House Amendment 8551
PAG LIN
1 1 Amend House File 2531 as follows:
1 2 #1. Page 33, after line 18 by inserting:
1 3 <Sec. ___. NEW SECTION. 16.188 Workforce housing
1 4 assistance grant fund.
1 5 1. A workforce housing assistance grant fund
1 6 is created under the authority of the Iowa finance
1 7 authority. The fund shall consist of appropriations
1 8 made to the fund. The fund shall be separate from the
1 9 general fund of the state and the balance in the fund
1 10 shall not be considered part of the balance of the
1 11 general fund of the state. However, the fund shall
1 12 be considered a special account for the purposes of
1 13 section 8.53, relating to generally accepted accounting
1 14 principles.
1 15 2. Notwithstanding section 12C.7, subsection 2,
1 16 interest or earnings on moneys in the fund shall be
1 17 credited to the fund.
1 18 3. a. Moneys in the fund in a fiscal year are
1 19 appropriated to the Iowa finance authority to be
1 20 used for grants for projects that create workforce
1 21 housing or for projects that include adaptive reuse
1 22 of buildings for workforce housing. For purposes of
1 23 this section, "workforce housing" means housing that is
1 24 affordable for a household whose income does not exceed
1 25 one hundred twenty percent of the median income for the
1 26 area.
1 27 b. Priority shall be given to the following types
1 28 of projects:
1 29 (1) Projects that are eligible for historic
1 30 preservation and cultural and entertainment district
1 31 tax credits under section 404A.1.
1 32 (2) Projects for the construction of new
1 33 single=family dwellings that incorporate one or more
1 34 energy=efficient measures. The authority shall by
1 35 rule identify the types of energy=efficient measures
1 36 that will qualify a project for priority under this
1 37 subparagraph.
1 38 (3) Projects that utilize new markets tax credits,
1 39 established under the federal Community Renewal
1 40 Tax Relief Act of 2000, Pub. L. No. 106=554, 114
1 41 Stat. 2763A, and undertaken by a qualified community
1 42 development entity, as defined in the federal Act.
1 43 (4) Projects that are located in an area where
1 44 other state funding has been used to support the
1 45 creation of new jobs.
1 46 4. Annually, on or before January 15 of each year,
1 47 the authority shall report to the legislative services
1 48 agency and the department of management the status of
1 49 all projects that received moneys from the workforce
1 50 housing assistance grant fund. The report shall
2 1 include a description of each project, the progress
2 2 of work completed, the total estimated cost of each
2 3 project, a list of all revenue sources being used to
2 4 fund each project, the amount of funds expended, the
2 5 amount of funds obligated, and the date each project
2 6 was completed or an estimated completion date of each
2 7 project, where applicable.
2 8 5. Payment of moneys from appropriations from the
2 9 fund shall be made in a manner that does not adversely
2 10 affect the tax exempt status of any outstanding bonds
2 11 issued by the treasurer of state pursuant to section
2 12 12.87.
2 13 6. The authority shall adopt rules pursuant to
2 14 chapter 17A to administer this section.>
2 15 #2. By renumbering as necessary.
SCHUELLER of Jackson
HF2531.2633 (1) 83
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