HF 2610 (LSB 5284YH (4) 88)

HOUSE FILE 2610

BY  PRICHARD, McCONKEY, HUNTER, MASCHER, OLDSON, STECKMAN, THEDE, B. MEYER, COHOON, GASKILL, WOLFE, DONAHUE, WINCKLER, STAED, JAMES, JUDGE, KURTZ, WILBURN, BEARINGER, FORBES, BENNETT, RUNNING-MARQUARDT, BRECKENRIDGE, HALL, WILLIAMS, KACENA, NIELSEN, ABDUL-SAMAD, KRESSIG, BROWN-POWERS, OLSON, SUNDE, WESSEL-KROESCHELL, and MATSON

A BILL FOR

An Act relating to the workforce housing tax incentives program.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 15.119, subsection 2, paragraph g, Code 2020, is amended to read as follows:
   g.  The workforce housing tax incentives program administered pursuant to sections 15.351 through 15.356. In allocating tax credits pursuant to this subsection, the authority shall not allocate more than twenty-five thirty million dollars for purposes of this paragraph. Of the moneys allocated under this paragraph, ten million dollars shall be reserved for allocation to qualified housing projects in small cities, as defined in section 15.352, that are registered on or after July 1, 2017.
    Sec. 2.  Section 15.353, subsection 1, Code 2020, is amended by adding the following new paragraph:
   NEW PARAGRAPH.  d.  A single-family dwelling unit built before 1990.
    Sec. 3.  Section 15.353, subsection 2, Code 2020, is amended by adding the following new paragraph:
   NEW PARAGRAPH.  g.  The rehabilitation, repair, or improvements to accessibility of a single-family dwelling unit built before 1990.
    Sec. 4.  WORKFORCE HOUSING TAX INCENTIVES PROGRAM —— SMALL CITY WAIT LIST.  Notwithstanding section 15.119, subsection 2, paragraph “g”, and section 15.354, subsection 4, paragraphs “a”, “c”, and “f”, of the moneys allocated pursuant to section 15.119, subsection 2, paragraph “g”, the economic development authority shall reserve twenty percent of the moneys for allocation to qualified housing projects in small cities, as “small city” is defined in section 15.352, until the date on which there are no housing projects located in a small city remaining on any wait list maintained by the economic development authority for the workforce housing tax incentives program.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill is related to the workforce housing tax incentives program.
   Current law requires the economic development authority (authority) to allocate no more than $25 million to the workforce housing tax incentives program (program) in a single fiscal year, with $10 million of that allocation reserved for qualified housing projects (projects) in small cities. The bill directs the authority to annually allocate $30 million to the program. In addition, the bill requires the authority to reserve 20 percent of the allocation to projects in small cities until the date on which there are no projects located in small cities remaining on any wait list the authority maintains for the program. “Small city” is defined in the bill as any city or township located in this state, except those located wholly within 1 or more of the 11 most populous counties in the state, as determined by the most recent population estimates issued by the United States bureau of census.
   The bill expands eligible housing projects to include the rehabilitation, repair, or improvements to accessibility of single-family dwelling units built before 1990.