Read the full stored bill text
House
File
659
-
Introduced
HOUSE
FILE
659
BY
KONFRST
,
MATSON
,
BAGNIEWSKI
,
MADISON
,
CROKEN
,
R.
JOHNSON
,
WILSON
,
AMOS
JR.
,
WICHTENDAHL
,
GOSA
,
BROWN-POWERS
,
KRESSIG
,
ZABNER
,
SRINIVAS
,
McBURNEY
,
JUDGE
,
KURTH
,
COOLING
,
SCHOLTEN
,
OLSON
,
EHLERT
,
B.
MEYER
,
and
BAETH
A
BILL
FOR
An
Act
relating
to
housing
in
the
state
by
establishing
an
Iowa
1
housing
tax
credit
program,
establishing
a
neighborhood
2
renovation
grant
program,
and
increasing
first-time
3
homebuyer
tax
incentives,
and
including
effective
date
and
4
applicability
provisions.
5
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
6
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DIVISION
I
1
IOWA
HOUSING
TAX
CREDIT
PROGRAM
2
Section
1.
NEW
SECTION
.
16.37A
Definitions.
3
For
purposes
of
this
part,
unless
the
context
otherwise
4
requires:
5
1.
“Compliance
period”
means
the
period
of
fifteen
years
6
beginning
with
the
first
taxable
year
of
the
credit
period.
7
2.
“Credit
period”
means
the
period
of
ten
tax
years
8
beginning
with
the
tax
year
in
which
a
qualified
development
9
is
placed
in
service
and
the
Iowa
housing
tax
credit
may
be
10
claimed.
If
a
qualified
development
consists
of
more
than
11
one
building,
the
qualified
development
is
placed
in
service
12
in
the
tax
year
in
which
the
last
building
of
the
qualified
13
development
is
placed
in
service.
14
3.
“Department”
means
the
Iowa
department
of
revenue.
15
4.
“Qualified
allocation
plan”
means
the
qualified
16
allocation
plan
adopted
by
the
authority
pursuant
to
section
17
42(m)
of
the
Internal
Revenue
Code.
18
5.
“Qualified
basis”
means
the
qualified
basis
determined
19
under
section
42(c)(1)
of
the
Internal
Revenue
Code.
20
6.
“Qualified
development”
means
a
qualified
low-income
21
housing
project
under
section
42(g)
of
the
Internal
Revenue
22
Code
that
is
financed
with
tax-exempt
bonds,
pursuant
to
23
section
42(i)(2)
of
the
Internal
Revenue
Code,
and
located
in
24
this
state.
25
7.
“Taxpayer”
means
an
individual,
a
person,
firm,
26
corporation,
or
other
entity
that
owns
an
interest,
direct
27
or
indirect,
in
a
qualified
development
and
who
claims
a
tax
28
credit
under
section
16.37C.
29
Sec.
2.
NEW
SECTION
.
16.37B
Application
——
review
——
30
authorization.
31
1.
The
authority
shall
develop
a
system
for
the
application,
32
review,
and
authorization
of
Iowa
housing
tax
credits
awarded
33
pursuant
to
this
part
and
shall
control
the
issuance
of
all
tax
34
credit
certificates
to
taxpayers
pursuant
to
this
part.
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2.
Applications
for
Iowa
housing
tax
credits
shall
be
1
accepted
during
an
annual
application
period
established
by
the
2
authority.
3
3.
The
authority
may
authorize
the
tax
credit
if
all
of
the
4
following
conditions
are
satisfied:
5
a.
The
tax
credit
certificate
is
issued
to
a
taxpayer
who
6
has
an
ownership
interest
in
the
qualified
development.
7
b.
The
tax
credit
amount
is
allocated
pursuant
to
a
8
qualified
allocation
plan.
9
c.
The
tax
credit
is
necessary
for
the
financial
feasibility
10
of
the
qualified
development.
11
d.
