16IOWA FINANCE AUTHORITYIGENERAL DEFINITIONS16.1Definitions.As used in this chapter, unless the context otherwise requires:1“Adequate housing” means housing which meets minimum structural, heating, lighting, ventilation, sanitary, occupancy, and maintenance standards compatible with applicable building and housing codes, as determined under rules of the authority.2“Authority” means the Iowa finance authority created in section 16.1A.3“Board” means the Iowa finance authority board of directors created pursuant to section 16.2.4“Bond” means a bond issued by the authority pursuant to this chapter and includes a note or other instrument evidencing a debt authorized or referred to in this chapter.5“Child foster care facilities” means a facility as defined in section 237.1.6“Depreciable property” means personal property for which an income tax deduction for depreciation is allowable in computing federal income tax under the Internal Revenue Code as defined in section 422.3.7“Director” means the director of the economic development authority who also serves as the director of, and administers the operations of, the Iowa finance authority pursuant to section 15.106C, subsection 1, paragraph “b”.8“Displaced” means displaced by governmental action, or by having one’s dwelling extensively damaged or destroyed as a result of a disaster.9“Elderly families” means families of low or moderate income where the head of the household or the head’s spouse is at least sixty-two years of age or older, or the surviving member of any such tenant family.10a“Families” includes but is not limited to families consisting of a single adult person who is primarily responsible for the person’s own support, is at least sixty-two years of age, is a person with a disability, is displaced, or is the remaining member of a tenant family.b“Families” includes but is not limited to two or more persons living together who are at least sixty-two years of age, are persons with disabilities, or one or more such individuals living with another person who is essential to such individual’s care or well-being.11“Goals” means legislative goals and policies as articulated in this chapter.12“Guiding principles” means the principles provided in subchapter III which shall be considered for amplification and interpretation of the goals of the authority.13“Historic properties” means landmarks, landmark sites, or districts which are significant in the history, architecture, archaeology, or culture of this state, its communities, or the nation.14“Housing” means single family and multifamily dwellings, and facilities incidental or appurtenant to the dwellings, and includes group homes of fifteen beds or less licensed as health care facilities or child foster care facilities and modular or mobile homes which are permanently affixed to a foundation and are assessed as realty.15“Housing program” means any work or undertaking of new construction or rehabilitation of one or more housing units, or the acquisition of existing residential structures, for the provision of housing, which is financed pursuant to the provisions of this chapter for the primary purpose of providing housing for low or moderate income families. A housing program may include housing for other economic groups as part of an overall plan to develop new or rehabilitated communities or neighborhoods, where housing low or moderate income families is a primary goal. A housing program may include any buildings, land, equipment, facilities, or other real or personal property which is necessary or convenient in connection with the provision of housing, including but not limited to streets, sewers, utilities, parks, site preparation, landscaping, and other nonhousing facilities, such as administrative, community, health, recreational, educational, and commercial facilities, as the authority determines to be necessary or convenient in relation to the purposes of this chapter.16“Housing sponsor” means any individual, joint venture, partnership, limited partnership, trust, corporation, housing cooperative, local public entity, governmental unit, or other legal entity, or any combination thereof, approved by the authority or pursuant to standards adopted by the authority as qualified to either own, construct, acquire, rehabilitate, operate, manage, or maintain a housing program, whether for profit, nonprofit or limited profit, subject to the regulatory powers of the authority and other terms and conditions set forth in this chapter.17“Income” means income from all sources of each member of the household, with appropriate exceptions and exemptions reasonably related to an equitable determination of the family’s available income, as established by rule of the authority.18“Internal Revenue Code” means the Internal Revenue Code of the United States as it may exist at the time of its applicability to the provisions of this chapter.19“Iowa nutrient reduction strategy” means the same as defined in section 455B.171.20“Legislative findings” or “findings” means the findings established by the general assembly with respect to the authority as provided in this chapter.21a“Lending institution” means any bank, trust company, mortgage company, national banking association, federal savings association, or life insurance company; any state or federal governmental agency or instrumentality; the federal land bank or any of its local associations; or any other institution authorized to make loans in this state.b“Lending institution” includes a financial institution as defined in section 496B.2, which lends moneys for farming purposes as provided in subchapter VIII, or for industrial or business purposes.22“Lower income families” means families whose incomes do not exceed eighty percent of the median income for the area with adjustments for the size of the family or other adjustments necessary due to unusual prevailing conditions in the area, and includes but is not limited to very low income families.23“Low income housing credit” means the low income housing credit as defined in Internal Revenue Code §42(a).24“Low or moderate income families” means families who cannot afford to pay enough to cause private enterprise in their locality to build an adequate supply of decent, safe, and sanitary dwellings for their use, and also includes but is not limited to the following:aElderly families, families in which one or more persons are persons with disabilities, lower income families, and very low income families.bFamilies purchasing or renting qualified residential housing.25“Mortgage” means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions acceptable to the authority, on a fee interest in real property which includes completed housing located within this state, or on a leasehold on such a fee interest which has a remaining term at the time of computation that exceeds by not less than ten years the maturity date of the mortgage loan.26“Mortgage-backed security” means a security issued by the authority which is secured by residential mortgage loans owned by the authority.27“Mortgage loan” means a financial obligation secured by a mortgage.28“Net worth” means a person’s total assets minus total liabilities as determined in accordance with generally accepted accounting principles with appropriate exceptions and exemptions reasonably related to an equitable determination of a person’s net worth. Assets shall be valued at fair market value.29“Note” means a bond anticipation note or a housing development fund note issued by the authority pursuant to this chapter. “Note” also includes bonds.30“Person with a disability” means a person who is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment, or a person having a physical or mental impairment which is expected to be of long-continued and indefinite duration, substantially impedes the ability to live independently, and is of a nature that the ability to live independently could be improved by more suitable housing conditions.31“Powers” means all of the general and specific powers of the authority as provided in this chapter which shall be broadly and liberally interpreted to authorize the authority to act in accordance with the goals of the authority and in a manner consistent with the legislative findings and guiding principles.32“Program” means any program administered by the authority or any program in which the authority is directed or authorized to participate pursuant to any statute, executive order, or interagency agreement, or any other program participation or administration of which the authority finds useful and convenient to further the goals and purposes of the authority. 33“Project” means any of the following:aReal or personal property connected with a facility to be acquired, constructed, financed, refinanced, improved, or equipped pursuant to one or more of the programs, including any such property located outside of the state if the authority has conclusively determined that the entity financing or refinancing property located outside the state, or an affiliate of such entity, is also engaged in the financing or refinancing of property located within the state, or, alternatively, the entity seeking the financing or refinancing, or an affiliate of such entity, maintains a presence within the state.bRefunds, loans, refinancings, grants, or other assistance or programs which the authority finds useful and convenient to carry out and further the goals of the authority and the Iowa economic development bond program. In furtherance thereof and not in limitation, “project” shall include projects for which bonds or notes may be issued by a city or a county pursuant to any power so long as the authority finds it is consistent with the goals and legislative findings of the authority and the Iowa economic development bond program.cAny project for which tax exempt financing is authorized by the Internal Revenue Code, together with any taxable financing necessary or desirable in connection with such project, which the authority finds furthers the goals of the authority and is consistent with the legislative findings.34“Property improvement loan” means a financial obligation secured by collateral acceptable to the authority, the proceeds of which shall be used for improvement or rehabilitation of housing which is deemed by the authority to be substandard in its protective coatings or its structural, plumbing, heating, cooling, or electrical systems; and regardless of the condition of the property, the term “property improvement loan” may include loans to increase the energy efficiency of housing or to finance solar or other renewable energy systems for use in that housing.35“Qualified residential housing” means any of the following:aOwner-occupied residences purchased in a manner which satisfies the requirements contained in section 103A of the Internal Revenue Code in order to be financed with tax exempt mortgage subsidy bonds.bResidential property qualifying pursuant to section 103(b)(4) of the Internal Revenue Code to be financed with tax exempt residential rental property bonds.cHousing for low or moderate income families, elderly families, and families which include one or more persons with disabilities.36“Secured loan” means a financial obligation secured by a chattel mortgage, security agreement, or other instrument creating a lien on an interest in depreciable property.37“State agency” means any board, commission, department, public officer, or other agency of the state of Iowa.38“Very low income families” means families whose incomes do not exceed fifty percent of the median income for the area, with adjustments for the size of the family or other adjustments necessary due to unusual prevailing conditions in the area.[C77, 79, 81, §220.1; 81 Acts, ch 76, §1; 82 Acts, ch 1173, §1, 2, ch 1187, §1 – 3]83 Acts, ch 124, §1, 2; 84 Acts, ch 1281, §1 – 5; 85 Acts, ch 225, §1; 85 Acts, ch 252, §24, 25; 86 Acts, ch 1212, §1; 86 Acts, ch 1245, §840; 87 Acts, ch 125, §1, 2; 87 Acts, ch 141, §1C93, §16.196 Acts, ch 1129, §5 – 8; 2007 Acts, ch 54, §2 – 10; 2009 Acts, ch 43, §1; 2009 Acts, ch 133, §8; 2012 Acts, ch 1017, §40; 2013 Acts, ch 100, §1, 17, 21, 27; 2014 Acts, ch 1012, §1; 2014 Acts, ch 1026, §8; 2014 Acts, ch 1080, §1 – 4, 78, 116, 125; 2016 Acts, ch 1014, §1; 2018 Acts, ch 1152, §1; 2023 Acts, ch 19, §2132, 2133; 2024 Acts, ch 1043, §26IIGOVERNANCE1GENERAL16.1ACreation administration of programs.1The Iowa finance authority is created, and constitutes a public instrumentality and agency of the state exercising public and essential governmental functions.2The authority shall undertake and administer all of the following:aPrograms established under this chapter.bPrograms established by the authority which the authority finds useful and convenient to further goals of the authority and which are consistent with the legislative findings. Such programs shall be administered in accordance with subchapter III. Such additional programs shall be administered in accordance with rules, if any, which the authority determines useful and convenient to adopt pursuant to chapter 17A.3The Iowa finance authority board of directors shall have general control, supervision, and regulation of all programs described in this section.4The authority is charged with the broad administrative authority to make, administer, interpret, construe, repeal, and execute the rules, and to administer, interpret, construe, and execute the laws of this state relating to such programs.5The board may, by resolution, delegate to the agricultural development board, director, or other authority employee such of its powers, under such terms and conditions, as it deems appropriate.2013 Acts, ch 100, §2, 17; 2014 Acts, ch 1080, §5, 78; 2015 Acts, ch 30, §12; 2023 Acts, ch 19, §2134; 2025 Acts, ch 147, §2316.2Authority board of directors.1An Iowa finance authority board of directors is created. The powers of the authority are vested in and shall be exercised by the board. The authority includes nine voting members appointed by the governor subject to confirmation by the senate. The authority also includes one ex officio voting member who must be designated by the agricultural development board created in section 16.2C and be a member of that board.aNot more than five members shall belong to the same political party.bAs far as possible, when appointing members the governor shall include persons who represent community and housing development industries, housing finance industries, the real estate sales industry, elderly families, minorities, lower income families, very low income families, families which include persons with disabilities, average taxpayers, local government, business interests, and any other person specially interested in community housing, finance, or small business.2The members of the authority appointed by the governor shall serve for staggered terms of six years beginning and ending as provided in section 69.19. A person appointed by the governor to fill a vacancy shall serve only for the unexpired portion of the term. A member is eligible for reappointment. The ex officio voting member designated by the agricultural development board shall serve at the pleasure of that board. A member of the authority may be removed from office by the governor for misfeasance, malfeasance, or willful neglect of duty or other just cause, after