Text: HF00532 Text: HF00534 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 7C.4A, subsections 1 through 5, Code 1 2 2001, are amended to read as follows: 1 3 1.ThirtySixty-six percent of the state ceiling shall be 1 4 allocated solely to the Iowa finance authority for the 1 5 following purposes: 1 6 a. Issuing qualified mortgage bonds. 1 7 b. Reallocating the amount, or any portion thereof, to 1 8 another qualified political subdivision for the purpose of 1 9 issuing qualified mortgage bonds; or 1 10 c. Exchanging the allocation, or any portion thereof, for 1 11 the authority to issue mortgage credit certificates by 1 12 election under section 25(c) of the Internal Revenue Code. 1 13 However, at any time during the calendar year the executive 1 14 director of the Iowa finance authority may determine that a 1 15 lesser amount need be allocated to the Iowa finance authority 1 16 and on that date this lesser amount shall be the amount 1 17 allocated to the authority and the excess shall be allocated 1 18 under subsection 7. 1 19 2.TwelveThree percent of the state ceiling shall be 1 20 allocated to bonds issued to carry out programs established 1 21 under chapters 260C, 260E, and 260F. However, at any time 1 22 during the calendar year the director of the Iowa department 1 23 of economic development may determine that a lesser amount 1 24 need be allocated and on that date this lesser amount shall be 1 25 the amount allocated for those programs and the excess shall 1 26 be allocated under subsection 7. 1 27 3.SixteenSeven percent of the state ceiling shall be 1 28 allocated to qualified student loan bonds. However, at any 1 29 time during the calendar year the governor's designee, with 1 30 the approval of the Iowa student loan liquidity corporation, 1 31 may determine that a lesser amount need be allocated to 1 32 qualified student loan bonds and on that date the lesser 1 33 amount shall be the amount allocated for those bonds and the 1 34 excess shall be allocated under subsection 7. 1 35 4.Twenty-oneTwelve percent of the state ceiling shall be 2 1 allocated to qualified small issue bonds issued for first-time 2 2 farmers. However, at any time during the calendar year the 2 3 governor's designee, with the approval of the Iowa 2 4 agricultural development authority, may determine that a 2 5 lesser amount need be allocated to qualified small issue bonds 2 6 for first-time farmers and on that date this lesser amount 2 7 shall be the amount allocated for those bonds and the excess 2 8 shall be allocated under subsection 7. 2 9 5.EighteenNine percent of the state ceiling shall be 2 10 allocated to bonds issued by political subdivisions to finance 2 11 a qualified industry or industries for the manufacturing, 2 12 processing, or assembly of agricultural or manufactured 2 13 products even though the processed products may require 2 14 further treatment before delivery to the ultimate consumer. 2 15 Sec. 2. Section 15.349, Code 2001, is amended to read as 2 16 follows: 2 17 15.349 SHELTER ASSISTANCE FUND. 2 18 A shelter assistance fund is created as a revolving fund in 2 19 the state treasury under the control of the department 2 20 consisting of any moneys appropriated by the general assembly 2 21 and receivedunder section 428A.8pursuant to section 16B.102 2 22 for purposes of the construction, rehabilitation, expansion, 2 23 or costs of operations of group home shelters for the homeless 2 24 and domestic violence shelters. Of the moneys in the fund, 2 25 not less than five hundred forty-six thousand dollars shall be 2 26 spent annually on homeless shelter projects. Notwithstanding 2 27 section 8.33, all moneys in the shelter assistance fund which 2 28 remain unexpended or unobligated at the close of the fiscal 2 29 year shall not revert to the general fund of the state but 2 30 shall remain available for expenditure for subsequent fiscal 2 31 years. 2 32 Sec. 3. Section 16.10, subsection 1, Code 2001, is amended 2 33 to read as follows: 2 34 1. Moneys declared by the authority to be surplus moneys 2 35 which are not required to service bonds and notes issued by 3 1 the authority, to pay administrative expenses of the 3 2 authority, or to accumulate necessary operating or loss 3 3 reserves, shall be used by the authority to provide grants, 3 4 subsidies, and services to lower income families and very low 3 5 income families through the programs authorized in this 3 6 chapter or to provide funds for the residential mortgage 3 7 interest reduction program established pursuant to section 3 8 16.81. In addition, the authoritymay useshall deposit such 3 9 surplus moneysto provide assistance to the local housing3 10assistance program established in sections 15.351 through3 1115.354 for purposes of providing assistance to low and3 12moderate income familiesin the housing trust fund created in 3 13 section 16B.102. Surplus moneys shall not be used for 3 14 infrastructure or administration purposes under the local 3 15 housing assistance program. 