Text: HSB00061 Text: HSB00063 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 16.40, Code 2003, is amended by 1 2 striking the section and inserting in lieu thereof the 1 3 following: 1 4 16.40 HOUSING ASSISTANCE FUND. 1 5 1. A housing assistance fund is created within the 1 6 authority. The moneys in the fund shall be used by the 1 7 authority to protect, preserve, create, and improve access to 1 8 safe, decent, and affordable housing. By rule adopted 1 9 pursuant to chapter 17A, the authority shall establish 1 10 programs utilizing the fund and provide the requirements for 1 11 the proper administration of the programs. 1 12 2. Moneys in the fund, including moneys which are annually 1 13 appropriated to the authority, may be allocated for any use 1 14 authorized by this chapter unless otherwise specified. 1 15 3. The authority may use the moneys in the fund to provide 1 16 financial assistance to a housing sponsor or an individual in 1 17 the form of a loan, guarantee, grant, or interest subsidy, or 1 18 by other means under the general powers of the authority. 1 19 4. Moneys in the fund may be used for, but are not limited 1 20 to, the following purposes: 1 21 a. Home ownership programs including all of the following: 1 22 (1) Authority bond issues and loans to facilitate and 1 23 ensure equal access across the state to funds for first-time 1 24 homebuyers programs. 1 25 (2) Home ownership incentive programs not restricted to 1 26 first-time homebuyers, including down payment and closing 1 27 costs assistance. 1 28 (3) Programs for home maintenance and repair, new 1 29 construction, acquisition, and rehabilitation. 1 30 (4) Support for home ownership education and counseling 1 31 programs. 1 32 b. Rental programs, including rental subsidy, 1 33 rehabilitation, preservation, new construction, and 1 34 acquisition. 1 35 c. Programs that provide a continuum of housing services, 2 1 including construction, operation, and maintenance of homeless 2 2 shelters, domestic violence shelters, and transitional housing 2 3 and supportive services to lower income and very low-income 2 4 families. 2 5 d. Technical assistance programs that increase the 2 6 capacity of for-profit and nonprofit housing entities. 2 7 5. Notwithstanding section 8.33, moneys in the housing 2 8 assistance fund at the end of each fiscal year shall not 2 9 revert to the general fund or any other fund but shall remain 2 10 in the housing assistance fund for expenditure for subsequent 2 11 fiscal years. Notwithstanding section 12C.7, interest or 2 12 earnings on moneys in the housing assistance fund or 2 13 appropriated to the housing assistance fund shall be credited 2 14 to the housing assistance fund. 2 15 6. The authority may establish, by rule adopted pursuant 2 16 to chapter 17A, an annual administration fee to be charged to 2 17 the housing assistance fund. The annual fee shall not exceed 2 18 four percent of the moneys, loans, or other assets held in the 2 19 fund. 2 20 7. During each regular session of the general assembly, 2 21 the authority shall present to the appropriate joint 2 22 appropriations subcommittee a report concerning the total 2 23 estimated resources to be available for expenditure under this 2 24 section for the next fiscal year and the amount the authority 2 25 proposes to allocate to each program created under this 2 26 section. 2 27 Sec. 2. Section 16.91, subsection 1, Code 2003, is amended 2 28 to read as follows: 2 29 1. The authority through the title guaranty division shall 2 30 initiate and operate a program in which the division shall 2 31 offer guaranties of real property titles in this state. The 2 32 terms, conditions and form of the guaranty contract shall be 2 33 forms approved by the division board. The division shall fix 2 34 a charge for the guaranty in an amount sufficient to permit 2 35 the program to operate on a self-sustaining basis, including 3 1 payment of administrative costs and the maintenance of an 3 2 adequate reserve against claims under the title guaranty 3 3 program. A title guaranty fund is created in the office of 3 4 the treasurer of state. Funds collected under this program 3 5 shall be placed in the title guaranty fund and are available 3 6 to pay all claims, necessary reserves and all administrative 3 7 costs of the title guaranty program. Moneys in the fund shall 3 8 not revert to the general fund and interest on the moneys in 3 9 the fund shall be transferred to the department of economic 3 10 development for deposit in the local housing assistance 3 11 program fund established in section 15.354 and shall not 3 12 accrue to the general fund. If the authority board in 3 13 consultation with the division board determines that there are 3 14 surplus funds in the title guaranty fund after providing for 3 15 adequate reserves and operating expenses of the division, the 3 16 surplus funds shall be transferred to the housingprogram3 17 assistance fund created pursuant to section 16.40. 3 18 Sec. 3. Section 16.100, Code 2003, is amended to read as 3 19 follows: 3 20 16.100HOUSING IMPROVEMENT FUND PROGRAMHOMELESSNESS 3 21 ADVISORY COMMITTEE. 3 221. A housing improvement fund is created within the3 23authority. The moneys in the housing improvement fund are3 24annually appropriated to the authority which shall allocate3 25the available funds among and within the programs authorized3 26by this section. Notwithstanding section 8.33, unencumbered3 27or unobligated moneys remaining in the fund on June 30 of any3 28fiscal year shall not revert to any other fund but shall be3 29available for expenditure for subsequent fiscal years.3 30Notwithstanding section 12C.7, interest or earnings on moneys3 31in the fund or appropriated to the fund shall be credited to3 32the fund. The authority may expend up to four percent of the3 33moneys appropriated for the programs in this section for3 34administrative costs of the authority for those programs. The3 35authority may provide financial assistance to a housing4 1sponsor or an individual in the form of loans, guarantees,4 2grants, interest subsidies, or by other means for the programs4 3authorized by this section.4 42. By rule, the authority shall establish the following4 5financial assistance programs and provide the requirements for4 6their proper administration:4 7a. A home maintenance and repair program providing repair4 8services to families which include persons who are elderly or4 9persons with disabilities and which qualify as lower income or4 10very low income families.4 