H-8415

   Amend House File 2772 as follows:
   1.  Page 1, by striking lines 21 and 22.
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   6.  Page 2, by striking line 14 and inserting: 
   <............................................................... FTEs        111.50>
   7.  By striking page 3, line 28, through page 4, line 2.
   8.  Page 4, line 3, by striking <c.> and inserting <a.>
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   10.  Page 4, by striking line 19 and inserting: 
   <...................................................................... $    450,000>
   11.  Page 4, by striking lines 20 through 26.
   12.  Page 4, line 27, by striking <6.> and inserting <5.>
   13.  Page 5, line 16, by striking <7.> and inserting <6.>
   14.  By striking page 16, line 27, through page 19, line 15, and inserting: 
   <Sec. ___.  NEW SECTION.  16.52  Housing renewal program.
   1.  For purposes of this section:
   a.  “Eligible participant” includes cities, counties, consortiums of local governments, and organizations exempt from taxation pursuant to section 501(c)(3) of the Internal Revenue Code.
   b.  “Nonprofit Iowa affiliate” means a nonprofit Iowa affiliate of a nonprofit international organization whose primary activity is the promotion of the construction, remodeling, or rehabilitation of one-family or two-family dwellings for use by low-income families.
   2.  a.  A housing renewal program fund is created in the state treasury under the control of the authority. The fund shall consist of moneys appropriated to or deposited in the fund. Moneys in the fund are appropriated to the authority to administer the housing renewal program.
   b.  Notwithstanding section 8.33, moneys appropriated to the housing renewal program fund that remain unencumbered or unobligated at the close of a fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year.
   c.  Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the housing renewal program fund shall be credited to the fund. Payment of interest, income generated from the sale of an ownership unit pursuant to subsection 6, recaptures of financial assistance awards, and other repayments under the housing renewal program shall be retained by the nonprofit Iowa affiliate for the purpose of awarding financial assistance under the housing renewal program to eligible participants.
   3.  a.  The authority shall provide moneys from the housing renewal program fund to a nonprofit Iowa affiliate that shall use the moneys to award financial assistance under the housing renewal program to eligible participants.
   b.  Eligible participants shall use financial assistance awarded under the housing renewal program only for purposes of the acquisition, rehabilitation, and resale of ownership units; the acquisition and demolition of blighted structures; and the redevelopment of ownership units.
   4.  Twenty-five percent of moneys appropriated to the housing renewal program fund shall be allocated to financial assistance awards for eligible participants located in the eighty-eight least populated counties in the state according to the most recent federal decennial census.
   5.  a.  The nonprofit Iowa affiliate shall determine the criteria used to evaluate eligible participants and to award financial assistance to eligible participants selected by the nonprofit Iowa affiliate.
   b.  The nonprofit Iowa affiliate shall not award an eligible participant more than one hundred thousand dollars per ownership unit. The nonprofit Iowa affiliate may use up to five percent of the financial assistance awarded to an eligible participant for administrative expenses related to the housing renewal program.
   c.  (1)  An eligible participant shall have a maximum of thirty-six months from the date a contract is executed between the nonprofit Iowa affiliate and the eligible participant for the eligible participant to complete the eligible participant’s project. The eligible participant’s project shall be considered complete when all financial assistance awarded to the eligible participant has been expended, and all ownership units that are covered by the contract are finished and available for sale.
   (2)  Unless the nonprofit Iowa affiliate authorizes additional time for good cause shown, if an eligible participant has no project activity within twelve months from the date a contract is executed between the nonprofit Iowa affiliate and the eligible participant, the financial assistance award shall be returned to the nonprofit Iowa affiliate to be used to award financial assistance under the housing renewal program to eligible participants.
   d.  An eligible participant shall sell each completed ownership unit to a homebuyer whose household income is equal to or less than the one hundred twenty percent area median income and who must occupy the ownership unit as the homebuyer’s primary residence. The deed to the ownership unit must contain a restrictive resale requirement that prohibits the homebuyer or a subsequent owner from selling the ownership unit to a person with a household income above the one hundred twenty percent area median income for five calendar years from the date the eligible participant sold the ownership unit to the first homebuyer whose household income is equal to or less than the one hundred twenty percent area median income.
   6.  The nonprofit Iowa affiliate shall use income generated from the sale of an ownership unit only for the purpose of awarding financial assistance to eligible participants under the housing renewal program.
   7.  The authority shall not use more than five percent of moneys appropriated to the housing renewal program fund for administration and oversight of the housing renewal program.
   8.  The authority, in coordination with the nonprofit Iowa affiliate, shall submit an annual report to the general assembly on or before December 31 describing the community, economic, and financial impact of the housing renewal program.
   Sec. ___.  REPEAL.  2022 Iowa Acts, chapter 1148, section 20, as amended by 2023 Iowa Acts, chapter 110, section 18, and 2025 Iowa Acts, chapter 155, section 14, is repealed.>
   15.  By renumbering as necessary.

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LATHAM of Franklin