notice and hearing, unless the notice and hearing is expressly waived in writing.3There shall be four ex officio, nonvoting legislative members consisting of the following:aTwo state senators, one appointed by the majority leader of the senate and one appointed by the minority leader of the senate from their respective parties.bTwo state representatives, one appointed by the speaker and one appointed by the minority leader of the house of representatives from their respective parties.4Six voting members of the authority constitute a quorum and the affirmative vote of a majority of the members is necessary for any substantive action taken by the authority. The majority shall not include any member who has a conflict of interest and a statement by a member of a conflict of interest shall be conclusive for this purpose. A vacancy in the membership does not impair the right of a quorum to exercise all rights and perform all duties of the authority.5Members of the authority are entitled to receive a per diem as specified in section 7E.6 for each day spent in performance of duties as members, and shall be reimbursed for all actual and necessary expenses incurred in the performance of duties as members.6Members of the authority and the director shall give bond as required for public officers in chapter 64.7Meetings of the authority shall be held at the call of the chairperson or whenever two members so request.8Members shall elect a chairperson and vice chairperson annually, and other officers as the members determine, and the director shall serve as secretary to the authority.9The net earnings of the authority, beyond that necessary for retirement of its notes, bonds or other obligations, or to implement the public purposes and programs herein authorized, shall not inure to the benefit of any person other than the state. Upon termination of the existence of the authority, title to all property owned by the authority, including any such net earnings of the authority, shall vest in the state. The state reserves the right at any time to alter, amend, repeal, or otherwise change the structure, organization, programs, or activities of the authority, including the power to terminate the authority, except that no law shall ever be passed impairing the obligation of any contract or contracts entered into by the authority to the extent that any such law would contravene Article I, section 21, of the Constitution of the State of Iowa or Article I, section 10, of the Constitution of the United States.[C77, 79, 81, §220.2; 81 Acts, ch 76, §2]84 Acts, ch 1281, §6; 85 Acts, ch 252, §26; 87 Acts, ch 141, §2; 88 Acts, ch 1158, §49; 90 Acts, ch 1256, §37, 38C93, §16.296 Acts, ch 1129, §9; 2003 Acts, ch 145, §139; 2006 Acts, ch 1010, §12; 2007 Acts, ch 22, §10; 2007 Acts, ch 54, §11; 2009 Acts, ch 43, §2; 2013 Acts, ch 100, §3, 17; 2014 Acts, ch 1080, §6, 78; 2014 Acts, ch 1092, §10; 2019 Acts, ch 154, §19, 20; 2019 Acts, ch 161, §2, 3, 18, 19; 2020 Acts, ch 1063, §10; 2023 Acts, ch 19, §21352SPECIAL GOVERNING UNITS16.2ATitle guaranty division.A title guaranty division is created within the authority. The division may also be referred to as Iowa title guaranty. The powers of the division relating to the issuance of title guaranties are vested in and shall be exercised by the board. The director shall appoint an attorney as director of the division. The appointment of, and compensation for, the division director shall be exempt from the merit system under chapter 8A, subchapter IV, part 2. The net earnings of the division, beyond that necessary for reserves, backing, guaranties issued, or to otherwise implement the public purposes and programs authorized, shall not inure to the benefit of any person other than the state and are subject to section 16.2, subsection 9.2007 Acts, ch 54, §12; 2013 Acts, ch 100, §4, 17; 2014 Acts, ch 1012, §2; 2014 Acts, ch 1026, §9; 2014 Acts, ch 1080, §7, 78; 2015 Acts, ch 25, §1; 2015 Acts, ch 30, §13; 2023 Acts, ch 19, §2136; 2025 Acts, ch 147, §2416.2BAgricultural development division administration of programs.1An agricultural development division is created within the authority. The agricultural development division shall administer subchapter VIII, by providing assistance to beginning farmers, agricultural producers, or other persons qualifying for such assistance under subchapter VIII.2The agricultural development division shall be administered in accordance with the policies of the agricultural development board created in section 16.2C. The director of the authority may organize the agricultural development division and employ necessary qualified personnel to administer subchapter VIII.3The agricultural development division shall, to every extent practical, assist persons to do all of the following: aAcquire agricultural land, agricultural improvements, or depreciable agricultural property, including as provided in subchapter VIII.bClaim beginning farmer tax credits, including tax credit certificates issued pursuant to subchapter VIII, part 5, subpart B.cObtain financing for other capital requirements or operating expenses.4The net earnings of the agricultural development division, beyond that necessary for retirement of its notes, bonds, or other obligations or to implement the public purposes and programs authorized in subchapter VIII, shall not inure to the benefit of any person other than the state.2014 Acts, ch 1080, §8, 78; 2015 Acts, ch 30, §14; 2019 Acts, ch 161, §4, 18, 19; 2023 Acts, ch 19, §213716.2CAgricultural development board.1The powers of the agricultural development division are vested in and shall be exercised by the agricultural development board as provided in section 16.2B and this section.2The agricultural development board is created to exercise all powers and perform all duties necessary to administer subchapter VIII according to policies established by the authority. The authority shall establish policies and practices for the division and oversee its operations. The authority may review or approve decisions affecting the division or administration of subchapter VIII, including decisions of the agricultural development board.3The agricultural development board consists of five members appointed by the governor subject to confirmation by the senate. The director of the authority or the director’s designee shall serve as an ex officio, nonvoting member.4The appointed members of the agricultural development board shall be appointed and retained in office as follows:aNot more than three members shall belong to the same political party.bAs far as possible, the governor shall include within the membership persons who represent lending institutions experienced in agricultural lending, real estate sales, farmers, beginning farmers, average taxpayers, local government, soil and water conservation district officials, agricultural educators, and other persons specially interested in family farm development.cMembers shall serve for staggered terms of six years beginning and ending as provided in section 69.19. A person appointed to fill a vacancy shall serve only for the unexpired portion of the member’s term. A member is eligible for reappointment. An appointed member may be removed from office by the governor for misfeasance, malfeasance, willful neglect of duty, or other just cause, after notice and hearing, unless the notice and hearing is expressly waived in writing.5The agricultural development board shall conduct business according to all of the following:aThree appointed members constitute a quorum and the affirmative vote of a majority of the appointed members is necessary for any substantive action taken by the board. A majority of appointed members shall not include any member who has a conflict of interest and a statement by a member that the member has a conflict of interest is conclusive for this purpose. A vacancy in the membership does not impair the right of a quorum to exercise all rights and perform all duties of the board.bMeetings of the board shall be held at the call of the chairperson or whenever two appointed members so request.cThe appointed members shall elect a chairperson and vice chairperson annually, and other officers as the members determine. The director of the authority or the director’s designee shall serve as secretary to the board.6An appointed member of the agricultural development board is entitled to receive a per diem as specified in section 7E.6 for each day spent in performance of duties as a member, and shall be reimbursed for all actual and necessary expenses incurred in the performance of duties as a member.7An appointed member of the agricultural development board shall give bond as required for public officers in chapter 64.2014 Acts, ch 1080, §9, 78; 2023 Acts, ch 19, §2138, 213916.2DDuties regarding homelessness.Editorially transferred to §16.5F.IIILEGISLATIVE FINDINGS AND GUIDING PRINCIPLES1GENERAL16.2ELegislative findings general.The general assembly finds and declares all of the following:1The establishment of the authority is in all respects for the benefit of the people of the state of Iowa, for the improvement of their health and welfare, and for the promotion of the economy, which are public purposes.2The authority will be performing an essential governmental function in the exercise of the powers and duties conferred upon it by this chapter.3All of the purposes stated in this chapter are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted.2014 Acts, ch 1080, §11, 782HOUSING16.3Legislative findings housing.The general assembly finds and declares as follows:1There exists a serious shortage of safe and sanitary residential housing available to low or moderate income families.2This shortage is conducive to disease, crime, environmental decline and poverty and impairs the economic value of large areas, which are characterized by depreciated values, impaired investments, and reduced capacity to pay taxes and are a menace to the health, safety, morals and welfare of the citizens of the state.3These conditions result in a loss in population and further deterioration, accompanied by added costs to communities for creation of new public facilities and services elsewhere.4One major cause of this condition has been recurrent shortages of funds in private channels.5These shortages have contributed to reductions in construction of new residential units, and have made the sale and purchase of existing residential units a virtual impossibility in many parts of the state.6The ordinary operations of private enterprise have not in the past corrected these conditions.7A stable supply of adequate funds for residential financing is required to encourage new housing and the rehabilitation of existing housing in an orderly and sustained manner and to reduce the problems described in this section.8It is necessary to create a state finance authority to encourage the investment of private capital and stimulate the construction and rehabilitation of adequate housing through the use of public financing.9The interest costs paid by group homes of fifteen beds or less licensed as health care facilities or child foster care facilities for facility acquisition and indirectly reimbursed by the department of health and human services through payments for patients at those facilities who are recipients of medical assistance or state supplementary assistance are severe drains on the state’s budget. A reduction in these costs obtained through financing with tax-exempt revenue bonds would clearly be in the public interest.10There is a need in areas of the state for new construction of certain group homes of fifteen beds or less licensed as health care facilities or child foster care facilities to provide adequate housing and care for elderly Iowans and Iowans with disabilities, and to provide adequate housing and foster care for children.11There is a need to provide for early intensive intervention on behalf of juveniles which is designed to meet the juveniles’ needs and prevent future antisocial and criminal behavior and there is a need in areas of the state to establish facilities providing residential housing or treatment facilities for juveniles requiring a more enhanced level of services than those services currently available in the state’s existing foster care system.[C77, 79, 81, §220.3; 82 Acts, ch 1187, §4]83 Acts, ch 96, §157, 159; 85 Acts, ch 252, §27; 90 Acts, ch 1239, §5C93, §16.396 Acts, ch 1129, §10; 2007 Acts, ch 54, §13; 2008 Acts, ch 1031, §16; 2014 Acts, ch 1080, §12, 78; 2023 Acts, ch 19, §2816.3AConflicts of interest.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.13.16.4Guiding principles housing other programs and projects.In the performance of its duties and implementation of its powers, and in the selection of specific programs and projects to receive its assistance, the authority shall be guided by the following precatory principles:1The authority shall not become an owner of real property constituting a project under any program, except on a temporary basis where necessary in order to implement its programs, protect its investments by means of foreclosure or other means, or to facilitate transfer of real property for the use of low or moderate income families.2The authority shall strive to function in cooperation with local governmental units and local or regional housing agencies, and in fulfillment of local or regional housing plans, and to that end shall provide technical assistance to local governmental units and local or regional agencies in need of that assistance.3When feasible, a local contributing effort may be required of each project assisted by the authority. The local contribution may be provided by local governmental units or by local or regional agencies, public or private. The percentage and type of local contribution shall be determined by the authority, and may include but should not be limited to cash match, land contribution, tax abatement, or ancillary facilities. The authority shall seek to encourage ingenuity and creativity in local effort.4The authority shall encourage units of local government and local and regional housing agencies to use federal revenue-sharing funds for programs which increase or improve the supply of adequate housing for low or moderate income families.5The authority shall seek to encourage cooperative housing efforts at the local level, both with respect to the cooperation of public bodies with private enterprise and civic groups, and with respect to the formation of regional or multicity units engaged in housing.6With respect to programs relating to housing, wherever practicable, the authority shall give preference to the following types of programs:aThose which treat housing problems in the context of the total needs of individuals and communities, recognizing that individuals may have other problems and needs closely related to their need for adequate housing, and that the development of isolated housing units without regard for neighborhood and community development tends to create undesirable consequences.bThose which promote home ownership by families of low or moderate income, recognizing the need for educational counseling programs in family financial management and home maintenance in order to achieve this goal.cThose which involve the rehabilitation and conservation of existing