H-8426

   Amend House File 2772 as follows:
   1.  Page 19, after line 15 by inserting: 
<DIVISION ___
FIRSTHOME PROGRAM AND MILITARY HOME OWNERSHIP ASSISTANCE PROGRAM —— APPROPRIATION

   Sec. ___.  NEW SECTION.  16.54A  Firsthome program.
   1.  For the purposes of this section:
   a.  “First-time homebuyer” means any of the following:
   (1)  An individual who has not owned a primary residence in the last three consecutive years immediately prior to the date of the individual’s application for the firsthome program.
   (2)  A member of the military who has not previously used a mortgage revenue bond program to finance a home purchase.
   (3)  An individual who is purchasing a home in a targeted area as determined by the authority.
   b.  “Member of the military” means any of the following:
   (1)  An individual who has served ninety days active duty between August 2, 1990, and April 6, 1991, or September 11, 2001, to the date of application for the firsthome program. The ninety days of active duty may be cumulative, but are not required to be consecutive. Inactive duty training, annual training, and active duty for training shall not count toward the ninety days.
   (2)  An individual who is a former member of the national guard, or a reserve or regular component of the armed forces of the United States, who was honorably discharged due to injuries incurred while on federal active duty beginning on or after September 11, 2001, or during the period of the Persian Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991, that precluded completion of a minimum aggregate of ninety days of federal active duty.
   (3)  The surviving spouse of an individual under subparagraph (1) or (2).
   c.  “Program” means the firsthome program established in this section.
   d.  “Second loan” means a loan that is up to a certain percentage of the sale price of a home, or a certain fixed dollar amount, that must be repaid when the home is sold, refinanced, or the first mortgage on the home is satisfied.
   2.  The firsthome program is established to provide assistance to eligible first-time homebuyers. The firsthome program shall be administered by the authority and shall provide grants for down payment and closing cost assistance, second loans, free Iowa title guaranty owner’s certificates, and other assistance to eligible first-time homebuyers.
   3.  To qualify for assistance under the firsthome program, an individual must meet the following requirements:
   a.  The individual must be a first-time homebuyer.
   b.  The individual’s household income must meet eligibility requirements established by the authority by rule.
   c.  The purchase price of the home that the individual wants to purchase must be within the price limits established by the authority by rule.
   d.  The individual must occupy the purchased home as a primary residence within sixty days of closing.
   e.  The individual must have a minimum credit score of six hundred forty. If an individual does not have a credit score, nontraditional credit documentation may be submitted to the authority as established by the authority by rule.
   f.  The individual’s debt-to-income ratio must be no greater than fifty percent.
   g.  The individual must complete homebuyer education as established by the authority by rule.
   h.  The individual must contact an Iowa finance authority participating lender.
   4.  An individual must submit an application for the program in the form and manner as established by the authority by rule.
   5.  An individual who receives assistance under the firsthome program may also participate in other loan and grant programs administered by the authority if the individual qualifies for the other loan or grant program.
   6.  Assistance provided in the form of a grant to an individual under the firsthome program shall not exceed ten thousand dollars.
   7.  The authority shall adopt rules pursuant to chapter 17A as necessary to implement and administer this section.
   Sec. ___.  MILITARY HOME OWNERSHIP ASSISTANCE PROGRAM —— FY 2025-2026 APPROPRIATION.
   1.  There is appropriated from the general fund of the state to the Iowa finance authority for the fiscal year beginning July 1, 2025, and ending June 30, 2026, the following amount, or so much thereof as is necessary, to be used for the purposes designated:
   To supplement the appropriation for the continuation of the home ownership assistance program for persons who are or were eligible members of the armed forces of the United States, or eligible service members pursuant to section 16.54, as provided in 2025 Iowa Acts, chapter 169, section 1, subsection 3:
   ...................................................................... $  2,200,000

   2.  Notwithstanding section 8.33, moneys appropriated in this section that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year.
   Sec. ___.  EFFECTIVE DATE.  This division of this Act, being deemed of immediate importance, takes effect upon enactment.>
   2.  Title page, by striking lines 5 and 6 and inserting <certain regents institutions; codifying the housing renewal program and the firsthome program; and including effective date provisions.>

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McBURNEY of Polk