The
amount
of
the
tax
credit
allocated
to
an
owner
12
does
not
exceed
thirty
percent
of
the
qualified
basis
of
the
13
qualified
development.
14
e.
The
qualified
development
is
the
subject
of
a
recorded
15
restrictive
covenant
requiring
that,
for
the
compliance
period
16
or
for
a
longer
period
agreed
to
by
the
authority
and
the
17
owner
of
the
qualified
development,
the
development
shall
be
18
maintained
and
operated
as
a
qualified
development
and
shall
be
19
in
compliance
with
Tit.
VIII
of
the
federal
Civil
Rights
Act
of
20
1968,
as
amended.
21
4.
Upon
review
of
an
application,
the
authority
may
approve
22
the
qualified
development
for
the
tax
credit
program
provided
23
in
section
16.37C,
and
issue
a
tax
credit
certificate
stating
24
the
amount
of
the
tax
credit
the
authority
determines
the
25
applicant
is
eligible
to
claim
for
each
year
of
the
credit
26
period.
27
5.
Unless
otherwise
provided
in
this
section
or
the
context
28
clearly
requires
otherwise,
the
authority
shall
determine
29
eligibility
for
a
credit
and
allocate
credits
in
accordance
30
with
the
standards
and
requirements
set
forth
in
section
42
of
31
the
Internal
Revenue
Code.
32
6.
An
applicant
that
is
unsuccessful
in
receiving
a
tax
33
credit
award
during
an
annual
application
period
may
make
34
additional
applications
during
subsequent
annual
application
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periods.
Such
applicants
shall
be
required
to
submit
a
new
1
application
which
shall
be
reviewed
in
the
same
manner
as
other
2
applications
in
that
annual
application
period.
3
Sec.
3.
NEW
SECTION
.
16.37C
Iowa
housing
tax
credits
——
4
limits.
5
1.
An
Iowa
housing
tax
credit
shall
be
allowed
against
6
the
taxes
imposed
in
chapter
422,
subchapters
II,
III,
and
V,
7
and
in
chapter
432,
and
against
the
moneys
and
credits
tax
8
imposed
in
section
533.329,
in
the
amount
determined
by
the
9
authority
pursuant
to
this
part.
Any
tax
credit
in
excess
of
10
the
taxpayer’s
liability
for
the
tax
year
is
not
refundable
but
11
may
be
credited
to
the
tax
liability
for
the
following
five
12
years
or
until
depleted,
whichever
is
earlier.
13
2.
An
individual
may
claim
a
tax
credit
under
this
14
subsection
of
a
partnership,
limited
liability
company,
15
S
corporation,
estate,
or
trust
electing
to
have
income
16
taxed
directly
to
the
individual.
The
amount
claimed
by
the
17
individual
shall
be
based
upon
the
pro
rata
share
of
the
18
individual’s
earnings
from
the
partnership,
limited
liability
19
company,
S
corporation,
estate,
or
trust.
20
3.
In
any
calendar
year,
the
aggregate
amount
of
all
tax
21
credits
allocated
by
the
authority
shall
not
exceed
fifteen
22
million
dollars,
plus
the
sum
of
the
following
amounts:
23
a.
The
total
of
all
unallocated
tax
credits,
if
any,
for
the
24
preceding
calendar
years.
25
b.
The
total
amount
of
all
previously
allocated
tax
credits
26
that
have
been
recaptured,
revoked,
canceled,
or
otherwise
27
recovered
by
the
authority.
28
4.
a.
To
claim
a
tax
credit
under
this
section,
a
taxpayer
29
shall
include
one
or
more
tax
credit
certificates
issued
by
the
30
authority
with
the
taxpayer’s
tax
return.
31
b.
The
tax
credit
certificate
shall
contain
the
taxpayer’s
32
name,
address,
tax
identification
number,
the
amount
of
the
33
credit
including
the
amount
the
authority
determines
the
34
taxpayer
is
eligible
to
claim
for
each
year
of
the
credit
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period,
the
name
of
the
qualified
development,
any
other
1
information
required
by
the
department
of
revenue,
and
a
place
2
for
the
name
and
tax
identification
number
of
a
transferee
and
3
the
amount
of
the
tax
credit
being
transferred.