housing units, and the preservation of existing neighborhoods and communities.dThose designed to serve elderly families, families which include one or more persons with disabilities, lower income families, or very low income families.7The authority shall encourage the protection, restoration, and rehabilitation of historic properties, and the preservation of other properties of special value for architectural or esthetic reasons. [C77, 79, 81, §220.4]C93, §16.496 Acts, ch 1129, §113; 2007 Acts, ch 54, §15 – 18; 2014 Acts, ch 1080, §13, 783AGRICULTURAL DEVELOPMENT16.4ALegislative findings agricultural development.The general assembly finds and declares all of the following:1There exists a serious problem in this state regarding the ability of nonestablished farmers to acquire agricultural land and agricultural improvements and depreciable agricultural property in order to enter farming.2This barrier to entry into farming is conducive to consolidation of acreage of agricultural land with fewer individuals resulting in a grave threat to the traditional family farm.3These conditions result in a loss in population, unemployment, and a movement of persons from rural communities to urban areas accompanied by added costs to communities for creation of new public facilities and services.4One major cause of this condition has been recurrent shortages of funds in private channels and the high interest cost of borrowing.5These shortages and costs have made the sale and purchase of agricultural land to beginning farmers a virtual impossibility in many parts of the state.6The ordinary operations of private enterprise have not in the past corrected these conditions.7A stable supply of adequate funds for agricultural financing is required to encourage beginning farmers in an orderly and sustained manner and to reduce the problems described in this section.8Article IX, 2nd subarticle, section 3, of the Constitution of the State of Iowa requires that, “The General Assembly shall encourage, by all suitable means, the promotion of intellectual, scientific, moral, and agricultural improvement,” and agricultural improvement and the public good are served by a policy of facilitating access to capital by beginning farmers unable to obtain capital elsewhere in order to preserve, encourage, and protect the family farm which has been the economic, political, and social backbone of rural Iowa.9It is necessary to create a program to encourage ownership of farms by beginning farmers by providing purchase money loans to beginning farmers who are not able to obtain adequate capital elsewhere to provide such funds and to lower costs through the use of public financing.10There exists a serious problem in this state regarding the ability of farmers to obtain affordable operating loans for reasonable and necessary expenses and cash flow requirements of farming.11Farming is one of the principal pursuits of the inhabitants of this state. Many other industries and pursuits, in turn, are wholly dependent upon farming.12The inability of farmers to obtain affordable operating loans is conducive to a general decline of the economy in this state.13A serious problem continues to exist in this state regarding the ability of agricultural producers to obtain, retain, restructure, or service loans or other financing on a reasonable and affordable basis for operating expenses, cash flow requirements, and capital asset acquisition or maintenance.14Because the Iowa economy is dependent upon the production and marketing of agricultural produce, the inability of agricultural producers to obtain, retain, restructure, or service loans or other financing on a reasonable and an affordable basis for operating expenses, cash flow requirements, or capital asset acquisition or maintenance contributes to a general decline of the state’s economy.2014 Acts, ch 1080, §14, 7816.4BGuiding principles agricultural development.In the performance of its duties, implementation of its powers, and the selection of specific programs and projects to receive its assistance under subchapter VIII, the authority shall be guided by the following precatory principles:1The authority shall not become an owner of real or depreciable property, except on a temporary basis where necessary in order to implement its programs, to protect its investments by means of foreclosure or other means, or to facilitate transfer of real or depreciable property for the use of beginning farmers.2The authority shall exercise diligence and care in selection of projects to receive its assistance and shall apply customary and acceptable business and lending standards in selection and subsequent implementation of the projects. The authority may delegate primary responsibility for determination and implementation of the projects to any federal governmental agency which assumes any obligation to repay the loan, either directly or by insurance or guaranty.3The authority shall develop programs for providing financial assistance to agricultural producers in this state.2014 Acts, ch 1080, §15, 784TITLE GUARANTY16.4CLegislative findings title guaranty.The general assembly finds and declares that the abstract attorney’s title opinion system promotes land title stability for determining the marketability of land titles and is a public purpose. A public purpose is served by providing, as an adjunct to the abstract attorney’s title opinion system, a low-cost mechanism to provide for additional guaranties of real property titles in Iowa. The title guaranties facilitate mortgage lenders’ participation in the secondary market and add to the integrity of the land-title transfer system in the state.2014 Acts, ch 1080, §16, 785ECONOMIC DEVELOPMENT16.4DLegislative findings economic development.The general assembly finds and declares all of the following:1Economic development and expansion of business, industry, and farming in the state is dependent upon the availability of financing of the development and expansion at affordable interest rates.2The pooling of private financing enhances the marketability of the obligations involved and increases access to other state, regional, and national credit markets.3The creation of an economic development program as provided in section 16.102 will make the pooling of private financing available to small businesses, farmers, agricultural landowners and operators, and commercial, industrial, and other business enterprises at favorable interest rates with reduced marketing costs.2014 Acts, ch 1080, §17, 78IVPOWERS AND DUTIES1GENERAL POWERS AND DUTIES16.5General powers.1The authority has any and all powers necessary and convenient to carry out its purposes and duties, and exercise its specific powers, including but not limited to the power to:aIssue its negotiable bonds and notes as provided in this chapter in order to finance its programs. In addition, the authority may issue bonds, notes, or other obligations for public or private entities for the purpose of financing any project regardless of location for the authority’s programs.bSue and be sued in its own name.cHave and alter a corporate seal.dMake and alter bylaws for its management consistent with the provisions of this chapter.eMake and execute agreements, contracts, and other instruments of any and all types on such terms and conditions as the authority may find necessary or convenient to the purposes of the authority, with any public or private entity, including but not limited to contracts for goods and services. All political subdivisions, public housing agencies, other public agencies and state departments and agencies may enter into contracts and otherwise cooperate with the authority.fBy rule, adopt procedures relating to competitive bidding, including the identification of those circumstances under which competitive bidding by the authority, either formally or informally, shall be required. In any bidding process, the authority may administer its own bidding and procurement or may utilize the services of the department of administrative services or any other agency. Except when such rules apply, the authority and all contracts made by it in carrying out its public and essential governmental functions with respect to any of its programs shall be exempt from the provisions and requirements of all laws or rules of the state which require competitive bids in connection with the letting of such contracts.gAcquire, hold, improve, mortgage, lease, and dispose of real and personal property, including but not limited to the power to sell at public or private sale, with or without public bidding, any such property, mortgage loan, or other obligation held by it.hProcure insurance against any loss in connection with its operations and property interests.iFix and collect fees and charges for its services.jSubject to an agreement with bondholders or noteholders, invest or deposit moneys of the authority in a manner determined by the authority, notwithstanding chapter 12B or 12C.kAccept appropriations, gifts, grants, loans, or other aid from public or private entities. A record of all gifts or grants, stating the type, amount and donor, shall be clearly set out in the authority’s annual report along with the record of other receipts.lProvide technical assistance and counseling related to the authority’s purposes, to public and private entities.mIn cooperation with other local, state, or federal governmental agencies, conduct research studies, develop estimates of unmet housing needs, gather and compile data useful to facilitating decision making, and enter into agreements to carry out programs within or without the state which the authority finds to be consistent with the goals of the authority.nCooperate in the development of and initiate housing demonstration projects.oContract with architects, engineers, attorneys, accountants, housing construction and finance experts, and other advisors. However, the authority may enter into contracts or agreements for such services with local, state, or federal governmental agencies.pThrough the Iowa title guaranty division, make and issue title guaranties on Iowa real property in a form acceptable to the secondary market, to fix and collect the charges for the guaranties and to procure reinsurance against any loss in connection with the guaranties.qOwn or acquire intellectual property rights including but not limited to copyrights, trademarks, service marks, and patents, and enforce the rights of the authority with respect to such intellectual property rights.rMake, alter, and repeal rules consistent with the provisions of this chapter, and subject to chapter 17A.sEstablish one or more funds within the state treasury under the control of the authority and invest moneys of the authority therein. Notwithstanding section 8.33 or 12C.7, or any other provision to the contrary, moneys invested by the treasurer of state pursuant to this subsection shall not revert to the general fund of the state and interest accrued on the moneys shall be moneys of the authority and shall not be credited to the general fund. For purposes of this paragraph, the treasurer of state shall enter into an agreement with the authority to carry out the provisions of this paragraph.tSelect projects to receive assistance by the exercise of diligence and care and apply customary and acceptable business and lending standards in the selection and subsequent implementation of such projects.uExercise generally all powers typically exercised by private enterprises engaged in business pursuits unless the exercise of such a power would violate the terms of this chapter or the Constitution of the State of Iowa.2Notwithstanding any other provision of law, any purchase or lease of real property, other than on a temporary basis, when necessary in order to implement the programs of the authority, protect the investments of the authority by means of foreclosure or other means, or to facilitate the transfer of real property for the use of low or moderate income families, shall require written notice from the authority to the government oversight standing committees of the general assembly and the prior approval of the executive council.3The powers enumerated in this section are cumulative of and in addition to those powers enumerated elsewhere in this chapter and no such powers limit or restrict any other powers of the authority.4Notwithstanding any other provision of law, the authority may elect whether to utilize any or all of the goods or services available from other state agencies in the conduct of its affairs. Departments, boards, commissions, or other agencies of the state shall provide reasonable assistance and services to the authority upon the request of the director.[C77, 79, 81, §220.5]84 Acts, ch 1230, §2; 85 Acts, ch 252, §28C93, §16.597 Acts, ch 201, §17; 2004 Acts, ch 1134, §1; 2007 Acts, ch 54, §19; 2008 Acts, ch 1031, §17; 2009 Acts, ch 41, §19; 2014 Acts, ch 1080, §18, 78; 2016 Acts, ch 1014, §2; 2023 Acts, ch 19, §214116.5ARepealed by 2007 Acts, ch 54, §45. 16.5BRepealed by 2007 Acts, ch 54, §45. 