House File 2772 H-8426 Amend House File 2772 as follows: 1 1. Page 19, after line 15 by inserting: 2 < DIVISION ___ 3 FIRSTHOME PROGRAM AND MILITARY HOME OWNERSHIP ASSISTANCE 4 PROGRAM —— APPROPRIATION 5 Sec. ___. NEW SECTION . 16.54A Firsthome program. 6 1. For the purposes of this section: 7 a. “First-time homebuyer” means any of the following: 8 (1) An individual who has not owned a primary residence in 9 the last three consecutive years immediately prior to the date 10 of the individual’s application for the firsthome program. 11 (2) A member of the military who has not previously used a 12 mortgage revenue bond program to finance a home purchase. 13 (3) An individual who is purchasing a home in a targeted 14 area as determined by the authority. 15 b. “Member of the military” means any of the following: 16 (1) An individual who has served ninety days active duty 17 between August 2, 1990, and April 6, 1991, or September 11, 18 2001, to the date of application for the firsthome program. 19 The ninety days of active duty may be cumulative, but are not 20 required to be consecutive. Inactive duty training, annual 21 training, and active duty for training shall not count toward 22 the ninety days. 23 (2) An individual who is a former member of the national 24 guard, or a reserve or regular component of the armed forces of 25 the United States, who was honorably discharged due to injuries 26 incurred while on federal active duty beginning on or after 27 September 11, 2001, or during the period of the Persian Gulf 28 Conflict, beginning August 2, 1990, and ending April 6, 1991, 29 that precluded completion of a minimum aggregate of ninety days 30 of federal active duty. 31 (3) The surviving spouse of an individual under 32 subparagraph (1) or (2). 33 c. “Program” means the firsthome program established in this 34 section. 35 -1- HF 2772.4307 (2) 91 nls/ko 1/ 3 #1.

d. “Second loan” means a loan that is up to a certain 1 percentage of the sale price of a home, or a certain fixed 2 dollar amount, that must be repaid when the home is sold, 3 refinanced, or the first mortgage on the home is satisfied. 4 2. The firsthome program is established to provide 5 assistance to eligible first-time homebuyers. The firsthome 6 program shall be administered by the authority and shall 7 provide grants for down payment and closing cost assistance, 8 second loans, free Iowa title guaranty owner’s certificates, 9 and other assistance to eligible first-time homebuyers. 10 3. To qualify for assistance under the firsthome program, an 11 individual must meet the following requirements: 12 a. The individual must be a first-time homebuyer. 13 b. The individual’s household income must meet eligibility 14 requirements established by the authority by rule. 15 c. The purchase price of the home that the individual wants 16 to purchase must be within the price limits established by the 17 authority by rule. 18 d. The individual must occupy the purchased home as a 19 primary residence within sixty days of closing. 20 e. The individual must have a minimum credit score of six 21 hundred forty. If an individual does not have a credit score, 22 nontraditional credit documentation may be submitted to the 23 authority as established by the authority by rule. 24 f. The individual’s debt-to-income ratio must be no greater 25 than fifty percent. 26 g. The individual must complete homebuyer education as 27 established by the authority by rule. 28 h. The individual must contact an Iowa finance authority 29 participating lender. 30 4. An individual must submit an application for the program 31 in the form and manner as established by the authority by rule. 32 5. An individual who receives assistance under the 33 firsthome program may also participate in other loan and grant 34 programs administered by the authority if the individual 35 -2- HF 2772.4307 (2) 91 nls/ko 2/ 3

qualifies for the other loan or grant program. 1 6. Assistance provided in the form of a grant to an 2 individual under the firsthome program shall not exceed ten 3 thousand dollars. 4 7. The authority shall adopt rules pursuant to chapter 17A 5 as necessary to implement and administer this section. 6 Sec. ___. MILITARY HOME OWNERSHIP ASSISTANCE PROGRAM —— FY 7 2025-2026 APPROPRIATION. 8 1. There is appropriated from the general fund of the state 9 to the Iowa finance authority for the fiscal year beginning 10 July 1, 2025, and ending June 30, 2026, the following amount, 11 or so much thereof as is necessary, to be used for the purposes 12 designated: 13 To supplement the appropriation for the continuation of the 14 home ownership assistance program for persons who are or were 15 eligible members of the armed forces of the United States, or 16 eligible service members pursuant to section 16.54, as provided 17 in 2025 Iowa Acts, chapter 169, section 1, subsection 3: 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,200,000 19 2. Notwithstanding section 8.33, moneys appropriated in 20 this section that remain unencumbered or unobligated at the 21 close of the fiscal year shall not revert but shall remain 22 available for expenditure for the purposes designated until the 23 close of the succeeding fiscal year. 24 Sec. ___. EFFECTIVE DATE. This division of this Act, being 25 deemed of immediate importance, takes effect upon enactment. > 26 2. Title page, by striking lines 5 and 6 and inserting 27 < certain regents institutions; codifying the housing renewal 28 program and the firsthome program; and including effective date 29 provisions. > 30 ______________________________ McBURNEY of Polk -3- HF 2772.4307 (2) 91 nls/ko 3/ 3 #2.