4
c.
Tax
credit
certificates
issued
under
this
section
may
5
be
transferred
to
any
person
or
entity.
Within
ninety
days
6
of
transfer,
the
transferee
shall
submit
the
transferred
tax
7
credit
certificate
to
the
authority
along
with
a
statement
8
containing
the
transferee’s
name,
tax
identification
number,
9
and
address,
the
denomination
that
each
replacement
tax
credit
10
certificate
is
to
carry,
and
any
other
information
required
by
11
the
department
of
revenue.
12
d.
Within
thirty
days
of
receiving
the
transferred
tax
13
credit
certificate
and
the
transferee’s
statement,
the
14
authority
shall
issue
one
or
more
replacement
tax
credit
15
certificates
to
the
transferee.
Each
replacement
tax
credit
16
certificate
must
contain
the
information
required
for
the
17
original
tax
credit
certificate
and
must
have
the
same
18
expiration
date
that
appeared
in
the
transferred
tax
credit
19
certificate.
Tax
credit
certificate
amounts
of
less
than
20
the
minimum
amount
established
by
rule
of
the
Iowa
finance
21
authority
shall
not
be
transferable.
22
e.
A
tax
credit
shall
not
be
claimed
by
a
transferee
23
under
this
section
until
a
replacement
tax
credit
certificate
24
identifying
the
transferee
as
the
proper
holder
has
been
25
issued.
The
transferee
may
use
the
amount
of
the
tax
credit
26
transferred
against
the
taxes
imposed
in
chapter
422,
27
subchapters
II,
III,
and
V,
and
in
chapter
432,
and
against
the
28
moneys
and
credits
tax
imposed
in
section
533.329,
for
any
tax
29
year
the
original
transferor
could
have
claimed
the
tax
credit.
30
Any
consideration
received
for
the
transfer
of
the
tax
credit
31
shall
not
be
included
as
income
under
chapter
422,
subchapters
32
II,
III,
and
V.
Any
consideration
paid
for
the
transfer
of
the
33
tax
credit
shall
not
be
deducted
from
income
under
chapter
422,
34
subchapters
II,
III,
and
V.
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Sec.
4.
NEW
SECTION
.
16.37D
Recapture.
1
1.
As
of
the
last
day
of
any
tax
year
during
the
compliance
2
period,
if
the
amount
of
the
qualified
basis
of
a
qualified
3
development
owned
by
a
taxpayer
claiming
the
credit
is
less
4
than
the
amount
of
the
qualified
basis
as
of
the
last
day
of
the
5
immediately
preceding
tax
year,
the
amount
of
the
taxpayer’s
6
liability
under
this
part
shall
be
increased
by
the
recapture
7
amount
determined
using
the
method
under
section
42(j)
of
the
8
Internal
Revenue
Code.
9
2.
If
a
recapture
event
occurs,
the
taxpayer
shall
include
10
the
recaptured
proportion
of
the
credit
on
the
return
submitted
11
for
the
tax
year
in
which
the
recapture
event
is
identified.
12
Sec.
5.
NEW
SECTION
.
16.37E
Compliance
monitoring.
13
The
authority
shall
monitor
and
oversee
compliance
with
14
sections
16.37A
through
16.37D
and
shall
report
specific
15
occurrences
of
noncompliance
to
the
department.
16
Sec.
6.
NEW
SECTION
.
16.37F
Report
to
the
general
assembly.
17
1.
On
or
before
January
31
of
each
year,
the
authority
shall
18
submit
to
the
general
assembly
a
report
that
includes
all
of
19
the
following:
20
2.
A
statement
of
the
number
of
qualified
developments
for
21
which
the
authority
issued
tax
certificates
that
year.