2SPECIFIC POWERS AND DUTIES16.5CSpecific program powers.In addition to the general powers of the authority, the authority shall have all powers convenient and necessary to carry out its programs, including but not limited to the power to:1Make property improvement loans and mortgage loans, including but not limited to mortgage loans insured, guaranteed, or otherwise secured by the federal government or by private mortgage insurers, to housing sponsors to provide financing of adequate housing for low or moderate income families, elderly families, families which include one or more persons with disabilities, child foster care facilities, and health care facilities.2Provide down payment grants on behalf of low and moderate income families to nonprofit sponsors to defray all or part of the down payment on real property that is transferred by such sponsors to such families under the terms of the lease-purchase program.3Make grants and temporary loans, at interest rates and on terms as determined convenient and necessary by the authority, to defray the local contribution requirement for housing sponsors who apply for rent supplement assistance, to defray temporary housing costs that result from displacement by natural or other disaster, and to defray a portion of the expenses required to develop and initiate housing which deals creatively with housing problems of low or moderate income families, elderly families, and families which include one or more persons with disabilities.4Make temporary loans, at interest rates and on terms as determined convenient and necessary by the authority, to defray development costs for housing for low or moderate income families including but not limited to payments for options on sites; deposits on contracts and payments for purchase; legal and organizational expenses including attorney fees, project manager, clerical, and other staff salaries, office rent, and other additional expenses; payment of fees for preliminary feasibility studies and advances for planning, engineering, and architectural work; expenses for tenant surveys and market analysis; and necessary application and other fees.5Make or participate in the making of property improvement loans or mortgage loans for rehabilitation or preservation of existing dwellings. The authority may issue housing assistance fund notes payable solely from the housing assistance fund.6Renegotiate a mortgage loan or loan to a lending institution in default; waive a default or consent to the modification of the terms of a mortgage loan or a loan to a lending institution; forgive or forbear all or part of a mortgage loan or a loan to a lending institution; and commence, prosecute, and enforce a judgment in any action, including but not limited to a foreclosure action, to protect or enforce any right conferred upon the authority by law, mortgage loan agreement, contract, or other agreement, and in connection with any such action, bid for and purchase the property or acquire or take possession of it, complete, administer, and pay the principal of and interest on any obligations incurred in connection with the property, and dispose of and otherwise deal with the property in a manner as the authority deems advisable to protect its interests.7Designate areas of economic distress for purposes of section 103A(k)(3)(A)(i) of the Internal Revenue Code.8Purchase, and make advance commitments to purchase, residential mortgage loans from lending institutions at prices and upon terms and conditions it determines consistent with its goals and legislative findings. However, the total purchase price for all residential mortgage loans which the authority commits to purchase from a lending institution at any one time shall not exceed the total of the unpaid principal balances of the residential mortgage loans purchased. Lending institutions are authorized to sell residential mortgage loans to the authority in accordance with this section and the rules of the authority. The authority may charge a lending institution a commitment fee or other fees as set by rule as a condition for the authority purchasing residential mortgage loans.9Sell or make advanced commitments to sell residential mortgage loans in the organized or unorganized secondary mortgage market. The authority may issue and sell securities that are secured by residential mortgage loans held by the authority. The authority may aggregate the residential mortgage loans sold in the secondary market or used as security on the mortgage-backed securities. The amount of mortgage-backed securities sold shall not exceed the principal of the mortgages retained by the authority as security.10File a lien on property where appropriate, convenient, and necessary in carrying out a program.2007 Acts, ch 54, §20; 2014 Acts, ch 1080, §19, 7816.5DSpecific powers and duties agricultural development.The authority has all of the general and specific powers needed to carry out its purposes and duties as provided in this subchapter and to exercise its specific powers under subchapter VIII.2014 Acts, ch 1080, §20, 7816.5ESpecific power — prohibitions for awards and vendors.1The authority may prohibit a person from receiving an award of financial assistance, or from being selected as a vendor to provide goods or services to the authority in any of the following circumstances:aAn act or omission by the person seriously affects or threatens public health, public safety, or the environment.bThe person is charged with or convicted of a crime involving dishonesty.cAn act or omission by the person indicates a lack of integrity or honesty.dThe person violates the terms of an agreement or transaction that detrimentally impacts the integrity of a program administered by the authority, or other governmental entity as defined in section 8A.101.eA compelling cause exists that is relevant to and affects the person’s obligations under the programs administered by the authority, or is relevant to and affects the provision of goods and services to the authority by a vendor.2Upon a determination by the authority, a person shall be prohibited from receiving an award of financial assistance, or from being selected as a vendor pursuant to subsection 1. The authority shall provide written notice to the prohibited person stating the reason for the prohibition. The authority may immediately disqualify a prohibited person from receiving financial assistance, or from being selected as a vendor.3A prohibited person may request a review of the determination made by the authority pursuant to subsection 2.aThe request to review the determination shall be made within thirty-five calendar days of the date the authority provided written notice to the prohibited person. The request to review the determination must be in writing and state the specific reasons or legal basis for review.bWithin sixty calendar days of the receipt of the request to review, the authority shall approve, deny, or modify the determination, if the authority finds that the determination is based on a clear error of material fact or law, or if the authority finds the determination was arbitrary, capricious, or an abuse of discretion.cThe authority shall issue its decision in writing and provide written notice of the decision to the prohibited person.dThe decision of the authority pursuant to this subsection shall be considered final agency action. A petition for judicial review of the decision of the authority shall be filed pursuant to section 17A.19.4The authority shall adopt rules as necessary pursuant to chapter 17A to administer this section.2024 Acts, ch 1022, §116.5FDuties regarding homelessness.1The duties of the authority under this section shall include but are not limited to the following:aDevelop a process for evaluating state policies, programs, statutes, and rules to determine whether any state policies, programs, statutes, or rules should be revised to help prevent and alleviate homelessness.bEvaluate whether state agency resources could be more efficiently coordinated with other state agencies to prevent and alleviate homelessness.cWork to develop a coordinated and seamless service delivery system to prevent and alleviate homelessness.dWork to identify causes and effects of homelessness and increase awareness among policymakers and the general public.eAdvise the governor’s office, state agencies, and private organizations on strategies to prevent and eliminate homelessness.2The authority shall file a point-in-time report on homelessness in Iowa with the governor and the general assembly on or before December 1 of each year.3aThe authority may adopt rules pursuant to chapter 17A for carrying out the duties of the authority pursuant to this section.bThe authority may establish internal rules of procedure consistent with the provisions of this section.cRules adopted or internal rules of procedure established pursuant to paragraph “a” or “b” shall be consistent with the requirements of the federal McKinney-Vento Homeless Assistance Act, 42 U.S.C. §11301 et seq.4The authority shall comply with the requirements of chapters 21 and 22. 2014 Acts, ch 1080, §10, 78C2015, §16.2D2015 Acts, ch 30, §15; 2016 Acts, ch 1073, §12; 2022 Acts, ch 1051, §1 – 8; 2023 Acts, ch 19, §26, 27, 2140, 2168; 2024 Acts, ch 1170, §167 – 170C2025, §16.5F2025 Acts, ch 147, §22VADMINISTRATION1EXECUTIVE DIRECTOR16.6Director responsibilities.1The director of the economic development authority shall also serve as the director of, and administer the operations of, the authority pursuant to section 15.106C, subsection 1, paragraph “b”. The director shall not, directly or indirectly, exert influence to induce any other officers or employees of the state to adopt a political view, or to favor a political candidate for office.2The director shall advise the authority on matters relating to housing and housing finance, carry out all directives from the authority, and hire and supervise the authority’s staff pursuant to the authority’s directions. All employees of the authority are exempt from the merit system provisions of chapter 8A, subchapter IV.3The director, as secretary of the authority, shall keep a record of the proceedings of the authority and shall be custodian of all books, documents, and papers filed with the authority and of its minute book and seal. The director shall have authority to cause to be made copies of all minutes and other records and documents of the authority and to give certificates under the seal of the authority to the effect that such copies are true copies and all persons dealing with the authority may rely upon such certificates.4The director may establish administrative divisions within the authority in order to most efficiently and effectively carry out the authority’s responsibilities, provided that any creation or modification of authority divisions be established only after consultation with the board.[C77, 79, 81, §220.6]86 Acts, ch 1237, §10; 88 Acts, ch 1158, §50; 89 Acts, ch 302, §11C93, §16.62009 Acts, ch 43, §3; 2013 Acts, ch 30, §5; 2023 Acts, ch 19, §2142; 2025 Acts, ch 147, §392GENERAL16.7Annual report.1The authority shall submit to the governor and to the general assembly, not later than January 15 each year, an annual report.2The annual report shall contain at least three parts which include all of the following:aA general description of the authority setting forth:1 Operations and accomplishments.2 Receipts and expenditures during the fiscal year, in accordance with the classifications the authority establishes for its operating and capital accounts.3 Assets and liabilities at the end of the fiscal year and the status of reserve, special, and other funds.4A schedule of bonds and notes outstanding at the end of the fiscal year, together with a statement of the amounts redeemed and issued during the fiscal year.5A statement of proposed and projected activities.6Recommendations to the general assembly, as the authority deems necessary.7Performance goals of the authority, clearly indicating the extent of progress during the reporting period in attaining the goals.bA summary of housing programs administered under this chapter. The summary shall include an analysis of current housing needs in this state. Where possible, results shall be expressed in terms of housing units.cA summary of agricultural development programs administered under subchapter VIII. Where possible, findings and results shall be expressed in terms of number of loans, tax credits, participating qualified beginning farmers, and acres of agricultural land, by county.3The director may, notwithstanding any provision of law to the contrary, include in the report submitted under this section, any other annual report relating to a program or activity required to be prepared by the authority, the director, or the board and submitted to the general assembly.[C77, 79, 81, §220.7]C93, §16.72014 Acts, ch 1080, §21, 78; 2015 Acts, ch 30, §16; 2024 Acts, ch 1182, §13116.8Reserved.16.9Nondiscrimination and affirmative action.In administering its programs under this chapter, the authority shall comply with all applicable state and federal laws relating to nondiscrimination and affirmative action.[C77, 79, 81, §220.9]C93, §16.996 Acts, ch 1129, §113; 2014 Acts, ch 1080, §22, 7816.10Surplus moneys — loan and grant fund.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.32.16.11Assistance by state officers, agencies, and departments.State officers and state departments and agencies may render services to the authority within their respective functions as requested by the authority.2014 Acts, ch 1080, §23, 7816.12Property improvement loans and mortgage loans.Repealed by 2007 Acts, ch 54, §45. 16.13Conflicts of interest.1As used in this section, “member” means each individual appointed to any of the following:aThe board of directors of the authority created pursuant to section 16.2.bThe board of directors of the agricultural development division created pursuant to section 16.2C.2aIf a member or employee of the authority other than the director of the authority has an interest, either direct or indirect, in a contract to which the authority is, or is to be, a party, or in a mortgage lender requesting a loan from, or offering to sell mortgage loans to, the authority, the interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. The member or employee having the interest shall not participate in any action of the authority with respect to that contract or mortgage lender.bA violation of a provision of this subsection is misconduct in office under section 721.2. However, a resolution of the authority is not invalid because of a vote cast by a member in violation of this subsection unless the vote was decisive in the passage of the resolution.cFor the purposes of this subsection, “action of the authority with respect to that contract or mortgage lender” means only an action directly affecting a separate contract or mortgage lender, and does not include an action which benefits the general public or which affects all or a substantial portion of the contracts or mortgage lenders included in a program of the authority.3Nothing in this section shall be deemed to limit the right of a member, officer, or employee of the authority to acquire an interest in bonds or notes of the authority or to limit the right of a member, officer, or employee other than the director to have an interest in a financial institution, including a lending institution, in which the funds of the authority are, or are to be, deposited or which is, or is to be, acting as trustee or paying agent under a trust indenture to which the authority is a party.4The director shall not have an interest in a financial institution, including a lending institution, in which the funds of the authority are, or are to be, deposited or which is, or is to be, acting as trustee or paying agent under a trust indenture to which the authority is a party. The director shall not receive, in addition to fixed salary or compensation, any money or valuable thing, either directly or indirectly, or through any substantial interest in any other corporation or business unit, for negotiating, procuring, recommending, or aiding in any purchase or sale of property, or loan, made by the authority, nor shall the director be pecuniarily interested, either as principal, coprincipal, agent, or beneficiary, either directly or indirectly, or through any substantial interest in any other corporation or business unit, in any such purchase, sale, or loan.2014 Acts, ch 1080, §24, 78; 2023 Acts, ch 19, §2143, 214416.14Iowa homesteading program.Repealed by 2007 Acts, ch 54, §45. 16.15Participation in federal housing assistance payments program.