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Security Deposit Loan Program

The Security Deposit Loan Program has been established jointly by The Housing Fellowship and Hills Bank and Trust Company, 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. Hills Bank and Trust Company makes the loans as approved by The Housing Fellowship.  Hills Bank and Trust Company 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 three years.
• Demonstrated ability to repay the loan.
• Security Deposit loan is $400.

Application Procedure

1. Contact:
The Housing Fellowship
(319) 358-9212
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. Schedule appointment with Hills Bank and Trust to sign note, check will be issued in your new landlord's name.

Eligibility Criteria

1. Household must meet the income guidelines:
Household Size/ Income limit
1     $33,420
2     $38,160
3     $42,960 
4     $47,700
5    $51,540
6    $55,380
7    $59,160
8    $63,000

2. Household can demonstrate the ability to repay the loan.
3. New rental housing must be located in Johnson County.

322 E. 2nd Street / Iowa City, IA 52240 / Office: 319-358-9212 / Fax 319-358-0053
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