22
3.
A
description
of
each
qualified
development
for
which
23
the
authority
issued
a
tax
certificate
that
year,
including
the
24
geographic
location
of
the
development,
the
household
type
and
25
any
specific
demographic
information
available
concerning
the
26
residents
intended
to
be
served
by
the
development,
the
income
27
levels
of
residents
intended
to
be
served
by
the
development,
28
and
the
rents
or
set-asides
authorized
for
each
development.
29
4.
An
analysis
of
housing
market
and
demographic
30
information
that
shows
how
the
qualified
developments
for
31
which
the
authority
has
issued
tax
certificates
at
any
time
32
are
addressing
the
need
for
affordable
housing
within
the
33
communities
those
developments
are
intended
to
serve,
and
an
34
analysis
of
any
remaining
disparities
in
the
affordability
of
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housing
within
those
communities.
1
Sec.
7.
NEW
SECTION
.
16.37G
Rules.
2
The
authority
and
the
department
shall
adopt
rules
pursuant
3
to
chapter
17A
as
necessary
for
the
implementation
and
4
administration
of
this
part.
5
Sec.
8.
NEW
SECTION
.
422.10C
Iowa
housing
tax
credit.
6
The
taxes
imposed
under
this
subchapter,
less
the
credits
7
allowed
under
section
422.12,
shall
be
reduced
by
an
Iowa
8
housing
tax
credit
allowed
under
section
16.37C.
9
Sec.
9.
Section
422.33,
Code
2025,
is
amended
by
adding
the
10
following
new
subsection:
11
NEW
SUBSECTION
.
17.
The
taxes
imposed
under
this
subchapter
12
shall
be
reduced
by
an
Iowa
housing
tax
credit
as
allowed
under
13
section
16.37C.
14
Sec.
10.
Section
422.60,
Code
2025,
is
amended
by
adding
the
15
following
new
subsection:
16
NEW
SUBSECTION
.
16.
The
taxes
imposed
under
this
subchapter
17
shall
be
reduced
by
an
Iowa
housing
tax
credit
as
allowed
under
18
section
16.37C.
19
Sec.
11.
NEW
SECTION
.
432.12P
Iowa
housing
tax
credit.
20
The
taxes
imposed
under
this
chapter
shall
be
reduced
by
an
21
Iowa
housing
tax
credit
allowed
under
section
16.37C.
22
Sec.
12.
Section
533.329,
subsection
2,
Code
2025,
is
23
amended
by
adding
the
following
new
paragraph:
24
NEW
PARAGRAPH
.
n.
The
moneys
and
credits
tax
imposed
under
25
this
section
shall
be
reduced
by
an
Iowa
housing
tax
credit
26
allowed
under
section
16.37C.
27
Sec.
13.
CODE
EDITOR
DIRECTIVE.
The
Code
editor
shall
28
designate
sections
16.37A
through
16.37G,
as
enacted
by
29
this
division
of
this
Act,
as
a
new
part
within
chapter
16,
30
subchapter
VII,
and
may
redesignate
the
new
and
preexisting
31
parts,
replace
references
to
sections
16.37A
through
16.37G
32
with
references
to
the
new
part,
and
correct
internal
33
references
as
necessary,
including
references
in
subchapter
or
34
part
headnotes.
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Sec.
14.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
1
effect
January
1,
2026.
2
Sec.
15.
APPLICABILITY.
This
division
of
this
Act
applies
3
to
tax
years
beginning
on
or
after
January
1,
2026.
4
DIVISION
II
5
FIRST-TIME
HOMEBUYER
SAVINGS
ACCOUNTS
6
Sec.
16.
Section
422.7,
subsection
27,
paragraph
a,
7
subparagraph
(1),
subparagraph
division
(a),
subparagraph
8
subdivisions
(i)
and
(ii),
Code
2025,
are
amended
to
read
as
9
follows:
10
(i)
For
married
taxpayers
who
file
a
joint
return
and
11
maintain
a
joint
first-time
homebuyer
savings
account,
four
ten
12
thousand
dollars.