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.36.16.16Liability.1A member, as defined in section 16.13, or a person acting on behalf of the authority while acting within the scope of the member’s or person’s agency or employment, is not subject to personal liability resulting from carrying out the powers and duties in this chapter.2The United States and the secretary of agriculture of the United States are not subject to liability by virtue of the transfer of the assets to the authority under this chapter.3The treasurer of state shall not be subject to personal liability resulting from carrying out the powers and duties of the authority or the treasurer of state, as applicable, in subchapter X, part 10.2014 Acts, ch 1080, §25, 78; 2015 Acts, ch 30, §173IOWA FINANCE AUTHORITY16.17Rules.1The authority shall adopt pursuant to chapter 17A all rules necessary to administer this chapter.2. The authority may adopt rules which establish further definitions applicable to this chapter and clarify the definitions in this chapter, as the authority deems convenient and necessary to carry out the public purposes of this chapter including all the following:aAny rules necessary to assure eligibility for funds available under federal housing laws, or to assure compliance with federal tax laws relating to the issuance of tax exempt bonds pursuant to the Internal Revenue Code or relating to the allowance of low-income credits under Internal Revenue Code §42.bAny rule necessary to assure eligibility for funds, insurance, or guaranties available under federal laws and to carry out the public purposes of subchapter VIII.3. The authority may adopt rules relating to the purchase and sale of residential mortgage loans and the sale of mortgage-backed securities.2014 Acts, ch 1080, §26, 78; 2015 Acts, ch 30, §1816.18Inconsistent provisions.This chapter takes precedence over any conflicting provisions contained in section 535.8, subsection 4, with respect to the use or enforcement of a due-on-sale or similar clause in a mortgage loan agreement, and takes precedence over any conflicting provisions contained in laws enacted after July 1, 1981, with respect to the use or enforcement of a due-on-sale or similar clause in a mortgage loan agreement unless those laws expressly provide that they take precedence over this chapter.2014 Acts, ch 1080, §27, 7816.19Liberal interpretation.This chapter, being necessary for the welfare of this state and its inhabitants, shall be liberally construed to effect its purposes.2014 Acts, ch 1080, §28, 78VIFINANCING16.20Loans to mortgage lenders.Repealed by 2014 Acts, ch 1080, §111, 114. See §16.38.16.21Purchase of mortgage loans.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.39.16.22Application of funds from sales of obligations.All moneys received by or on behalf of the authority, whether as proceeds from the sale of obligations or as revenues, are trust funds to be held and applied solely for the purposes specified in the appropriation, bond resolution, or other document authorizing receipt of the moneys by the authority. A person with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes specified in this chapter subject to limitations specified in this chapter and in the bond resolution authorizing the issuance of the obligations.2014 Acts, ch 1080, §29, 7816.23Repealed by 2007 Acts, ch 54, §45. 16.24Repealed by 2007 Acts, ch 54, §45. 16.25Repealed by 2007 Acts, ch 54, §45. 16.26Bonds and notes.1The authority may issue its negotiable bonds and notes in principal amounts as, in the opinion of the authority, are necessary to provide sufficient funds for achievement of its corporate purposes, the payment of interest on its bonds and notes, the establishment of reserves to secure its bonds and notes, and all other expenditures of the authority incident to and necessary or convenient to carry out its purposes and powers. The bonds and notes shall be deemed to be investment securities and negotiable instruments within the meaning of and for all purposes of the uniform commercial code, chapter 554.2Bonds and notes issued by the authority are payable solely and only out of the moneys, assets, or revenues of the authority, and as provided in the agreement with bondholders or noteholders pledging any particular moneys, assets, or revenues. Bonds or notes are not an obligation of this state or any political subdivision of this state other than the authority within the meaning of any constitutional or statutory debt limitations, but are special obligations of the authority payable solely and only from the sources provided in this chapter, and the authority may not pledge the credit or taxing power of this state or any political subdivision of this state other than the authority, or make its debts payable out of any moneys except those of the authority.3Bonds and notes must be authorized by a resolution of the authority. However, a resolution authorizing the issuance of bonds or notes may delegate to an officer of the authority the power to negotiate and fix the details of an issue of bonds or notes by an appropriate certificate of the authorized officer.4Bonds shall:aState the date and series of the issue, and state that they are payable both as to principal and interest solely out of the assets of the authority and do not constitute an indebtedness of this state or any political subdivision of this state other than the authority within the meaning of any constitutional or statutory debt limit.bBe either registered, registered as to principal only, or in coupon form, issued in denominations as the authority prescribes, fully negotiable instruments under the laws of this state, signed on behalf of the authority with the manual or facsimile signature of the chairperson or vice chairperson, attested by the manual or facsimile signature of the secretary, have impressed or imprinted thereon the seal of the authority or a facsimile of it, and the coupons attached shall be signed with the facsimile signature of the chairperson or vice chairperson, be payable as to interest at rates and at times as the authority determines, be payable as to principal at times over a period not to exceed fifty years from the date of issuance, at places, and with reserved rights of prior redemption, as the authority prescribes, be sold at prices, at public or private sale, and in a manner as the authority prescribes, and the authority may pay all expenses, premiums, and commissions which it deems necessary or advantageous in connection with the issuance and sale, and be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal, redemption premiums, if any, interest, and other terms, conditions, covenants, and protective provisions safeguarding payment, not inconsistent with this chapter, as are found to be necessary by the authority for the most advantageous sale, which may include, but are not limited to, covenants with the holders of the bonds as to:1Pledging or creating a lien, to the extent provided by the resolution, on moneys or property of the authority or moneys held in trust or otherwise by others to secure the payment of the bonds.2Providing for the custody, collection, securing, investment, and payment of any moneys of or due to the authority.3The setting aside of reserves or sinking funds and the regulation or disposition of them.4Limitations on the purpose to which the proceeds of sale of an issue of bonds then or thereafter to be issued may be applied.5Limitations on the issuance of additional bonds and on the refunding of outstanding or other bonds.6The procedure by which the terms of a contract with the holders of bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which consent may be given.7The creation of special funds into which moneys of the authority may be deposited.8Vesting in a trustee properties, rights, powers, and duties in trust as the authority determines, which may include the rights, powers, and duties of the trustee appointed for the holders of any issue of bonds pursuant to section 16.28, in which event the provisions of that section authorizing appointment of a trustee by the holders of bonds shall not apply, or limiting or abrogating the right of the holders of bonds to appoint a trustee under that section, or limiting the rights, duties, and powers of the trustee.9Defining the acts or omissions which constitute a default in the obligations and duties of the authority and providing for the rights and remedies of the holders of bonds in the event of a default. However, rights and remedies shall be consistent with the laws of this state and other provisions of this chapter.10Any other matters which affect the security and protection of the bonds and the rights of the holders.5The authority may issue its bonds for the purpose of refunding any bonds or notes then outstanding, including the payment of any redemption premiums thereon and any interest accrued or to accrue to the date of redemption of the outstanding bonds or notes. Until the proceeds of bonds issued for the purpose of refunding outstanding bonds or notes are applied to the purchase or retirement of outstanding bonds or notes or the redemption of outstanding bonds or notes, the proceeds may be placed in escrow and be invested and reinvested in accordance with the provisions of this chapter. The interest, income, and profits earned or realized on an investment may also be applied to the payment of the outstanding bonds or notes to be refunded by purchase, retirement, or redemption. After the terms of the escrow have been fully satisfied and carried out, any balance of proceeds and interest earned or realized on the investments may be returned to the authority for use by it in any lawful manner. All refunding bonds shall be issued and secured and subject to the provisions of this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter.6The authority may issue negotiable bond anticipation notes and may renew them from time to time but the maximum maturity of the notes, including renewals, shall not exceed ten years from the date of issue of the original notes. Bond anticipation notes are payable from any available moneys of the authority not otherwise pledged, or from the proceeds of the sale of bonds of the authority in anticipation of which the bond anticipation notes were issued. Bond anticipation notes may be issued for any corporate purpose of the authority. Bond anticipation notes shall be issued in the same manner as bonds and notes, and the resolution authorizing them may contain any provisions, conditions, or limitations, not inconsistent with the provisions of this subsection, which the bonds or a bond resolution of the authority may contain. Bond anticipation notes may be sold at public or private sale. In case of default on its bond anticipation notes or violation of any obligations of the authority to the noteholders, the noteholders shall have all the remedies provided in this chapter for bondholders. Bond anticipation notes shall be as fully negotiable as bonds of the authority.7A pledge made in respect of bonds or notes shall be valid and binding from the time the pledge is made. The moneys or property so pledged and received after the pledge by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act. The lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority whether or not the parties have notice of the lien. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created needs to be recorded or filed under the Iowa uniform commercial code, chapter 554, to be valid, binding, or effective against the parties.8Neither the members of the authority nor any person executing its bonds, notes, or other obligations shall be liable personally on the bonds, notes, or other obligations or be subject to any personal liability or accountability by reason of the issuance of the authority’s bonds or notes.9The authority may make or participate in the making of loans to housing sponsors to provide interim construction financing for the construction or rehabilitation of adequate housing for low or moderate income persons or families, elderly persons or families, and persons or families which include one or more persons with disabilities, and of noninstitutional residential care facilities. An interim construction loan may be made under this section only if the loan is the subject of a commitment from an agency or instrumentality of the United States government or from the authority, to provide long-term financing for the mortgage loan, and interim construction advances made under the interim construction loan will be insured or guaranteed by an agency or instrumentality of the United States government.10In connection with any financing which involves an out-of-state issuer issuing bonds, notes, or other obligations for facilities located in the state, the authority is designated as the only governmental unit in the state that may conduct the public hearing required by section 147(f) of the federal Internal Revenue Code, as defined in section 422.3, and the governor of Iowa is designated as the applicable elected representative pursuant to section 147(f) of the federal Internal Revenue Code, as defined in section 422.3.[C77, 79, 81, §220.26; 82 Acts, ch 1173, §3]83 Acts, ch 124, §4; 84 Acts, ch 1281, §7; 85 Acts, ch 225, §2C93, §16.2696 Acts, ch 1129, §113; 2000 Acts, ch 1149, §161, 187; 2005 Acts, ch 3, §12; 2014 Acts, ch 1080, §30, 31, 78; 2015 Acts, ch 30, §19; 2016 Acts, ch 1014, §3; 2017 Acts, ch 33, §116.27Reserve funds and appropriations.1The authority may create and establish one or more special funds, to be known as “bond reserve funds”, and shall pay into each bond reserve fund any moneys appropriated and made available by the state for the purpose of the fund, any proceeds of sale of notes or bonds to the extent provided in the resolutions of the authority authorizing their issuance, and any other moneys which may be available to the authority for the purpose of the fund from any other sources. All moneys held in a bond reserve fund, except as otherwise provided in this chapter, shall be used as required solely for the payment of the principal of bonds secured in whole or in part by the fund or of the sinking fund payments with respect to the bonds, the purchase or redemption of the bonds, the payment of interest on the bonds or the payments of any redemption premium required to be paid when the bonds are redeemed prior to maturity.2Moneys in a bond reserve fund shall not be withdrawn from it at any time in an amount that will reduce the amount of the fund to less than the bond reserve fund requirement established for the fund, as provided in this section, except for the purpose of making, with respect to bonds secured in whole or in part by the fund, payment when due of principal, interest, redemption premiums and the sinking fund payments with respect to the bonds for the payment of which other moneys of the authority are not available. Any income or interest earned by, or incremental to, a bond reserve fund due to the investment of it may be transferred by the authority to other funds or accounts of the authority to the extent the transfer does not reduce the amount of that bond reserve fund below the bond reserve fund requirement for it.3The authority shall not at any time issue bonds, secured in whole or in part by a bond reserve fund if, upon the issuance of the bonds, the amount in the bond reserve fund will be less than the bond reserve fund requirement for the fund, unless the authority at the time of issuance of the bonds deposits in the fund from the proceeds of the bonds issued or from other sources an amount which, together with the amount then in the fund will not be less than the bond reserve fund requirement for the fund. For the purposes of this section, the term “bond reserve fund requirement” means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which the fund is established, equal to not more than ten percent of the outstanding principal amount of bonds of the authority secured in whole or in part by the fund.4The authority shall cause to be delivered to the legislative fiscal committee within ninety days of the close of its fiscal year its annual report certified by an independent certified public accountant, who may be the accountant or a member of