Text: SF00169 Text: SF00171 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 16.181 HOUSING TRUST FUND.
1 2 1. a. A housing trust fund is created within the
1 3 authority. The moneys in the housing trust fund are annually
1 4 appropriated to the authority to be used for the development
1 5 and preservation of affordable housing for low-income people
1 6 in the state. Payment of interest, recaptures of awards, or
1 7 other repayments to the housing trust fund shall be deposited
1 8 in the fund. Notwithstanding section 12C.7, interest or
1 9 earnings on moneys in the housing trust fund or appropriated
1 10 to the fund shall be credited to the fund. Notwithstanding
1 11 section 8.33, unencumbered and unobligated moneys remaining in
1 12 the fund at the close of each fiscal year shall not revert but
1 13 shall remain available for expenditure for the same purposes
1 14 in the succeeding fiscal year.
1 15 b. Assets in the housing trust fund shall consist of all
1 16 of the following:
1 17 (1) On July 1 of each fiscal year, there is appropriated
1 18 to the housing trust fund one million dollars from the rebuild
1 19 Iowa infrastructure fund.
1 20 (2) Any assets received by the authority from the Iowa
1 21 housing corporation.
1 22 (3) Any moneys transferred by the authority for deposit in
1 23 the housing trust fund.
1 24 (4) Any other moneys appropriated by the general assembly
1 25 and any other moneys available to and obtained or accepted by
1 26 the authority for placement in the housing trust fund.
1 27 c. The authority shall create the following accounts
1 28 within the housing trust fund:
1 29 (1) Local housing trust fund account. Sixty percent of
1 30 the assets in the housing trust fund shall be allocated to the
1 31 local housing trust fund account. Any assets remaining in the
1 32 local housing trust fund account on April 1 of each fiscal
1 33 year which have not been awarded to a local housing trust fund
1 34 may be transferred to the project-based housing account at any
1 35 time prior to the end of the fiscal year.
2 1 (2) Project-based housing account. Forty percent of the
2 2 assets in the housing trust fund shall be allocated to the
2 3 project-based housing account.
2 4 2. a. In order to be eligible to apply for funding from
2 5 the local housing trust fund account, a local housing trust
2 6 fund must be approved by the authority and have all of the
2 7 following:
2 8 (1) A local governing board.
2 9 (2) A housing assistance plan approved by the authority.
2 10 (3) Sufficient administrative capacity in regard to
2 11 housing programs.
2 12 (4) A local match requirement approved by the authority.
2 13 b. An award from the local housing trust fund account
2 14 shall be limited to one of the following, whichever is less:
2 15 (1) Ten percent of the total amount of moneys deposited in
2 16 the account for the fiscal year.
2 17 (2) A per capita amount, as determined by the authority,
2 18 of the total amount to be distributed to eligible local
2 19 housing trust funds for the fiscal year.
2 20 c. By December 31 of each year, a local housing trust fund
2 21 receiving moneys from the local housing trust fund account
2 22 shall submit a report to the authority itemizing expenditures
2 23 of the awarded moneys.
2 24 3. In an area where no local housing trust fund exists, a
2 25 person may apply for moneys from the project based housing
2 26 account.
2 27 4. The authority shall adopt rules pursuant to chapter 17A
2 28 necessary to implement this section.
2 29 Sec. 2. FEDERAL HOUSING MONEYS. Any federal moneys
2 30 received by the department of economic development for the
2 31 community development block grant program that are allocated
2 32 for the HOME investment partnership program and for housing
2 33 shall be coordinated with projects within the housing trust
2 34 fund established in section 16.181, if enacted.
2 35 EXPLANATION
3 1 This bill creates a housing trust fund to be administered
3 2 by the Iowa finance authority.
3 3 The bill provides that moneys in the fund shall be used for
3 4 the development and preservation of affordable housing for
3 5 low-income people in the state. The bill provides that assets
3 6 in the housing trust fund shall consist of all of the
3 7 following:
3 8 1. Each fiscal year, $1 million shall be appropriated to
3 9 the housing trust fund from the rebuild Iowa infrastructure
3 10 fund for housing-related purposes under the housing trust
3 11 fund.
3 12 2. Any assets received by the authority from the Iowa
3 13 housing corporation.
3 14 3. Any moneys transferred by the authority for deposit in
3 15 the housing trust fund.
3 16 4. Any other moneys appropriated by the general assembly
3 17 and any other moneys available to and obtained or accepted by
3 18 the authority for placement in the housing trust fund.
3 19 The bill creates a local housing trust fund account and a
3 20 project-based housing account within the housing trust fund.
3 21 The bill provides that 60 percent of the assets in the
3 22 housing trust fund shall be allocated to the local housing
3 23 trust fund account. The bill provides that any assets
3 24 remaining in the local housing trust fund account on April 1
3 25 of each fiscal year which have not been awarded to a local
3 26 housing trust fund may be transferred to the project-based
3 27 housing account at any time prior to the end of the fiscal
3 28 year. The bill provides that, in order to be eligible to
3 29 apply for funding from the local housing trust fund account, a
3 30 local housing trust fund must be approved by the authority and
3 31 have a local governing board, a housing assistance plan
3 32 approved by the authority, sufficient administrative capacity
3 33 in regard to housing programs, and a local match requirement
3 34 approved by the authority. The bill provides that an award
3 35 from the local housing trust fund account shall be limited to
4 1 the lesser of 10 percent of the total amount of moneys
4 2 deposited in the account for the fiscal year or a per capita
4 3 amount, determined by the authority, of the total amount to be
4 4 distributed to eligible local housing trust funds. The bill
4 5 provides an annual reporting requirement for all local housing
4 6 trust funds receiving moneys from the local housing trust fund
4 7 account.
4 8 The bill provides that 40 percent of the assets in the
4 9 housing trust fund shall be allocated to the project-based
4 10 housing account. The bill provides that in an area where no
4 11 local housing trust fund exists, a person may apply for moneys
4 12 from the project-based housing account.
4 13 The bill requires the department of economic development to
4 14 coordinate the use of federal housing moneys with projects
4 15 under the housing trust fund.
4 16 LSB 1618ST 80
4 17 tm/pj/5
Text: SF00169 Text: SF00171 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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