3 16 Sec. 4. Section 16.91, subsection 1, Code 2001, is amended 3 17 to read as follows: 3 18 1. The authority through the title guaranty division shall 3 19 initiate and operate a program in which the division shall 3 20 offer guaranties of real property titles in this state. The 3 21 terms, conditions and form of the guaranty contract shall be 3 22 forms approved by the division board. The division shall fix 3 23 a charge for the guaranty in an amount sufficient to permit 3 24 the program to operate on a self-sustaining basis, including 3 25 payment of administrative costs and the maintenance of an 3 26 adequate reserve against claims under the title guaranty 3 27 program. A title guaranty fund is created in the office of 3 28 the treasurer of state. Funds collected under this program 3 29 shall be placed in the title guaranty fund and are available 3 30 to pay all claims, necessary reserves and all administrative 3 31 costs of the title guaranty program. Moneys in the fund shall 3 32 not revert to the general fund and interest on the moneys in 3 33 the fund shall be transferred to thedepartment of economic3 34development for deposit in the local housing assistance3 35program fund established in section 15.354 and shall not4 1accrue to the general fundhousing trust fund created in 4 2 section 16B.102. If the authority board in consultation with 4 3 the division board determines that there are surplus funds in 4 4 the title guaranty fund after providing for adequate reserves 4 5 and operating expenses of the division, the surplus funds 4 6 shall be transferred to thehousing program fund created4 7pursuant to section 16.40housing trust fund. 4 8 Sec. 5. NEW SECTION. 16B.101 DEFINITIONS. 4 9 As used in this chapter, unless the context otherwise 4 10 suggests: 4 11 1. "Commission" means the housing trust commission 4 12 established in section 16B.103. 4 13 2. "Fund" means the housing trust fund created in section 4 14 16B.102. 4 15 Sec. 6. NEW SECTION. 16B.102 HOUSING TRUST FUND. 4 16 1. A housing trust fund is created in the state treasury. 4 17 The fund shall be jointly administered by the Iowa finance 4 18 authority and the department of economic development subject 4 19 to the direction of the housing trust commission. Moneys in 4 20 the fund are annually appropriated to the Iowa finance 4 21 authority and the department of economic development. Moneys 4 22 in the fund shall be used for any housing-related program 4 23 administered by the Iowa finance authority or the department 4 24 of economic development. Payments of interest, repayments of 4 25 moneys loaned pursuant to this chapter, and recaptures of 4 26 grants or loans shall be deposited in the fund. Moneys in the 4 27 fund are not subject to section 8.33. Notwithstanding section 4 28 12C.7, subsection 2, interest or earnings on moneys in the 4 29 fund shall be credited to the fund. 4 30 2. The following accounts are created within the housing 4 31 trust fund: 4 32 a. Housing opportunity account. Excluding moneys 4 33 deposited in the Iowa housing corporation account, twenty 4 34 percent of the remaining moneys deposited in the housing trust 4 35 fund shall be allocated to the housing opportunity account. 5 1 Moneys in the account shall be immediately accessible to the 5 2 Iowa finance authority and the department of economic 5 3 development for economic development-related housing projects. 5 4 In order to receive financial assistance using moneys out of 5 5 the account, the recipient of the financial assistance must 5 6 secure a local match equal to twenty percent of the financial 5 7 assistance received from the account. Income restrictions 5 8 shall not be placed on financial assistance received from the 5 9 account. 5 10 b. (1) Local housing councils account. Excluding moneys 5 11 deposited in the Iowa housing corporation account, sixty 5 12 percent of the remaining moneys deposited in the housing trust 5 13 fund shall be allocated to the local housing councils account. 5 14 Moneys in the account shall be distributed annually to local 5 15 housing councils on a per capita basis. In standard 5 16 metropolitan statistical areas as determined by the United 5 17 States census bureau, moneys in this account shall be provided 5 18 to recipients with an income level at or below eighty percent 5 19 of the average income level of the population in the standard 5 20 metropolitan statistical area. The board may make exceptions 5 21 to the income requirements for standard metropolitan 5 22 statistical areas that have accelerated housing costs. In the 5 23 remaining portion of the state, moneys in this account shall 5 24 be provided to recipients with an income level at or below one 5 25 hundred ten percent of the average income level of the 5 26 population outside all standard metropolitan statistical areas 5 27 in the state. 