13
(ii)
For
any
other
account
holder,
two
five
thousand
14
dollars.
15
DIVISION
III
16
NEIGHBORHOOD
RENOVATION
GRANT
PROGRAM
17
Sec.
17.
NEW
SECTION
.
16.230
Neighborhood
housing
18
renovation
grant
program
——
fund.
19
1.
a.
A
neighborhood
housing
renovation
grant
fund
20
is
created
in
the
state
treasury
under
the
control
of
the
21
authority.
The
fund
shall
be
used
to
award
grants
under
the
22
neighborhood
housing
renovation
grant
program.
23
b.
There
is
appropriated
to
the
authority
for
deposit
in
the
24
neighborhood
housing
renovation
grant
fund
for
the
fiscal
year
25
beginning
July
1,
2025,
from
the
general
fund
of
the
state,
the
26
sum
of
fifty
million
dollars.
27
c.
Notwithstanding
section
12C.7,
subsection
2,
interest
28
or
earnings
on
moneys
in
the
neighborhood
housing
renovation
29
grant
fund
shall
accrue
to
the
authority
and
shall
be
used
for
30
purposes
of
this
section.
Notwithstanding
section
8.33,
moneys
31
in
the
neighborhood
housing
renovation
grant
fund
at
the
end
of
32
each
fiscal
year
shall
not
revert
to
any
other
fund
but
shall
33
remain
in
the
neighborhood
housing
renovation
grant
fund
for
34
expenditure
for
subsequent
fiscal
years.
All
repayments
or
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recaptures
of
grants
awarded
under
this
section
shall
accrue
to
1
the
authority
and
shall
be
used
for
purposes
of
this
section.
2
d.
The
authority
shall
not
use
more
than
three
percent
of
3
the
moneys
in
the
neighborhood
housing
renovation
grant
fund
at
4
the
beginning
of
the
fiscal
year
for
purposes
of
administrative
5
costs,
marketing,
and
other
program
support.
6
2.
a.
The
authority
shall
establish
and
administer
a
7
neighborhood
housing
renovation
grant
program
for
purposes
of
8
awarding
grants
to
eligible
homeowners
for
qualifying
exterior
9
home
improvements,
repairs,
or
renovations.
10
b.
To
qualify
for
the
neighborhood
housing
renovation
grant
11
program,
a
homeowner’s
household
income
shall
not
exceed
one
12
hundred
nine
thousand
dollars.
13
c.
The
property
at
which
the
qualifying
exterior
home
14
improvements,
repairs,
or
renovations
will
occur
must
be
15
occupied
by
the
homeowner.
16
d.
A
grant
awarded
under
the
neighborhood
housing
renovation
17
grant
program
shall
not
exceed
twenty
thousand
dollars.
18
e.
Exterior
improvements,
repairs,
and
renovations
that
19
qualify
for
the
neighborhood
housing
renovation
grant
program
20
shall
include
all
of
the
following:
21
(1)
Roof
repair
or
replacement.
22
(2)
Foundation
repair.
23
(3)
Exterior
siding
repair
or
replacement.
24
(4)
Exterior
paint.
25
(5)
Window
and
door
repair
or
replacement.
26
(6)
Garage
repair
or
replacement.
27
(7)
Exterior
energy
efficiency-related
repairs
or
upgrades.
28
(8)
Exterior
wheelchair
or
mobility
assistive
device
29
accessibility.
30
(9)
Sidewalk
and
driveway
repair
or
replacement.
31
3.
The
authority
shall
adopt
rules
pursuant
to
chapter
17A
32
to
administer
this
section.
33
EXPLANATION
34
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
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the
explanation’s
substance
by
the
members
of
the
general
assembly.