the firm of accountants who regularly audits the books and accounts of the authority, selected by the authority. [C77, 79, 81, §220.27]C93, §16.272012 Acts, ch 1138, §16, 17; 2013 Acts, ch 30, §616.27APowers relating to loans.Subject to any agreement with bondholders or noteholders, the authority may renegotiate a mortgage or secured loan or a loan to a lending institution in default, waive a default or consent to the modification of the terms of a mortgage or secured loan or a loan to a lending institution, forgive or forbear all or part of a mortgage or secured loan or a loan to a lending institution, and commence, prosecute, and enforce a judgment in any action, including but not limited to a foreclosure action, to protect or enforce any right conferred upon it by law, mortgage or secured loan agreement, contract, or other agreement, and in connection with any action, bid for and purchase the property or acquire or take possession of it, complete, administer, pay the principal of and interest on any obligations incurred in connection with the property, and dispose of and otherwise deal with the property in a manner the authority deems advisable to protect its interests.2014 Acts, ch 1080, §32, 78; 2015 Acts, ch 30, §2016.28Remedies of bondholders and noteholders.1If the authority defaults in the payment of principal or interest on an issue of bonds or notes after they become due, whether at maturity or upon call for redemption, and the default continues for a period of thirty days, or if the authority fails or refuses to comply with the provisions of this chapter, or defaults in an agreement made with the holders of an issue of bonds or notes, the holders of twenty-five percent in aggregate principal amount of bonds or notes of the issue then outstanding, by instrument filed in the office of the clerk of the county in which the principal office of the authority is located, and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the bonds or notes for the purposes provided in this section.2aThe authority or any trustee appointed under the indenture under which the bonds are issued may, and upon written request of the holders of twenty-five percent in aggregate principal amount of the issue of bonds or notes then outstanding shall:1Enforce all rights of the bondholders or noteholders, including the right to require the authority to carry out its agreements with the holders and to perform its duties under this chapter.2Bring suit upon the bonds or notes.3By action require the authority to account as if it were the trustee of an express trust for the holders.4By action enjoin any acts or things which are unlawful or in violation of the rights of the holders.5Declare all the bonds or notes due and payable and if all defaults are made good then with the consent of the holders of twenty-five percent of the aggregate principal amount of the issue of bonds or notes then outstanding, annul the declaration and its consequences.bThe bondholders or noteholders, to the extent provided in the resolution by which the bonds or notes were issued or in their agreement with the authority, may enforce any of the remedies in paragraph “a”, subparagraphs (1) through (5) or the remedies provided in those agreements for and on their own behalf.3The trustee shall also have and possess all powers necessary or appropriate for the exercise of functions specifically set forth or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.4Before declaring the principal of bonds or notes due and payable, the trustee shall first give thirty days’ notice in writing to the governor, to the authority and to the attorney general of the state.5The district court has jurisdiction of any action by the trustee on behalf of bondholders or noteholders. The venue of the action shall be in the county in which the principal office of the authority is located.[C77, 79, 81, §220.28; 82 Acts, ch 1187, §6]C93, §16.282008 Acts, ch 1032, §130; 2017 Acts, ch 29, §1716.29Agreement of the state.The state pledges and agrees with the holders of any bonds or notes that the state will not limit or alter the rights vested in the authority to fulfill the terms of agreements made with the holders or in any way to impair the rights and remedies of the holders until the bonds or notes together with the interest on them, plus interest on unpaid installments of interest, and all costs and expenses in connection with an action by or on behalf of the holders are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of bonds or notes.2014 Acts, ch 1080, §33, 7816.30Bonds and notes as legal investments.Bonds and notes of the authority are securities in which public officers, state departments and agencies, political subdivisions, insurance companies, and other persons carrying on an insurance business, banks, trust companies, savings associations, investment companies and other persons carrying on a banking business, administrators, executors, guardians, conservators, trustees and other fiduciaries, and other persons authorized to invest in bonds or other obligations of this state, may properly and legally invest funds including capital in their control or belonging to them. The bonds and notes are also securities which may be deposited with and may be received by public officers, state departments and agencies, and political subdivisions, for any purpose for which the deposit of bonds or other obligations of this state is authorized.[C77, 79, 81, §220.30]C93, §16.302012 Acts, ch 1017, §4116.31Moneys of the authority.1Moneys of the authority from whatever source derived, except as otherwise provided in this chapter, shall be paid to the authority and shall be deposited in a bank or other financial institution designated by the authority. The moneys shall be withdrawn on the order of the person authorized by the authority. Deposits shall, if required by the authority, be secured in the manner determined by the authority. The auditor of state and the auditor’s legally authorized representatives may periodically examine the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing, and the authority shall not be required to pay a fee for the examination.2The authority may contract with holders of its bonds or notes as to the custody, collection, security, investment, and payment of moneys of the authority, of moneys held in trust or otherwise for the payment of bonds or notes, and to carry out the contract. Moneys held in trust or otherwise for the payment of bonds or notes or in any way to secure bonds or notes and deposits of the moneys may be secured in the same manner as moneys of the authority, and banks and trust companies may give security for the deposits.3Subject to the provisions of any contract with bondholders or noteholders and to the approval of the director of the department of administrative services, the authority shall prescribe a system of accounts.4The authority shall submit to the governor, the auditor of state, the department of management, and the department of administrative services, within thirty days of its receipt by the authority, a copy of the report of every external examination of the books and accounts of the authority other than copies of the reports of examinations made by the auditor of state.[C77, 79, 81, §220.31]88 Acts, ch 1158, §51C93, §16.312003 Acts, ch 145, §28616.32Surplus moneys loan and grant fund.1Moneys declared by the authority to be surplus moneys which are not required to service bonds and notes issued by the authority, to pay administrative expenses of the authority, or to accumulate necessary operating or loss reserves, shall be used by the authority to provide grants, loans, subsidies, and services or assistance through programs authorized in this chapter.2The authority may establish a loan and grant fund which may be comprised of the proceeds of appropriations, grants, contributions, surplus moneys transferred as provided in this section, and repayment of authority loans made from such fund.2014 Acts, ch 1080, §34, 7816.33Assistance by state officers, agencies, and departments.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.11.VIIHOUSING1SPECIAL DEFINITION16.34Liberal interpretation.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.19.16.34ASpecial definition.As used in this subchapter, unless the context otherwise requires, “state housing credit ceiling” means the state housing credit ceiling as defined in Internal Revenue Code §42(h)(3)(C).2014 Acts, ch 1080, §35, 782ADMINISTRATION16.35State housing credit ceiling allocation.1The authority is designated the housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling.2The authority shall adopt a qualified allocation plan that satisfies the requirements of section 42 of the Internal Revenue Code. The authority may revise the qualified allocation plan provided the revision satisfies the requirements of section 42 of the Internal Revenue Code. When adopting the qualified allocation plan, the authority shall specify the selection criteria, the application procedure, and the allocation of low-income housing credits under the state housing credit ceiling. The selection criteria described in the qualified allocation plan shall include all of the following:aThe selection criteria described in section 42 of the Internal Revenue Code.bThe statutory preferences described in section 42 of the Internal Revenue Code.cThe economic feasibility of the proposed project.dThe ability of the applicant to complete the project in a timely manner.2014 Acts, ch 1080, §36, 78; 2024 Acts, ch 1022, §2, 316.36Participation in federal housing assistance payments program.The authority shall participate in the housing assistance payments program under section 8 of the United States Housing Act of 1937, as amended by §201 of the Housing and Community Development Act of 1974, Pub. L. No. 93-383, codified at 42 U.S.C. §1437 et seq.2014 Acts, ch 1080, §37, 7816.37Solar and renewable energy systems loans.Repealed by 2014 Acts, ch 1080, §111, 114.3LENDING INSTITUTIONS16.38Loans to lending institutions.1The authority may make, and contract to make, loans to lending institutions on terms and conditions as the authority determines are reasonably related to protecting the security of the authority’s investment and to implementing the purposes of this chapter, and subject to this section. All lending institutions are authorized to borrow from the authority in accordance with the provisions of this section and the rules of the authority.2The authority shall require as a condition of each loan to a lending institution that the lending institution, within a reasonable period after receipt of the loan proceeds as the authority prescribes by rule, shall have entered into written commitments to make, and, within a reasonable period thereafter as the authority prescribes by rule, shall have disbursed the loan proceeds in new mortgage loans to low or moderate income families in an aggregate principal amount equal to the amount of the loan. New mortgage loans shall have terms and conditions as the authority prescribes by rules which are reasonably related to implementing the purposes of this chapter.3The authority shall require the submission to the authority by each lending institution to which the authority has made a loan, of evidence satisfactory to the authority of the making of new mortgage loans to low or moderate income families as required by this section, and in that connection may, through its members, employees, or agents, inspect the books and records of a lending institution.4Compliance by a lending institution with the terms of its agreement with the authority with respect to the making of new mortgage loans to low or moderate income families may be enforced by decree of any district court of this state. The authority may require as a condition of a loan to a national banking association or a federally chartered savings and loan association, the consent of the association to the jurisdiction of courts of this state over any such proceeding. The authority may also require, as a condition of a loan to a lending institution, agreement by the lending institution to the payment of penalties to the authority for violation by the lending institution of its agreement with the authority, and the penalties shall be recoverable at the suit of the authority.5The authority shall require that each lending institution receiving a loan pursuant to this section shall issue and deliver to the authority an evidence of its indebtedness to the authority which shall constitute a general obligation of the lending institution and shall bear a date, mature at a time, be subject to prepayment, and contain other provisions consistent with this section and reasonably related to protecting the security of the authority’s investment, as the authority determines.6Notwithstanding any other provision of this section to the contrary, the interest rate and other terms of loans to lending institutions made from the proceeds of an issue of bonds or notes of the authority shall be at least sufficient to assure the payment of the bonds or notes and the interest on them as they become due.7The authority shall require that loans to lending institutions are additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security by special escrow funds or other forms of guaranty and in such amounts and forms as the authority shall by resolution determine to be necessary to assure the payment of the loans and the interest thereon as they become due. Collateral security shall consist of direct obligations of, or obligations guaranteed by, the United States or one of its agencies, obligations satisfactory to the authority which are issued by other federal agencies, direct obligations of or obligations guaranteed by a state or a political subdivision of a state, or investment quality obligations approved by the authority.8The authority may require that collateral for loans be deposited with a bank, trust company, or other financial institution acceptable to the authority located in this state and designated by the authority as custodian. In the absence of such a requirement, each lending institution shall enter into an agreement with the authority containing provisions as the authority deems necessary to adequately identify and maintain the collateral, service the collateral, and require the lending institution to hold the collateral as an agent for the authority and be accountable to the authority as the trustee of an express trust for the application and disposition of the collateral and the income from it. The authority may also establish additional requirements as the authority deems necessary with respect to the pledging, assigning, setting aside, or holding of collateral and the making of substitutions for it or additions to it and the disposition of income and receipts from it.9The authority may require as a condition of loans to lending institutions, any representations and warranties the authority determines are necessary to secure the loans and carry out the purposes of this section.10If a provision of this section is inconsistent with a provision of law of this state governing lending institutions, the provision of this section controls for the purposes of this section.2014 Acts, ch 1080, §38, 7816.39Purchase of mortgage loans.1The authority may purchase, and