5 28 (2) (a) For purposes of this paragraph, "local housing 5 29 council" means an organization encompassing one or more 5 30 counties which is authorized to coordinate housing programs in 5 31 the entire county of each participating county, to encourage 5 32 the formation of partnerships regarding housing, and to make 5 33 recommendations on the use of the additional receipts for 5 34 housing projects in the entire county of each participating 5 35 county. 6 1 (b) The membership of a local housing council shall 6 2 include a broad range of individuals and organizations from 6 3 the entire county of each participating county with 6 4 representation from each of the following: 6 5 (i) The board of supervisors of each participating county. 6 6 (ii) The city council of cities located within 6 7 participating counties. 6 8 (iii) Nonprofit organizations involved in housing issues. 6 9 (iv) Lending institutions. 6 10 (v) Any other organizations involved in the housing 6 11 industry. 6 12 (vi) Any interested citizens of participating counties. 6 13 (c) Each county participating in a housing council shall 6 14 complete a housing needs assessment if one has not already 6 15 been completed. 6 16 c. Competitive housing account. Excluding moneys 6 17 deposited in the Iowa housing corporation account, twenty 6 18 percent of the remaining moneys deposited in the housing trust 6 19 fund shall be allocated to the competitive housing account. 6 20 The moneys shall be distributed through a competitive 6 21 application process. In standard metropolitan statistical 6 22 areas as determined by the United States census bureau, moneys 6 23 in this account shall be provided to recipients with an income 6 24 level at or below eighty percent of the average income level 6 25 of the population in the standard metropolitan statistical 6 26 area. The board may make exceptions to the income 6 27 requirements for standard metropolitan statistical areas that 6 28 have accelerated housing costs. In the remaining portion of 6 29 the state, moneys in this account shall be provided to 6 30 recipients with an income level at or below one hundred ten 6 31 percent of the average income level of the population outside 6 32 all standard metropolitan statistical areas in the state. 6 33 d. Iowa housing corporation account. Any moneys received 6 34 by the Iowa finance authority from the Iowa housing 6 35 corporation shall be deposited in the Iowa housing corporation 7 1 account. Moneys in the account may be used for purposes of 7 2 providing financial assistance for housing in the form of 7 3 loans and guarantees. Moneys in the fund may also be used for 7 4 purposes of leveraging bonds. 7 5 Sec. 7. NEW SECTION. 16B.103 HOUSING TRUST COMMISSION. 7 6 1. A housing trust commission is established consisting of 7 7 nine members. The Iowa finance authority, in cooperation with 7 8 the department of economic development, shall provide office 7 9 space, staff assistance, and necessary supplies and equipment 7 10 for the commission. In performing its functions, the 7 11 commission is performing a public function on behalf of the 7 12 state and is a public instrumentality of the state. 7 13 2. The membership of the commission shall be appointed as 7 14 follows: 7 15 a. One representative of a city with a population of less 7 16 than five thousand. 7 17 b. One representative of a city with a population of one 7 18 hundred thousand or more. 7 19 c. One representative of a county with a population of 7 20 less than fifty thousand. 7 21 d. One representative of a county with a population of one 7 22 hundred fifty thousand or more. 7 23 e. One person with expertise in the area of mortgages and 7 24 lending. 7 25 f. One person with expertise as a housing developer. 7 26 g. One person with expertise in housing issues with a 7 27 nonprofit corporation. 7 28 h. One person with expertise in economic development 7 29 issues. 7 30 i. One member of the general public. 7 31 3. All appointments shall be made by the governor, shall 7 32 comply with sections 69.16 and 69.16A, and shall be subject to 7 33 confirmation by the senate. All appointed members of the 7 34 commission shall have demonstrable experience or expertise in 7 35 housing-related issues. 8 1 4. The members of the commission shall select a 8 2 chairperson and vice chairperson from their membership. 8 3 5. Commission members shall be appointed to three-year 8 4 staggered terms and the terms shall commence and end as 8 5 provided by section 69.19. A member shall not serve more than 8 6 two terms. If a vacancy occurs, a successor shall be 8 7 appointed to serve the unexpired term. A successor shall be 8 8 appointed in the same manner and subject to the same 8 9 qualifications as the original appointment to serve the 8 10 unexpired term. Commission members shall be eligible to 8 11 receive compensation as provided in section 7E.6. 8 12 6. A majority of the commission constitutes a quorum. 8 13 Sec. 8. NEW SECTION. 16B.104 COMMISSION DUTIES. 8 14 The commission shall do all of the following: 8 15 1. Organize. 