1
This
bill
relates
to
housing
in
the
state
by
establishing
an
2
Iowa
housing
tax
credit
program
and
a
neighborhood
renovation
3
grant
program
and
by
increasing
first-time
homebuyer
tax
4
incentives.
5
DIVISION
I
——
IOWA
HOUSING
TAX
CREDIT
PROGRAM.
The
bill
6
creates
an
Iowa
housing
tax
credit
program
available
against
7
the
individual
and
corporate
income
taxes,
franchise
tax,
8
insurance
premium
tax,
and
moneys
and
credits
tax.
9
The
bill
requires
the
Iowa
finance
authority
(authority)
to
10
develop
a
system
for
the
application,
review,
and
authorization
11
of
Iowa
housing
tax
credits.
A
tax
credit
may
be
claimed
by
12
a
taxpayer
for
a
“qualified
development”
defined
to
mean
a
13
qualified
low-income
housing
project
under
section
42(g)
of
the
14
Internal
Revenue
Code
that
is
financed
by
tax-exempt
bonds.
15
An
Iowa
housing
tax
credit
may
be
authorized
by
the
authority
16
if
all
of
the
following
apply:
the
tax
credit
is
issued
to
17
a
taxpayer
who
has
an
ownership
interest
in
the
qualified
18
development;
the
tax
credit
amount
is
allocated
pursuant
to
19
a
qualified
allocation
plan
adopted
by
the
authority;
the
20
tax
credit
is
necessary
for
the
financial
feasibility
of
the
21
qualified
development;
the
amount
of
the
tax
credit
allocated
22
to
an
owner
shall
not
exceed
30
percent
of
the
qualified
basis
23
of
the
qualified
development;
and
the
qualified
development
is
24
the
subject
of
a
recorded
restrictive
covenant
requiring
the
25
qualified
development
be
maintained
and
operated
as
a
qualified
26
development
for
a
certain
number
of
years.
27
The
amount
of
an
Iowa
housing
tax
credit
award
is
determined
28
by
the
authority
and
may
be
claimed
during
the
credit
period
29
(10
years),
and
any
credit
in
excess
of
the
taxpayer’s
30
liability
for
the
tax
year
is
not
refundable
but
may
be
31
credited
to
the
tax
liability
for
the
following
five
years.
32
In
any
calendar
year,
the
bill
limits
the
aggregate
amount
33
of
the
tax
credit
to
$15
million
plus
the
sum
of
the
total
of
34
unallocated
tax
credits
from
the
preceding
calendar
year
and
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the
previously
allocated
tax
credits
that
have
been
revoked,
1
canceled,
or
recaptured.
2
A
taxpayer
shall
claim
the
credit
by
including
one
or
more
3
tax
certificates
issued
by
the
authority
with
the
taxpayer’s
4
return.
The
bill
allows
a
tax
credit
certificate
to
be
5
transferred
to
any
person
or
entity.
The
bill
requires
the
6
transferee
to
submit
the
transferred
tax
credit
certificate
to
7
the
authority
within
90
days
of
the
transfer,
and
requires
the
8
authority
to
issue
a
replacement
tax
credit
certificate
within
9
30
days
of
receiving
the
transferred
tax
credit
certificate.
10
The
bill
allows
the
authority
to
recapture
tax
credit
11
amounts
from
previously
issued
tax
credits,
if
on
the
last
day
12
of
a
taxable
year
during
the
compliance
period
(15
years),
if
13
the
amount
of
the
qualified
basis
of
a
qualified
development
14
owned
by
a
taxpayer
claiming
the
credit
is
less
than
the
amount
15
of
the
qualified
basis
as
of
the
last
day
of
the
immediately
16
preceding
tax
year,
the
amount
of
the
taxpayer’s
liability
17
shall
be
increased
by
the
recapture
amount
determined
using
the
18
method
under
section
42(j)
of
the
Internal
Revenue
Code.
If
19
a
recapture
event
occurs,
the
bill
requires
the
taxpayer
to
20
include
the
recaptured
amount
on
the
return
submitted
for
the
21
tax
year
in
which
the
recapture
event
is
identified.
