Text: HF00647 Text: HF00649 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.108, Code 1997, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 11. HOUSING DEVELOPMENT. a. To provide 1 4 assistance to local governments, housing organizations, 1 5 economic development groups, and other local entities to 1 6 increase the development of housing in the state and to 1 7 improve the quality of existing housing in order to maximize 1 8 the effects of other economic development efforts. 1 9 b. To carry out this responsibility, the department shall: 1 10 (1) Provide housing needs assessments. 1 11 (2) Provide a one-step source, in coordination with other 1 12 agencies of the state, for housing development assistance. 1 13 (3) Establish programs to assist in housing development, 1 14 including programs to assist homeless shelter operations. 1 15 Sec. 2. NEW SECTION. 15.351 REGIONAL HOUSING PROGRAM. 1 16 1. The department shall establish and administer a program 1 17 in coordination with the Iowa finance authority to provide 1 18 technical assistance and funding for projects which facilitate 1 19 housing development, including housing trust funds or programs 1 20 for the rehabilitation or construction of housing on a 1 21 regional basis by cities, counties, local housing or economic 1 22 development organizations, and recognized neighborhood 1 23 organizations. Funds for the program shall come from moneys 1 24 transferred in accordance with section 428A.8, moneys 1 25 appropriated from the general fund, if any, and moneys 1 26 received from other sources. 1 27 2. The department shall adopt rules pursuant to chapter 1 28 17A for the administration of the program. The rules shall 1 29 include at least the following: 1 30 a. That a regional housing council be established 1 31 consisting of the supervisors of the county and the mayor of 1 32 each city in the county, or their designees, and 1 33 representatives of local housing or economic development 1 34 organizations. A housing council may represent more than one 1 35 county and the cities within each county and may be an entity 2 1 formed under chapter 28E. 2 2 b. That the regional housing council complete a housing 2 3 needs assessment with the department prior to an entity within 2 4 the region covered by the council being eligible to 2 5 participate in the program. 2 6 c. That awards be limited to projects consistent with the 2 7 housing needs assessment and which have the prior approval of 2 8 the council. 2 9 d. Provisions for the prioritization of competing 2 10 proposals with projects to address housing needs created by 2 11 economic development activities in the region receiving 2 12 highest priority. 2 13 Sec. 3. Section 16.40, subsection 2, Code 1997, is amended 2 14 by striking the subsection. 2 15 Sec. 4. Section 16.91, subsection 1, Code 1997, is amended 2 16 to read as follows: 2 17 1. The authority through the title guaranty division shall 2 18 initiate and operate a program in which the division shall 2 19 offer guaranties of real property titles in this state. The 2 20 terms, conditions and form of the guaranty contract shall be 2 21 forms approved by the division board. The division shall fix 2 22 a charge for the guaranty in an amount sufficient to permit 2 23 the program to operate on a self-sustaining basis, including 2 24 payment of administrative costs and the maintenance of an 2 25 adequate reserve against claims under the title guaranty 2 26 program. A title guaranty fund is created in the office of 2 27 the treasurer of state. Funds collected under this program 2 28 shall be placed in the title guaranty fund and are available 2 29 to pay all claims, necessary reserves and all administrative 2 30 costs of the title guaranty program. Moneys in the fund shall 2 31 not revert to the general fund and interest on the moneys in 2 32 the fund shall beretained as a part of the fundtransferred 2 33 to the department of economic development for the regional 2 34 housing program established in section 15.351 and shall not 2 35 accrue to the general fund. If the authority board in 3 1 consultation with the division board determines that there are 3 2 surplus funds in the title guaranty fund after providing for 3 3 adequate reserves and operating expenses of the division, the 3 4 surplus funds shall be transferred to the housing program fund 3 5 created pursuant to section 16.40. 3 6 Sec. 5. Section 16.100, subsection 2, paragraph a, Code 3 7 1997, is amended by striking the paragraph. 3 8 Sec. 6. Section 404.1, Code 1997, is amended by adding the 3 9 following new subsection: 3 10 NEW SUBSECTION. 5. An area or an area designated as 3 11 appropriate for public improvements related to housing and 3 12 residential development, or construction of housing and 3 13 residential development, including single or multifamily 3 14 housing. 3 15 Sec. 7. NEW SECTION. 