make advance commitments to purchase, mortgage loans from lending institutions at prices and upon terms and conditions as the authority determines subject to this section. However, the total purchase price for all mortgage loans which the authority commits to purchase from a lending institution at any one time shall not exceed the total of the unpaid principal balances of the mortgage loans purchased. Lending institutions are authorized to sell mortgage loans to the authority in accordance with the provisions of this section and the rules of the authority.2The authority shall require as a condition of purchase of mortgage loans from lending institutions that the lending institutions, within a reasonable period after receipt of the purchase price as the authority prescribes by rule, shall enter into written commitments to loan and, within a reasonable period thereafter as the authority prescribes by rule, shall loan an amount equal to the entire purchase price of the mortgage loans, on new mortgage loans to low or moderate income families or certify that mortgage loans purchased are mortgage loans made to low or moderate income families. New mortgage loans to be made by lending institutions shall have terms and conditions as the authority prescribes by rule. The authority may make a commitment to purchase mortgage loans from lending institutions in advance of the time such loans are made by lending institutions. The authority shall require as a condition of such commitment that lending institutions certify in writing that all mortgage loans represented by the commitment will be made to low or moderate income families, and that other authority specifications will be complied with.3The authority shall require the submission to the authority by each lending institution from which the authority has purchased mortgages, of evidence satisfactory to the authority of the making of new mortgage loans to low or moderate income families as required by this section and in that connection may, through its members, employees, or agents, inspect the books and records of a lending institution.4Compliance by a lending institution with the terms of its agreement with the authority with respect to the making of new mortgage loans to low or moderate income families may be enforced by decree of any district court of this state. The authority may require as a condition of purchase of mortgage loans from any national banking association or federally chartered savings and loan association, the consent of the association to the jurisdiction of courts of this state over any such proceeding. The authority may also require as a condition of the authority’s purchase of mortgage loans from a lending institution, agreement by the lending institution to the payment of penalties to the authority for violation by the lending institution of its agreement with the authority, and the penalties shall be recoverable at the suit of the authority.5The authority may require as a condition of purchase of a mortgage loan from a lending institution that the lending institution represent and warrant to the authority that:aThe unpaid principal balance of the mortgage loan and the interest rate on it have been accurately stated to the authority.bThe amount of the unpaid principal balance is justly due and owing.cThe lending institution has no notice of the existence of any counterclaim, offset, or defense asserted by the mortgagor or the mortgagor’s successor in interest.dThe mortgage loan is evidenced by a bond or promissory note and a mortgage which has been properly recorded with the appropriate public official.eThe mortgage constitutes a valid first lien on the real property described to the authority subject only to real property taxes not yet due, installments of assessments not yet due, and easements and restrictions of record which do not adversely affect, to a material degree, the use or value of the real property or improvements on it.fThe mortgagor is not now in default in the payment of any installment of principal or interest, escrow funds, or real property taxes, or otherwise in the performance of obligations under the mortgage documents and has not to the knowledge of the lending institution been in default in the performance of any obligation under the mortgage for a period of longer than sixty days during the life of the mortgage.gThe improvements to the mortgaged real property are covered by a valid and subsisting policy of insurance issued by a company authorized to issue such policies in this state and providing fire and extended coverage in amounts as the authority prescribes by rule.hThe mortgage loan meets the prevailing investment quality standards for mortgage loans in this state.6A lending institution is liable to the authority for damages suffered by the authority by reason of the untruth of a representation or the breach of a warranty and, in the event that a representation proves to be untrue when made or in the event of a breach of warranty, the lending institution shall, at the option of the authority, repurchase the mortgage loan for the original purchase price adjusted for amounts subsequently paid on it, as the authority determines.7The authority shall require the recording of an assignment of a mortgage loan purchased by the authority from a lending institution and shall not be required to notify the mortgagor of the authority’s purchase of the mortgage loan. The authority shall not be required to inspect or take possession of the mortgage documents if the mortgage lender from which the mortgage loan is purchased by the authority enters into a contract to service the mortgage loan and account to the authority for it.8If a provision of this section is inconsistent with another provision of law of this state governing lending institutions, the provision of this section controls for the purposes of this section.2014 Acts, ch 1080, §39, 784SPECIAL FUNDS16.40Housing assistance fund.1A housing assistance fund is created within the authority. The moneys in the fund shall be used by the authority to protect, preserve, create, and improve access to safe and affordable housing. The authority shall establish programs utilizing the fund by administrative rules adopted pursuant to chapter 17A and provide the requirements for the proper administration of the programs.2Moneys in the fund, including moneys which are annually appropriated to the authority, may be allocated for any use authorized by this chapter unless otherwise specified.3The authority may use moneys in the fund to provide financial assistance to a housing sponsor or an individual in the form of a loan, loan guaranty, grant, or interest subsidy, or by other means under the general powers of the authority.4Moneys in the fund may be used for but are not limited to the following purposes:aHome ownership programs including all of the following:1Authority bond issues and loans to facilitate and ensure equal access across the state to funds for first-time homebuyers programs.2Home ownership incentive programs not restricted to first-time homebuyers, including down payment and closing costs assistance.3Programs for home maintenance and repair, new construction, acquisition, and rehabilitation.4Support for home ownership education and counseling programs.bRental programs, including rental subsidy, rehabilitation, preservation, new construction, and acquisition.cPrograms that provide a continuum of housing services, including construction, operation, and maintenance of homeless shelters, domestic violence shelters, and transitional housing and supportive services to lower income and very low-income families.dTechnical assistance programs that increase the capacity of for-profit and nonprofit housing entities.5Notwithstanding section 8.33, moneys in the housing assistance fund at the end of each fiscal year shall not revert to the general fund or any other fund but shall remain in the housing assistance fund for expenditure for subsequent fiscal years.6The authority may establish, by rule adopted pursuant to chapter 17A, an annual administration fee to be charged to the housing assistance fund. The annual fee shall not exceed four percent of the moneys, loans, or other assets held in the fund.7During each regular session of the general assembly, the authority shall present to the appropriate joint appropriations subcommittee a report concerning the total estimated resources to be available for expenditure under this section for the next fiscal year and the amount the authority proposes to allocate to each program created pursuant to this section.85 Acts, ch 252, §29CS85, §220.4088 Acts, ch 1145, §1C93, §16.4097 Acts, ch 201, §18; 2007 Acts, ch 54, §24; 2014 Acts, ch 1080, §40, 7816.41Shelter assistance fund.1A shelter assistance fund is created as a revolving fund in the state treasury under the control of the authority consisting of any moneys appropriated by the general assembly and received under section 428A.8 for costs of operations of shelters for the homeless and domestic violence shelters, essential services for the homeless, and evaluation and reporting of services for the homeless. Each fiscal year, moneys in the fund, in an amount equal to not more than three percent of the total moneys distributed as grants from the fund during the fiscal year, may be used for purposes of administering the fund.2The authority shall award grants to qualified applicants on a competitive basis. The authority shall establish application procedures, requirements, priorities, and maximum and minimum grant award amounts for each grant competition.3Notwithstanding section 8.33, all moneys in the shelter assistance fund which remain unexpended or unobligated at the close of the fiscal year shall not revert to the general fund of the state but shall remain available for expenditure for subsequent fiscal years.2010 Acts, ch 1031, §265; 2011 Acts, ch 130, §28, 71; 2015 Acts, ch 25, §2, 3; 2017 Acts, ch 33, §216.42Inconsistent provisions.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.18.16.43Economic distress areas named.Repealed by 2007 Acts, ch 54, §45.See §16.5C. 16.44Application of funds from sales of obligations.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.22.16.45Manufactured housing program fund.1A manufactured housing program fund is created within the authority to further the goal of providing affordable housing to Iowans. The moneys in the fund are to be used for the purpose of providing funding to financial institutions or other lenders to finance the purchase by an individual of a manufactured home that is in compliance with all laws, rules, and standards that are applicable to manufactured homes and manufactured housing. The manufactured housing program fund is designed exclusively for manufactured homes sited on leased land.2aMoneys received by the authority for the manufactured housing program fund, transferred by the authority for deposit in the fund, appropriated to the fund, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section.bNotwithstanding any provision of section 16.46, 16.47, 16.48, or 16.49 to the contrary, the authority shall be authorized to transfer for deposit in the manufactured housing program fund for any fiscal year any unobligated and unencumbered moneys in the funds created in sections 16.46, 16.47, 16.48, and 16.49 from the prior fiscal year. However, the maximum amount of moneys that may be so transferred for any fiscal year shall not exceed the lesser of one million dollars or an amount equal to the total amount of any unobligated and unencumbered moneys in the funds available for transfer from the previous fiscal year reduced by one million dollars.cAdditionally, recapture of awards and other repayments to the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section. Notwithstanding section 8.33, unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year shall not revert to any other fund but shall be available for expenditure in subsequent years. However, any unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year that were transferred to the fund as provided in paragraph “b” shall revert to the fund from which the transfer was made. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund or appropriated to the fund shall be credited to the fund.3The authority shall allocate moneys available in the manufactured housing program fund to financial institutions or other lenders to be used as set forth in subsection 1. The authority may provide funding to financial institutions or other lenders in the form of loans, linked deposits, guarantees, reserve funds, or any other prudent financial instruments.4The authority shall adopt rules pursuant to chapter 17A necessary to implement and administer this section, including but not limited to eligibility requirements for financial institutions or other lenders to receive funding through the manufactured housing program fund.5For purposes of this section, “financial institutions” means the same as defined in section 12C.1, “lender” means a lender as defined in section 537.1301 that is licensed by the banking division of the department of insurance and financial services, and “manufactured home” or “manufactured housing” means the same as the definition of manufactured home in section 435.1.2018 Acts, ch 1128, §1; 2023 Acts, ch 19, §271216.46Senior living revolving loan program fund.1A senior living revolving loan program fund is created within the authority. The moneys in the senior living revolving loan program fund shall be used by the authority for the development and operation of a revolving loan program to provide financing to construct affordable assisted living and service-enriched affordable housing for seniors and persons with disabilities, including through new construction or acquisition and rehabilitation.2Moneys transferred by the authority for deposit in the senior living revolving loan program fund, moneys appropriated to the senior living revolving loan program, and any other moneys available to and obtained or accepted by the authority for placement in the senior living revolving loan program fund shall be deposited in the fund. Additionally, payment of interest, recaptures of awards, and other repayments to the senior living revolving loan program fund shall be deposited in the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the senior living revolving loan program fund shall be credited to the fund. Notwithstanding section 8.33, moneys that remain unencumbered or unobligated at the end of the fiscal year shall not revert but shall remain available for the same purpose in the succeeding fiscal year.3The authority shall annually allocate moneys available in the senior living revolving loan program fund for the development of affordable assisted living and service-enriched affordable housing for seniors and persons with disabilities. The authority shall develop a joint application process for the allocation of federal low-income housing tax credits and funds available under this section. Moneys allocated to such developments may be in the form of loans, grants, or a combination of loans and grants.2014 Acts, ch 1080, §41, 7816.47Home and community-based services revolving loan program fund.1A home and community-based services revolving loan program fund is created within the authority to