8 16 2. Direct the administration of the housing trust fund 8 17 created in section 16B.102. 8 18 3. Direct the expenditure of moneys in housing trust fund 8 19 created in 16B.102. 8 20 4. Provide advice and assistance to any state agency 8 21 administering a housing-related program. 8 22 5. Market and educate the general public regarding all 8 23 housing-related programs offered by the Iowa finance authority 8 24 and the department of economic development. The marketing and 8 25 education efforts shall include outreach initiatives aimed at 8 26 immigrants and minority persons. 8 27 6. Develop a centralized, comprehensive program for 8 28 providing the general public with access to housing related 8 29 information. 8 30 Sec. 9. NEW SECTION. 16B.105 RULES. 8 31 The commission shall adopt rules pursuant to chapter 17A 8 32 necessary for administering this chapter. 8 33 Sec. 10. Section 543B.46, subsection 1, Code 2001, is 8 34 amended to read as follows: 8 35 1. Each real estate broker shall maintain a common trust 9 1 account in a bank, a savings and loan association, savings 9 2 bank, or credit union for the deposit of all down payments, 9 3 earnest money deposits, or other trust funds received by the 9 4 broker or the broker's salespersons on behalf of the broker's 9 5 principal, except that a broker acting as a salesperson shall 9 6 deposit these funds in the common trust account of the broker 9 7 for whom the broker acts as salesperson. The account shall be 9 8 an interest-bearing account. The interest on the account 9 9 shall be transferred quarterly to the treasurer of state and 9 10 transferred to thedepartment of economic developmentIowa 9 11 finance authority for deposit in thelocal housing assistance9 12program fund established in section 15.354 unless there is a9 13written agreement between the buyer and seller to the contrary9 14 housing trust fund created in section 16B.102. The broker 9 15 shall not benefit from interest received on funds of others in 9 16 the broker's possession. 9 17 Sec. 11. STUDY AND RECOMMENDATIONS. 9 18 1. The housing trust commission, in cooperation with the 9 19 Iowa finance authority, the department of economic 9 20 development, the attorney general, and the department of 9 21 public health, shall conduct a study and provide 9 22 recommendations regarding the following issues: 9 23 a. Whether it would be desirable to allow cities and 9 24 counties to determine how tax increment financing is used for 9 25 commercial and residential development and how much tax 9 26 increment financing the cities and counties should set aside 9 27 for low and moderate income categories. 9 28 b. A long-term solution to issues raised related to 9 29 manufactured housing in chapter 562B, particularly the issue 9 30 of eviction without cause. The solution should protect both 9 31 consumers and property owners. 9 32 c. Options or alternatives for the state to determine 9 33 median income for federally funded or state-funded housing 9 34 programs in order to more effectively address local housing 9 35 needs. 10 1 d. Establishment of a tax credit for the development of 10 2 single-family, owner-occupied housing. 10 3 e. Provision of a program for investigating the lead-based 10 4 paint exposure problem in the state and communicating the 10 5 magnitude of the problem to the public. 10 6 f. Establishment of a tax credit for renters. 10 7 2. The recommendations required under this section shall 10 8 be included in a written report submitted to the general 10 9 assembly by January 14, 2002. 10 10 Sec. 12. IOWA HOUSING CORPORATION MONEYS. The Iowa 10 11 finance authority shall transfer any moneys received from the 10 12 Iowa housing corporation for deposit in the Iowa housing 10 13 corporation account of the housing trust fund created in 10 14 section 16B.102. 10 15 EXPLANATION 10 16 This bill relates to housing by creating a housing trust 10 17 fund and a housing trust commission, transferring certain 10 18 moneys to the fund, and changing the allocation of private 10 19 activity bonds. 10 20 The bill amends the private activity bond allocation Act in 10 21 Code chapter 7C, which allows for the allocation of the state 10 22 ceiling for bonds which are subject to section 146 of the 10 23 Internal Revenue Code and may be issued by all political 10 24 subdivisions. The bill increases the state ceiling allocated 10 25 to the Iowa finance authority for purposes of issuing 10 26 qualified mortgage bonds, reallocating the amount, or 10 27 exchanging the allocation from 30 percent to 66 percent. The 10 28 bill reduces all of the other allocations of the state ceiling 10 29 by a total of 36 percent. 