Text: SF00226 Text: SF00228 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.349, Code 2001, is amended to read 1 2 as follows: 1 3 15.349 SHELTER ASSISTANCE FUND. 1 4 A shelter assistance fund is created as a revolving fund in 1 5 the state treasury under the control of the department 1 6 consisting of any moneys appropriated by the general assembly 1 7 and receivedunder section 428A.8pursuant to section 16.181 1 8 for purposes of the construction, rehabilitation, expansion, 1 9 or costs of operations of group home shelters for the homeless 1 10 and domestic violence shelters. Of the moneys in the fund, 1 11 not less than five hundred forty-six thousand dollars shall be 1 12 spent annually on homeless shelter projects. Notwithstanding 1 13 section 8.33, all moneys in the shelter assistance fund which 1 14 remain unexpended or unobligated at the close of the fiscal 1 15 year shall not revert to the general fund of the state but 1 16 shall remain available for expenditure for subsequent fiscal 1 17 years. 1 18 Sec. 2. Section 16.91, subsection 1, Code 2001, is amended 1 19 to read as follows: 1 20 1. The authority through the title guaranty division shall 1 21 initiate and operate a program in which the division shall 1 22 offer guaranties of real property titles in this state. The 1 23 terms, conditions and form of the guaranty contract shall be 1 24 forms approved by the division board. The division shall fix 1 25 a charge for the guaranty in an amount sufficient to permit 1 26 the program to operate on a self-sustaining basis, including 1 27 payment of administrative costs and the maintenance of an 1 28 adequate reserve against claims under the title guaranty 1 29 program. A title guaranty fund is created in the office of 1 30 the treasurer of state. Funds collected under this program 1 31 shall be placed in the title guaranty fund and are available 1 32 to pay all claims, necessary reserves and all administrative 1 33 costs of the title guaranty program.Moneys in the fund1 34 Unencumbered and unobligated moneys remaining in the fund at 1 35 the end of each fiscal year shall not revert to the general 2 1 fundand interest, but shall be transferred to the housing 2 2 trust fund established in section 16.181. Interest on the 2 3 moneys in the fund shall be transferred tothe department of2 4economic development for deposit in the local housing2 5assistance program fund established in section 15.354 and2 6shall not accrue to the general fundthe housing trust fund. 2 7 If the authority board in consultation with the division board 2 8 determines that there are surplus funds in the title guaranty 2 9 fund after providing for adequate reserves and operating 2 10 expenses of the division, the surplus funds shall be 2 11 transferred to thehousing program fund created pursuant to2 12section 16.40housing trust fund. 2 13 Sec. 3. Section 16.100, subsection 1, Code 2001, is 2 14 amended to read as follows: 2 15 1. A housing improvement fund is created within the 2 16 authority. The moneys in the housing improvement fund are 2 17 annually appropriated to the authority which shall allocate 2 18 the available funds among and within the programs authorized 2 19 by this section. Notwithstanding section 8.33, unencumbered 2 20 or unobligated moneys remaining in the fund on June 30 of any 2 21 fiscal year shall not revert to any other fund but shall be 2 22 available for expenditure for subsequent fiscal years. 2 23 Notwithstanding section 12C.7, interest or earnings on moneys 2 24 in the fund or appropriated to the fund shall be credited to 2 25 the fund.The authority may expend up to four percent of the2 26moneys appropriated for the programs in this section for2 27administrative costs of the authority for those programs.The 2 28 authority may provide financial assistance to a housing 2 29 sponsor or an individual in the form of loans, guarantees, 2 30 grants, interest subsidies, or by other means for the programs 2 31 authorized by this section. 2 32 Sec. 4. NEW SECTION. 16.181 HOUSING TRUST FUND. 2 33 1. A housing trust fund is created within the authority 2 34 and shall be jointly administered by the authority and the 2 35 department of economic development. The moneys in the housing 3 1 trust fund are annually appropriated to the authority. 3 2 Payment of interest, recaptures of awards, or other repayments 3 3 to the housing trust fund shall be deposited in the fund. 3 4 Notwithstanding section 12C.7, interest or earnings on moneys 3 5 in the housing trust fund or appropriated to the fund shall be 3 6 credited to the fund. Notwithstanding section 8.33, 3 7 unencumbered and unobligated moneys remaining in the fund at 3 8 the close of each fiscal year shall not revert but shall 3 9 remain available for expenditure for the same purposes in the 3 10 succeeding fiscal year. A state agency shall not charge 3 11 salary and support expenses to the housing trust fund. 3 12 2. Moneys in the housing trust fund may be used for any 3 13 housing program administered by the authority or the 3 14 department of economic development. 3 15 Sec. 5. Section 428A.8, unnumbered paragraph 1, Code 2001, 3 16 is amended to read as follows: 3 17 On or before the tenth day of each month the county 3 18 recorder shall determine and pay to the treasurer of state 3 19 eighty-two and three-fourths percent of the receipts from the 3 20 real estate transfer tax collected during the preceding month 3 21and the. The treasurer of state shall annually deposit 3 22ninety-five percent of the receipts in the general fund of the3 23state and transfer five percent of the receipts to the shelter3 24assistance fund created in section 15.349the first one 3 25 million twenty-one thousand dollars of receipts in the housing 3 26 trust fund established in section 16.181. The remaining 3 27 receipts collected in any fiscal year shall be deposited in 3 28 the general fund of the state. 3 29 Sec. 6. Section 543B.46, subsection 1, Code 2001, is 3 30 amended to read as follows: 3 31 1. Each real estate broker shall maintain a common trust 3 32 account in a bank, a savings and loan association, savings 3 33 bank, or credit union for the deposit of all down payments, 3 34 earnest money deposits, or other trust funds received by the 3 35 broker or the broker's salespersons on behalf of the broker's 4 1 principal, except that a broker acting as a salesperson shall 4 2 deposit these funds in the common trust account of the broker 4 3 for whom the broker acts as salesperson. The account shall be 4 4 an interest-bearing account. The interest on the account 4 5 shall be transferred quarterly to the treasurer of state and 4 6 transferred to thedepartment of economic developmentIowa 4 7 finance authority for deposit in thelocal housing assistance4 8program fund established in section 15.354 unless there is a4 9written agreement between the buyer and seller to the contrary4 10 housing trust fund established in section 16.181. The broker 4 11 shall not benefit from interest received on funds of others in 4 12 the broker's possession. 4 13 EXPLANATION 4 14 This bill establishes a housing trust fund, administered 4 15 jointly by the Iowa finance authority and the department of 4 16 economic development. The bill provides that moneys in the 4 17 fund may be used for any housing program administered by the 4 18 authority or the department. The bill provides that a state 4 19 agency shall not charge salary and support expenses to the 4 20 fund. 4 21 The bill removes language from the housing improvement fund 4 22 program relating to the ability of the authority to expend a 4 23 portion of moneys in the fund for administrative costs for the 4 24 program. 4 25 The bill provides for the transfer of certain surplus 4 26 moneys and interest from the title guaranty program to the 4 27 housing trust fund. The bill also provides that, annually, 4 28 the first $1,021,000 of the real estate transfer tax receipts 4 29 shall be transferred to the housing trust fund. The bill 4 30 provides that the remaining receipts shall be deposited in the 4 31 general fund and that no receipts shall be transferred to the 4 32 shelter assistance fund. The bill further provides for the 4 33 transfer of interest earned on common trust accounts 4 34 maintained by real estate brokers to the housing trust fund. 4 35 The bill also makes conforming amendments. 5 1 LSB 1486XS 79 5 2 tm/gg/8
Text: SF00226 Text: SF00228 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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