2007 Annual Report of the Iowa Railway Finance Authority

The Iowa Railway Finance Authority (IRFA) was created in 1980 by the 68th General Assembly to provide for the financing of rail facilities, and to enhance and continue the operation of essential rail facilities. IRFA was authorized to offer financial assistance for the acquisition, rehabilitation, construction, refinancing, extension, replacement, maintenance, repair or leasing of any rail facility. The 2005 legislative session amended Iowa Code 327H.20 by assigning all repayments of IRFA and other Iowa DOT rail assistance loans to the Rail Revolving Loan and Grant Fund. In 2006, a state appropriation of $235,000 was added to the program. In 2007, $2 million was appropriated to support rail development and job growth.