404.3A RESIDENTIAL DEVELOPMENT AREA 3 16 EXEMPTION. 3 17 Notwithstanding section 404.3, all qualified real estate 3 18 assessed as residential property in an area designated under 3 19 section 404.1, subsection 5, is eligible to receive an 3 20 exemption from taxation on the first seventy-five thousand 3 21 dollars of actual value added by the improvements. The 3 22 exemption is for a period of five years. 3 23 Sec. 8. Section 428A.8, Code 1997, is amended to read as 3 24 follows: 3 25 428A.8 REMITTANCE TO STATE TREASURER – PORTION RETAINED 3 26 IN COUNTY. 3 27 1. On or before the tenth day of each month the county 3 28 recorder shall determine and pay to the treasurer of state 3 29 eighty-two and three-fourths percent of the receipts from the 3 30 real estate transfer tax collected during the preceding month 3 31 and the treasurer of state shall depositninety-five percent3 32of the receipts in the general fund of the state and transfer3 33five percent of the receipts to the Iowa finance authority for3 34deposit in the housing improvement fund created in section3 3516.100.the receipts as follows: 4 1 a. For the fiscal year beginning July 1, 1998, and ending 4 2 June 30, 1999, eighty-seven and one-half percent of the 4 3 receipts shall be deposited in the general fund of the state 4 4 and twelve and one-half percent of the receipts shall be 4 5 transferred to the department of economic development to be 4 6 used only for the purposes of the regional housing program 4 7 established in section 15.351. 4 8 b. For the fiscal year beginning July 1, 1999, and ending 4 9 June 30, 2000, seventy-five percent of the receipts shall be 4 10 deposited in the general fund of the state and twenty-five 4 11 percent of the receipts shall be transferred to the department 4 12 of economic development to be used only for the purposes of 4 13 the regional housing program established in section 15.351. 4 14 c. For the fiscal year beginning July 1, 2000, and ending 4 15 June 30, 2001, sixty-two and one-half percent of the receipts 4 16 shall be deposited in the general fund of the state and 4 17 thirty-seven and one-half percent of the receipts shall be 4 18 transferred to the department of economic development to be 4 19 used only for the purposes of the regional housing program 4 20 established in section 15.351. 4 21 d. For the fiscal year beginning July 1, 2001, and ending 4 22 June 30, 2002, fifty percent of the receipts shall be 4 23 deposited in the general fund of the state and fifty percent 4 24 of the receipts shall be transferred to the department of 4 25 economic development to be used only for the purposes of the 4 26 regional housing program established in section 15.351. 4 27 e. For the fiscal year beginning July 1, 2002, and ending 4 28 June 30, 2003, thirty-seven and one-half percent of the 4 29 receipts shall be deposited in the general fund of the state 4 30 and sixty-two and one-half percent of the receipts shall be 4 31 transferred to the department of economic development to be 4 32 used only for the purposes of the regional housing program 4 33 established in section 15.351. 4 34 f. For the fiscal year beginning July 1, 2003, and ending 4 35 June 30, 2004, twenty-five percent of the receipts shall be 5 1 deposited in the general fund of the state and seventy-five 5 2 percent of the receipts shall be transferred to the department 5 3 of economic development to be used only for the purposes of 5 4 the regional housing program established in section 15.351. 5 5 g. For the fiscal year beginning July 1, 2004, and ending 5 6 June 30, 2005, twelve and one-half percent of the receipts 5 7 shall be deposited in the general fund of the state and 5 8 eighty-seven and one-half percent of the receipts shall be 5 9 transferred to the department of economic development to be 5 10 used only for the purposes of the regional housing program 5 11 established in section 15.351. 5 12 h. For the fiscal year beginning July 1, 2005, and each 5 13 subsequent fiscal year, one hundred percent of the receipts 5 14 shall be transferred to the department of economic development 5 15 to be used only for the purposes of the regional housing 5 16 program established in section 15.351. 5 17 2. The county recorder shall deposit the remaining 5 18 seventeen and one-fourth percent of the receipts in the county 5 19 general fund. 5 20 3. The county recorder shall keep records and make reports 5 21 with respect to the real estate transfer tax as the director 5 22 of revenue and finance prescribes. 