid.
4. Approval or Denial Letter will be mailed to applicant.
5. Approved loan customers complete loan agreement form.
6. Schedule appointment with US Bank to sign note, check will be received a couple of days after singing note. (Checks are issued in loan customer and landlord’s name.)
1. Household must meet the very low-income guidelines:
Household Size/ Income limit
2. Household can demonstrate the ability to repay the loan.
3. New rental housing must be located in Johnson County.