Read the full stored bill text
House
File
2559
-
Introduced
HOUSE
FILE
2559
BY
LATHAM
A
BILL
FOR
An
Act
relating
to
the
housing
renewal
pilot
program,
including
1
repayments
of
interest
and
income,
and
recaptures
or
returns
2
of
financial
assistance
awards.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
2022
Iowa
Acts,
chapter
1148,
section
20,
1
subsection
2,
as
amended
by
2023
Iowa
Acts,
chapter
110,
2
section
18,
is
amended
to
read
as
follows:
3
2.
a.
A
housing
renewal
program
fund
is
created
in
the
4
state
treasury
under
the
control
of
the
Iowa
finance
authority.
5
The
fund
shall
consist
of
moneys
appropriated
to
or
deposited
6
in
the
fund.
Moneys
in
the
fund
are
appropriated
to
the
Iowa
7
finance
authority
to
establish
and
administer
a
housing
renewal
8
pilot
program.
9
b.
For
the
fiscal
year
beginning
July
1,
2022,
and
ending
10
June
30,
2023,
there
is
appropriated
from
the
general
fund
of
11
the
state
to
the
Iowa
finance
authority
five
hundred
thousand
12
dollars
for
deposit
in
the
housing
renewal
program
fund.
13
c.
Notwithstanding
section
8.33
,
moneys
appropriated
in
14
this
section
that
remain
unencumbered
or
unobligated
at
the
15
close
of
the
fiscal
year
shall
not
revert
but
shall
remain
16
available
for
expenditure
for
the
purposes
designated
until
the
17
close
of
the
succeeding
fiscal
year.
18
d.
Notwithstanding
section
12C.7,
subsection
2
,
interest
or
19
earnings
on
moneys
in
the
housing
renewal
program
fund
shall
be
20
credited
to
the
fund.
Payment
of
interest,
income
generated
21
from
the
sale
of
an
ownership
unit
pursuant
to
subsection
6,
22
recaptures
of
financial
assistance
awards,
and
other
repayments
23
under
the
housing
renewal
pilot
program
shall
be
deposited
24
in
the
fund
retained
by
the
nonprofit
Iowa
affiliate
for
the
25
purpose
of
awarding
financial
assistance
under
the
housing
26
renewal
pilot
program
to
eligible
participants
.
27
Sec.
2.
2022
Iowa
Acts,
chapter
1148,
section
20,
subsection
28
5,
paragraph
c,
subparagraph
(2),
as
amended
by
2023
Iowa
Acts,
29
chapter
110,
section
18,
is
amended
to
read
as
follows:
30
(2)
Unless
the
nonprofit
Iowa
affiliate
authorizes
31
additional
time
for
good
cause
shown,
if
an
eligible
32
participant
has
no
project
activity
within
twelve
months
33
from
the
date
a
contract
is
executed
between
the
nonprofit
34
Iowa
affiliate
and
the
eligible
participant,
the
financial
35
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assistance
award
shall
be
returned
to
the
Iowa
finance
1
authority
for
deposit
in
the
housing
renewal
program
fund
2
nonprofit
Iowa
affiliate
to
be
used
to
award
financial
3
assistance
under
the
housing
renewal
pilot
program
to
eligible
4
participants
.
5
Sec.
3.
2022
Iowa
Acts,
chapter
1148,
section
20,
subsection
6
5,
paragraph
d,
as
amended
by
2023
Iowa
Acts,
chapter
110,
7
section
18,
is
amended
to
read
as
follows:
8
d.
An
eligible
participant
shall
sell
each
completed
9
ownership
unit
to
a
homebuyer
whose
income
is
under
equal
to
or
10
less
than
the
one
hundred
twenty
percent
area
median
income
and
11
who
must
occupy
the
ownership
unit
as
the
homebuyer’s
primary
12
residence.
The
deed
to
the
ownership
unit
must
contain
a
13
restrictive
resale
requirement
that
prohibits
the
homebuyer
or
14
a
subsequent
owner
from
selling
the
ownership
unit
to
a
person
15
with
an
income
above
the
one
hundred
twenty
percent
area
median
16
income
for
five
calendar
years
from
the
date
the
eligible
17
participant
sold
the
ownership
unit
to
the
first
homebuyer
18
whose
income
is
under
equal
to
or
less
than
the
one
hundred
19
twenty
percent
area
median
income.
20
EXPLANATION
21
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
22
the
explanation’s
substance
by
the
members
of
the
general
assembly.
23
This
bill
relates
to
the
housing
renewal
pilot
program,
24
including
repayments
of
interest
and
income,
and
recaptures
or
25
returns
of
financial
assistance
awards.
The
housing
renewal
26
pilot
program
(program)
was
established
in
2022
and
amended
27
in
2023,
and
is
administered
by
the
Iowa
finance
authority
28
(authority).
29
Under
the
current
program,
payments
of
interest,
income
30
generated
from
the
sale
of
an
ownership
unit,
recaptures
of
31
financial
assistance
awards,
and
other
repayments
under
the
32
program
are
deposited
in
the
housing
renewal
program
fund.
33
Under
the
bill,
such
repayments
shall
be
retained
by
the
34
nonprofit
Iowa
affiliate
(affiliate)
selected
by
the
authority
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to
provide
financial
assistance
under
the
program
to
eligible
1
participants.
2
Under
the
current
program,
unless
the
affiliate
authorizes
3
additional
time
for
good
cause
shown,
if
an
eligible
4
participant
has
no
project
activity
within
12
months
from
5
the
date
a
contract
is
executed
between
the
affiliate
and
6
the
eligible
participant,
the
financial
assistance
award
7
shall
be
returned
to
the
authority
for
deposit
in
the
program
8
fund.
Under
the
bill,
such
financial
assistance
award
shall
9
be
returned
to
the
affiliate
to
be
used
to
provide
financial
10
assistance
to
eligible
participants.
11
The
bill
clarifies
that
an
eligible
participant
shall
sell
12
each
completed
ownership
unit
to
a
homebuyer
whose
income
is
13
less
than
or
equal
to
the
120
percent
area
median
income.
14
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