22
The
bill
requires
the
authority
to
submit
a
report
to
the
23
general
assembly
by
January
31
each
year,
detailing
the
Iowa
24
housing
tax
credit
program.
25
The
division
takes
effect
January
1,
2026,
and
applies
to
tax
26
years
beginning
on
or
after
that
date.
27
DIVISION
II
——
FIRST-TIME
HOMEBUYER
SAVINGS
ACCOUNTS.
The
28
bill
makes
changes
to
the
income
tax
benefits
related
to
29
contributions
made
to
a
first-time
homebuyer
savings
account.
30
Under
current
law,
for
married
persons
filing
a
joint
return
31
an
account
holder
is
allowed
to
deduct
the
first
$4,000
of
32
contributions
made
to
an
account
during
the
tax
year
if
the
33
account
holder
also
maintains
a
joint
first-time
homebuyer
34
savings
account,
and
for
any
other
person
the
account
holder
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is
allowed
to
deduct
for
the
first
$2,000
of
contributions
1
made
to
such
an
account
during
the
tax
year.
The
first-time
2
homebuyer
savings
account
annual
deduction
limits
are
indexed
3
to
inflation
and
are
increased
each
year.
For
the
2024
tax
4
year
the
annual
deduction
limit
for
married
persons
filing
a
5
joint
return
is
$4,512,
and
for
all
other
persons
the
limit
is
6
$2,256.
7
The
bill
increases
the
annual
deduction
limit
for
first-time
8
homebuyer
savings
account
contributions
to
$10,000
for
married
9
persons
filing
a
joint
return,
and
to
$5,000
for
any
other
10
account
holder.
The
new
annual
deduction
limits
in
the
bill
11
are
also
indexed
to
inflation
and
are
increased
each
year.
12
DIVISION
III
——
NEIGHBORHOOD
RENOVATION
GRANT
PROGRAM.
13
The
bill
establishes
a
neighborhood
housing
renovation
14
grant
program
(program)
and
fund
(neighborhood
fund)
to
15
be
administered
by
the
authority
for
purposes
of
awarding
16
grants
to
eligible
homeowners
for
qualifying
exterior
home
17
improvements,
repairs,
or
renovations
(exterior
work).
18
There
is
appropriated
to
the
authority
for
deposit
in
the
19
neighborhood
fund
for
the
fiscal
year
beginning
July
1,
2025,
20
from
the
general
fund
of
the
state,
the
sum
of
$50
million.
21
Notwithstanding
Code
section
12C.7(2),
interest
or
earnings
on
22
moneys
in
the
neighborhood
fund
shall
accrue
to
the
authority
23
and
shall
be
used
for
purposes
of
the
program.
Notwithstanding
24
Code
section
8.33,
moneys
in
the
neighborhood
fund
at
the
end
25
of
each
fiscal
year
shall
not
revert
to
any
other
fund
but
26
shall
remain
in
the
neighborhood
fund
for
expenditure
for
27
subsequent
fiscal
years.
All
repayments
or
recaptures
of
the
28
grants
awarded
under
the
program
shall
accrue
to
the
authority
29
and
shall
be
used
for
purposes
of
the
program.
30
The
authority
shall
not
use
more
than
3
percent
of
the
moneys
31
in
the
neighborhood
fund
at
the
beginning
of
the
fiscal
year
32
for
purposes
of
administrative
costs,
marketing,
and
other
33
program
support.
34
To
qualify
for
the
program,
a
homeowner’s
household
income
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shall
not
exceed
$109,000
and
the
homeowner
must
occupy
the
1
property
at
which
the
exterior
work
will
occur.
A
grant
2
awarded
under
the
program
shall
not
exceed
$20,000.
Exterior
3
work
that
qualifies
for
the
program
is
detailed
in
the
bill.
4
The
authority
shall
adopt
rules
to
administer
the
division.
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