10 30 The bill creates a housing trust fund and provides for the 10 31 joint administration of the fund by the Iowa finance authority 10 32 and the department of economic development subject to the 10 33 direction of the housing trust commission. The bill creates a 10 34 housing opportunity account, a local housing councils account, 10 35 a competitive housing account, and an Iowa housing corporation 11 1 account within the housing trust fund. The bill provides that 11 2 moneys in the fund shall be used for housing-related programs 11 3 administered by the authority and the department. 11 4 The bill provides that the housing opportunity account 11 5 shall consist of 20 percent of any moneys deposited in the 11 6 housing trust fund excluding moneys deposited in the Iowa 11 7 housing corporation account. The bill provides that moneys in 11 8 the account shall be immediately accessible to the authority 11 9 and department of economic development for economic 11 10 development-related housing projects. The bill provides that, 11 11 in order to receive financial assistance using moneys out of 11 12 the account, the recipient of the financial assistance must 11 13 secure a local match equal to 20 percent of the financial 11 14 assistance received from the account. The bill provides that 11 15 there shall be no income restrictions placed on financial 11 16 assistance received from the account. 11 17 The bill provides that the local housing councils account 11 18 shall consist of 60 percent of any moneys deposited in the 11 19 housing trust fund excluding moneys deposited in the Iowa 11 20 housing corporation account. The bill provides that moneys in 11 21 the account shall be distributed annually to local housing 11 22 councils on a per capita basis. The bill provides income 11 23 restrictions on recipients of moneys from the account. The 11 24 bill provides that a local housing council is an organization 11 25 encompassing one or more counties which is authorized to 11 26 coordinate housing programs in the entire county of each 11 27 participating county, to encourage the formation of 11 28 partnerships regarding housing, and to make recommendations on 11 29 the use of the additional receipts for housing projects in the 11 30 entire county of each participating county. 11 31 The bill provides that the competitive housing account 11 32 shall consist of 20 percent of any moneys deposited in the 11 33 housing trust fund excluding moneys deposited in the Iowa 11 34 housing corporation account. The bill provides that moneys 11 35 shall be distributed through a competitive application 12 1 process. The bill provides income restrictions on recipients 12 2 of moneys from the account. 12 3 The bill provides that the Iowa housing corporation account 12 4 shall consist of any moneys received by the Iowa finance 12 5 authority from the Iowa housing corporation. The bill 12 6 provides that moneys in the account may be used for purposes 12 7 of providing financial assistance for housing in the form of 12 8 loans and guarantees and for purposes of leveraging bonds. 12 9 The bill establishes a housing trust commission consisting 12 10 of nine members. The bill provides that the commission shall 12 11 organize, direct the administration of and expenditure of 12 12 moneys in the housing trust fund, provide advice and 12 13 assistance to any state agency administering a housing-related 12 14 program, market and educate the general public regarding 12 15 housing-related programs, and develop a centralized, 12 16 comprehensive program for providing the general public with 12 17 access to housing-related information. The bill provides 12 18 rulemaking authority for the commission. 12 19 The bill provides for the transfer of certain surplus 12 20 moneys and interest from the title guaranty program to the 12 21 housing trust fund. The bill provides that the authority 12 22 shall deposit surplus moneys in the housing trust fund. The 12 23 bill further provides for the transfer of interest earned on 12 24 common trust accounts maintained by real estate brokers to the 12 25 housing trust fund. 12 26 The bill also makes conforming amendments. 12 27 The bill provides that, by January 14, 2002, the housing 12 28 trust commission, in cooperation with the Iowa finance 12 29 authority, the department of economic development, the 12 30 attorney general, and the Iowa department of public health, 12 31 shall conduct a study and provide recommendations regarding 12 32 issues related to tax increment financing; manufactured 12 33 housing; options or alternatives for the state to determine 12 34 median income for federally funded or state-funded housing 12 35 programs; a tax credit for the development of single-family, 13 1 owner-occupied housing; investigating the lead-based paint 13 2 exposure problem in the state; and a tax credit for renters. 13 3 The bill provides that the Iowa finance authority shall 13 4 transfer any moneys received from the Iowa housing corporation 13 5 for deposit in the Iowa housing corporation account of the 13 6 housing trust fund. 13 7 LSB 2088YH 79 13 8 tm/pj/5
Text: HF00532 Text: HF00534 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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