5 23 Sec. 9. Section 543B.46, subsection 1, Code 1997, is 5 24 amended to read as follows: 5 25 1. Each real estate broker shall maintain a common trust 5 26 account in a bank, a savings and loan association, savings 5 27 bank, or credit union for the deposit of all down payments, 5 28 earnest money deposits, or other trust funds received by the 5 29 broker or the broker's salespersons on behalf of the broker's 5 30 principal, except that a broker acting as a salesperson shall 5 31 deposit these funds in the common trust account of the broker 5 32 for whom the broker acts as salesperson. The account shall be 5 33 an interest-bearing account. The interest on the account 5 34 shall be transferred quarterly to the treasurer of state and 5 35deposited in the title guaranty fund and used for public6 1purposes and the benefit of the public pursuant to section6 216.91 unless there is a written agreement between the buyer6 3and seller to the contrary. The broker shall not benefit from6 4interest received on funds of others in the broker's6 5possessiontransferred to the department of economic 6 6 development for the regional housing program established in 6 7 section 15.351. 6 8 EXPLANATION 6 9 This bill provides the following: 6 10 1. The department of economic development is also required 6 11 to establish a regional housing project program in 6 12 coordination with the Iowa finance authority to provide 6 13 technical and financial assistance to communities or local 6 14 groups for housing projects which facilitate housing 6 15 development, construction, or rehabilitation. The program 6 16 shall require that a regional housing council, consisting of 6 17 the supervisors or the county, the mayor of each city, and 6 18 representatives of local housing or economic development 6 19 groups, exist. The council may cover more than one county 6 20 under an agreement pursuant to Code chapter 28E. To receive 6 21 financial assistance under the program, a housing needs 6 22 assessment must be completed for the region, the proposal must 6 23 be consistent with the housing needs assessment, and the 6 24 proposal must be approved by the council. 6 25 2. Interest on moneys in the title guarantee fund under 6 26 Code section 16.91 and on real estate brokers common trust 6 27 accounts under Code section 543B.46 shall be transferred to 6 28 the department of economic development for housing programs. 6 29 3. The proceeds from the real estate transfer tax under 6 30 Code section 428A.8 currently being deposited with the Iowa 6 31 finance authority shall be transferred to the department of 6 32 economic development for the fiscal year beginning July 1, 6 33 1997. For the fiscal year beginning July 1, 1998, the 6 34 proceeds from the tax shall be deposited as follows: 6 35 a. For the fiscal year beginning July 1, 1998, 87.5 7 1 percent of the proceeds shall continue to be deposited in the 7 2 general fund of the state and 12.5 percent shall be 7 3 transferred to the department. 7 4 b. For the fiscal year beginning July 1, 1999, 75 percent 7 5 of the proceeds shall continue to be deposited in the general 7 6 fund of the state and 25 percent shall be transferred to the 7 7 department. 7 8 c. For the fiscal year beginning July 1, 2000, 62.5 7 9 percent of the proceeds shall continue to be deposited in the 7 10 general fund of the state and 37.5 percent shall be 7 11 transferred to the department. 7 12 d. For the fiscal year beginning July 1, 2001, 50 percent 7 13 of the proceeds shall continue to be deposited in the general 7 14 fund of the state and 50 percent shall be transferred to the 7 15 department. 7 16 e. For the fiscal year beginning July 1, 2002, 37.5 7 17 percent of the proceeds shall continue to be deposited in the 7 18 general fund of the state and 62.5 percent shall be 7 19 transferred to the department. 7 20 f. For the fiscal year beginning July 1, 2003, 25 percent 7 21 of the proceeds shall continue to be deposited in the general 7 22 fund of the state and 75 percent shall be transferred to the 7 23 department. 7 24 g. For the fiscal year beginning July 1, 2004, 12.5 7 25 percent of the proceeds shall continue to be deposited in the 7 26 general fund of the state and 87.5 percent shall be 7 27 transferred to the department. 7 28 h. For the fiscal year beginning July 1, 2005, and each 7 29 subsequent year, 100 percent of the tax proceeds currently 7 30 going to the general fund shall be transferred to the 7 31 department. 7 32 The counties would continue to retain 17.25 percent of the 7 33 gross real estate transfer tax receipts. 7 34 4. Cities and counties are authorized to provide a 7 35 property tax exemption for the first $75,000 of value of 8 1 residential property which is in an area designated as 8 2 appropriate for public improvements related to housing and 8 3 residential development, or construction of housing and 8 4 residential development, including single or multifamily 8 5 housing. 8 6 LSB 2377YH 77 8 7 mk/jj/8
Text: HF00647 Text: HF00649 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: House Bills and Amendments (77th General Assembly)
© 1997 Cornell College and League of Women Voters of Iowa
Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri May 9 03:41:42 CDT 1997
URL: /DOCS/GA/77GA/Legislation/HF/00600/HF00648/970314.html
jhf