Text: SF00042 Text: SF00044 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 16.100, subsection 1, Code 1999, is 1 2 amended to read as follows: 1 3 1. A housing improvement fund is created within the 1 4 authority. Interest on rental deposits shall be deposited in 1 5 the housing improvement fund as required by section 562A.12. 1 6 The moneys in the housing improvement fund are annually 1 7 appropriated to the authority which shall allocate the 1 8 available funds among and within the programs authorized by 1 9 this section. Notwithstanding section 8.33, unencumbered or 1 10 unobligated moneys remaining in the fund on June 30 of any 1 11 fiscal year shall not revert to any other fund but shall be 1 12 available for expenditure for subsequent fiscal years. 1 13 Notwithstanding section 12C.7, interest or earnings on moneys 1 14 in the fund or appropriated to the fund shall be credited to 1 15 the fund. The authority may expend up to four percent of the 1 16 moneys appropriated for the programs in this section for 1 17 administrative costs of the authority for those programs. The 1 18 authority may provide financial assistance to a housing 1 19 sponsor or an individual in the form of loans, guarantees, 1 20 grants, interest subsidies, or by other means for the programs 1 21 authorized by this section. 1 22 Sec. 2. Section 562A.12, subsection 2, Code 1999, is 1 23 amended to read as follows: 1 24 2. All rental deposits shall be held by the landlord for 1 25 the tenant, who is a party to the agreement, in a bank or 1 26 savings and loan association or credit union which is insured 1 27 by an agency of the federal government. Rental deposits shall 1 28 not be commingled with the personal funds of the landlord. 1 29 Notwithstanding the provisions of chapter 543B, all rental 1 30 depositsmayshall be held in a trust account, which may be a 1 31 common trust account and whichmayshall be an interest 1 32 bearing account. Any interest earned by a for-profit landlord 1 33 on a rental depositduring the first five years of a tenancy1 34 related to a property with four or more dwelling units shall 1 35 bethe property of the landlordannually deposited by the 2 1 landlord in the housing improvement fund created in section 2 2 16.100. 2 3 EXPLANATION 2 4 This bill requires a landlord who collects rental deposits 2 5 to hold these deposits in a trust account which may be a 2 6 common trust account and which shall be an interest bearing 2 7 account. The bill provides that all interest earned on the 2 8 rental deposits by a landlord with respect to properties with 2 9 four or more dwelling units shall be annually deposited in the 2 10 housing improvement fund created within the Iowa finance 2 11 authority. 2 12 LSB 1800SS 78 2 13 tm/sc/14
Text: SF00042 Text: SF00044 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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