11b. A rental rehabilitation program for the construction or4 12rehabilitation of single or multifamily rental properties4 13leased to lower income or very low income families.4 14c. A home ownership incentive program to help lower income4 15and very low income families achieve single family home4 16ownership. Funds provided under this program shall not be4 17restricted to first-time home buyers but shall be limited to4 18mortgages under fifty-five thousand dollars, except in those4 19areas of the state where the median price of homes exceeds the4 20state average. The assistance provided shall include at least4 21one of the following kinds of assistance:4 22(1) Closing costs assistance.4 23(2) Down payment assistance.4 24(3) Home maintenance and repair assistance.4 25(4) Loan processing assistance through a loan endorser4 26review contractor who acts on behalf of the authority in4 27assisting lenders in processing loans that will qualify for4 28government insurance or guarantee or for financing under the4 29authority's mortgage revenue bond program.4 30(5) Mortgage insurance program.4 31Five percent of the moneys expended under this program4 32shall be used to finance the purchase or acquisition, in4 33communities with a population of less than ten thousand, of4 34manufactured homes as defined in 42 U.S.C. } 5403. Moneys4 35available for this purpose which are unencumbered or5 1unobligated at the end of the fiscal year shall revert to the5 2housing improvement fund for reallocation for the next fiscal5 3year.5 4Not more than fifty percent of the assistance provided5 5under this program shall be provided under subparagraphs (4)5 6and (5). So long as at least one of the kinds of assistance5 7described in subparagraphs (1) through (5) is provided,5 8additional assistance not described in subparagraphs (1)5 9through (5) may also be provided.5 103. The authority shall coordinate the programs authorized5 11by this section with the other programs under the jurisdiction5 12of the authority.5 134. Each application for financial assistance shall be5 14rated based on local, housing sponsor, and recipient financial5 15commitment, proposals for leveraging other financial5 16assistance, experience with the recipient group involved,5 17consideration for the housing project in the context of5 18overall community needs, including vacancy rate of rental5 19property and ratio of subsidized rental housing to5 20nonsubsidized housing, ability to provide a counseling support5 21system to the recipients, and a demonstrated capability by the5 22housing sponsor to provide follow-up monitoring of recipients5 23to determine if identifiable results have been achieved.5 245. For the purposes of this section, "housing sponsor" is5 25a for-profit entity, nonprofit corporation, local government,5 26or a joint venture involving a for-profit entity, nonprofit5 27corporation or local government.5 286. None of the funds provided to a housing sponsor under5 29this section shall be used for the costs of administration.5 307. During each regular session of the general assembly,5 31the authority shall present, to the appropriate appropriations5 32subcommittee, a report concerning the total estimated5 33resources to be available for expenditure under this section5 34for the next fiscal year and the amount the authority proposes5 35to allocate to each program under this section.6 18.A homelessness advisory committee is created consisting 6 2 of the executive director or the executive director's 6 3 designee, the directors or their designees from the 6 4 departments of economic development, elder affairs, human 6 5 services, and human rights, and at least three individuals 6 6 from the private sector to be selected by the executive 6 7 director. The advisory committee shall advise the authority 6 8 in coordinating programs that provide for the homeless. 6 9 Sec. 4. INITIAL MONEYS AND ASSETS FOR THE HOUSING 6 10 ASSISTANCE FUND. Upon the creation of the housing assistance 6 11 fund, all of the following moneys and assets shall be 6 12 transferred to and held in the housing assistance fund: 6 13 1. Assets of the authority held under the housing 6 14 improvement fund created in section 16.100, Code Supplement 6 15 2001. 6 16 2. Assets of the authority held under the housing program 6 17 fund created in section 16.40, Code 2001. 6 18 3. Assets of the former Iowa housing corporation held by 6 19 the authority. 6 20 EXPLANATION 6 21 This bill strikes the housing program fund and replaces it 6 22 with a housing assistance fund created within the Iowa finance 6 23 authority. The bill provides that the moneys shall be used by 6 24 the authority to protect, preserve, create, and improve access 6 25 to safe, decent, and affordable housing and that the authority 6 26 shall establish programs utilizing the fund. The bill 6 27 provides that the authority may use the moneys in the fund to 6 28 provide financial assistance to housing sponsors or 6 29 individuals in the form of loans, guarantees, grants, or 6 30 interest subsidies, or by other means under the general powers 6 31 of the authority. The bill provides that moneys in the fund 6 32 may be used for, but are not limited to, home ownership 6 33 programs, rental programs, programs which provide a continuum 6 34 of housing services, and technical assistance programs. The 6 35 bill provides that the authority may establish an annual 7 1 administration fee to be charged to the housing assistance 7 2 fund and that the annual fee shall not exceed 4 percent of the 7 3 moneys, loans, or other assets held in the fund. The bill 7 4 provides that during each regular session of the general 7 5 assembly, the authority shall present to the appropriate joint 7 6 appropriations subcommittee a report concerning the total 7 7 estimated resources to be available for expenditure for the 7 8 next fiscal year and the amount the authority proposes to 7 9 allocate to each program created. The bill specifically 7 10 identifies moneys and assets to be transferred to and held in 7 11 the housing assistance fund upon the creation of the fund. 7 12 The bill also strikes the housing improvement fund program 7 13 in Code section 16.100, with the exception of the homelessness 7 14 advisory committee. 7 15 LSB 1240DP 80 7 16 tm/sh/8
Text: HSB00061 Text: HSB00063 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2003 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: Tue Feb 18 11:45:08 CST 2003
URL: /DOCS/GA/80GA/Legislation/HSB/00000/HSB00062/030203.html
jhf