further the goals specified in section 231.3, adult day services, case management services, options counseling, family caregiving, homemaker services, respite services, congregate and home delivered meals, health and wellness, health screening, and nutritional assessments. The moneys in the home and community-based services revolving loan program fund shall be used by the authority for the development and operation of a revolving loan program to develop and expand facilities and infrastructure that provide adult day services, case management services, options counseling, family caregiving, homemaker services, respite services, congregate and home delivered meals, and programming space for health and wellness, health screening, and nutritional assessments that address the needs of persons with low incomes.2Moneys transferred by the authority for deposit in the home and community-based services revolving loan program fund, moneys appropriated to the home and community-based services revolving loan program, and any other moneys available to and obtained or accepted by the authority for placement in the home and community-based services revolving loan program fund shall be deposited in the fund. Additionally, payment of interest, recaptures of awards, and other repayments to the home and community-based services revolving loan program fund shall be deposited in the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the home and community-based services revolving loan program fund shall be credited to the fund. Notwithstanding section 8.33, moneys that remain unencumbered or unobligated at the end of the fiscal year shall not revert but shall remain available for the same purpose in the succeeding fiscal year.3The authority, in cooperation with the department of health and human services, shall annually allocate moneys available in the home and community-based services revolving loan program fund to develop and expand facilities and infrastructure that provide adult day services, respite services, congregate meals, and programming space for health and wellness, health screening, and nutritional assessments that address the needs of persons with low incomes.2014 Acts, ch 1080, §42, 78; 2020 Acts, ch 1063, §11; 2023 Acts, ch 19, §2916.48Transitional housing revolving loan program fund.1A transitional housing revolving loan program fund is created within the authority to further the availability of affordable housing for parents that are reuniting with their children while completing or participating in substance use disorder treatment. The moneys in the fund are annually appropriated to the authority to be used for the development and operation of a revolving loan program to provide financing to construct affordable transitional housing, including through new construction or acquisition and rehabilitation of existing housing. The housing provided shall be geographically located in close proximity to licensed substance use disorder treatment programs. Preference in funding shall be given to projects that reunite mothers with the mothers’ children.2Moneys transferred by the authority for deposit in the transitional housing revolving loan program fund, moneys appropriated to the transitional housing revolving loan program, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund. Additionally, payment of interest, recaptures of awards, and other repayments to the transitional housing revolving loan program fund shall be credited to the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the transitional housing revolving loan program fund shall be credited to the fund. Notwithstanding section 8.33, moneys that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for the same purpose in the succeeding fiscal year.3The authority shall annually allocate moneys available in the transitional housing revolving loan program fund for the development of affordable transitional housing for parents that are reuniting with the parents’ children while completing or participating in substance use disorder treatment. The authority shall develop a joint application process for the allocation of federal low-income housing tax credits and the funds available under this section. Moneys allocated to such projects may be in the form of loans, grants, or a combination of loans and grants.2014 Acts, ch 1080, §43, 78; 2023 Acts, ch 19, §3016.49Community housing and services for persons with disabilities revolving loan program fund.1A community housing and services for persons with disabilities revolving loan program fund is created within the authority to further the availability of affordable housing and supportive services for Medicaid waiver-eligible individuals with behaviors that provide significant barriers to accessing traditional rental and supportive services opportunities. The moneys in the fund are annually appropriated to the authority to be used for the development and operation of a revolving loan program to provide financing to construct affordable permanent supportive housing or develop infrastructure in which to provide supportive services, including through new construction, acquisition and rehabilitation of existing housing or infrastructure, or conversion or adaptive reuse.2Moneys transferred by the authority for deposit in the community housing and services for persons with disabilities revolving loan program fund, moneys appropriated to the community housing and services for persons with disabilities revolving loan program, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be credited to the fund. Additionally, payment of interest, recaptures of awards, and other repayments to the community housing and services for persons with disabilities revolving loan program fund shall be credited to the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund. Notwithstanding section 8.33, moneys credited to the fund from any other fund that remain unencumbered or unobligated at the close of the fiscal year shall not revert to the other fund.3aThe authority shall annually allocate moneys available in the fund for the development of permanent supportive housing for Medicaid waiver-eligible individuals. The authority shall develop a joint application process for the allocation of United States housing and urban development HOME investment partnerships program funding and the funds available under this section. Moneys allocated to such projects may be in the form of loans, forgivable loans, or a combination of loans and forgivable loans.bThe authority shall annually allocate moneys available in the fund for the development of infrastructure in which to provide supportive services for Medicaid waiver-eligible individuals who meet the psychiatric medical institution for children level of care. Moneys allocated to such projects may be in the form of loans, forgivable loans, or a combination of loans and forgivable loans.4aA project shall demonstrate written approval of the project by the department of health and human services to the authority prior to application for funding under this section.bIn order to be approved by the department of health and human services for application for funding for development of permanent supportive housing under this section, a project shall include all of the following components:1Provision of services to any of the following Medicaid waiver-eligible individuals:aIndividuals who are currently underserved in community placements, including individuals who are physically aggressive or have behaviors that are difficult to manage or individuals who meet the psychiatric medical institution for children level of care.bIndividuals who are currently residing in out-of-state facilities.cIndividuals who are currently receiving care in a licensed health care facility.2A plan to provide each individual with crisis stabilization services to ensure that the individual’s behavioral issues are appropriately addressed by the provider.3Policies and procedures that prohibit discharge of the individual from the waiver services provided by the project provider unless an alternative placement that is acceptable to the client or the client’s guardian is identified.cIn order to be approved by the department of health and human services for application for funding for development of infrastructure in which to provide supportive services under this section, a project shall include all of the following components:1Provision of services to Medicaid waiver-eligible individuals who meet the psychiatric medical institution for children level of care.2Policies and procedures that prohibit discharge of the individual from the waiver services provided by the project provider unless an alternative placement that is acceptable to the client or the client’s guardian is identified.dHousing provided through a project under this section is exempt from the requirements of chapter 135O.2014 Acts, ch 1080, §44, 78; 2023 Acts, ch 19, §3116.50Workforce housing assistance grant fund.1A workforce housing assistance grant fund is created under the control of the authority. The fund shall consist of appropriations made to the fund. The fund shall be separate from the general fund of the state and the balance in the fund shall not be considered part of the balance of the general fund of the state. 2Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund. 3aMoneys in the fund in a fiscal year are appropriated to the authority to be used for grants for projects that create workforce housing or for projects that include adaptive reuse of buildings for workforce housing. For purposes of this section, “workforce housing” means housing that is affordable for a household whose income does not exceed one hundred twenty percent of the median income for the area.bPriority shall be given to the following types of projects:1Projects that are eligible for historic preservation tax credits under chapter 404A.2Projects for the construction of new single-family dwellings that incorporate one or more energy-efficient measures. The authority shall by rule identify the types of energy-efficient measures that will qualify a project for priority under this subparagraph.3Projects that utilize new markets tax credits, established under the federal Community Renewal Tax Relief Act of 2000, Pub. L. No. 106-554, 114 Stat. 2763A, and undertaken by a qualified community development entity, as defined in the federal Act.4Projects that are located in an area where other state funding has been used to support the creation of new jobs.cIn any fiscal year, an area shall not receive grants totaling more than twenty-five percent of the moneys expended from the fund in that fiscal year. For purposes of this paragraph, “area” means the same area used to determine the median income under paragraph “a”.4Annually, on or before January 15 of each year, the authority shall report to the legislative services agency and the department of management the status of all projects that received moneys from the workforce housing assistance grant fund. The report shall include a description of each project, the progress of work completed, the total estimated cost of each project, a list of all revenue sources being used to fund each project, the amount of funds expended, the amount of funds obligated, and the date each project was completed or an estimated completion date of each project, where applicable.5Payment of moneys from appropriations from the fund shall be made in a manner that does not adversely affect the tax exempt status of any outstanding bonds issued by the treasurer of state pursuant to section 12.87.2014 Acts, ch 1080, §45, 78; 2015 Acts, ch 30, §21; 2017 Acts, ch 29, §18; 2024 Acts, ch 1185, §1055ADDITIONAL PROGRAMS16.51Additional loan program.1The authority may enter into a loan agreement with a housing sponsor to finance in whole or in part the acquisition of housing by construction or purchase. The repayment obligation of the housing sponsor may be unsecured, secured by a mortgage or security agreement, or secured by other security as the authority deems advisable, and may be evidenced by one or more notes of the housing sponsor. The loan agreement may contain terms and conditions the authority deems advisable.2The authority may issue its bonds and notes for the purposes set forth in subsection 1 and may enter into a lending agreement or purchase agreement with one or more bondholders or noteholders containing the terms and conditions of the repayment of and the security for the bonds or notes. The authority and the bondholders or noteholders may enter into an agreement to provide for any of the following:aThat the proceeds of the bonds and notes and the investments of the proceeds may be received, held, and disbursed by the bondholders or noteholders, or by a trustee or agent designated by the authority.bThat the bondholders or noteholders or a trustee or agent designated by the authority, may collect, invest, and apply the amounts payable under the loan agreement or any other security instrument securing the debt obligation of the housing sponsor.cThat the bondholders or noteholders may enforce the remedies provided in the loan agreement or security instrument on their own behalf without the appointment or designation of a trustee and if there is a default in the principal of or interest on the bonds or notes or in the performance of any agreement contained in the agreement or instrument, the payment or performance may be enforced in accordance with the provisions contained in the agreement or instrument.dThat if there is a default in the payment of the principal or interest on a mortgage or security instrument or a violation of an agreement contained in the mortgage or security instrument, the mortgage or security instrument may be foreclosed or enforced and any collateral sold under proceedings or actions permitted by law and a trustee under the mortgage or security agreement or the holder of any bonds or notes secured thereby may become a purchaser if it is the highest bidder.eOther terms and conditions.3The authority may provide in the resolution authorizing the issuance of the bonds or notes that the principal and interest shall be limited obligations payable solely out of the revenues derived from the debt obligation, collateral, or other security furnished by or on behalf of the housing sponsor, and that the principal and interest does not constitute an indebtedness of the authority or a charge against its general credit or general fund.4The powers granted the authority under this section are in addition to other powers contained in this chapter. All other provisions of this chapter, except section 16.28, subsection 4, apply to bonds or notes issued pursuant to and powers granted to the authority under this section except to the extent that they are inconsistent with this section.[82 Acts, ch 1187, §7]C83, §220.5183 Acts, ch 124, §5C93, §16.5116.52State housing credit ceiling allocation.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.35.16.53Residential reverse annuity mortgage model program.The authority may develop a model reverse annuity mortgage conforming to the requirements of this chapter, and may offer reverse annuity mortgages to qualified participants.89 Acts, ch 267, §10CS89, §220.53C93, §16.532007 Acts, ch 54, §2516.54Home ownership assistance program for military members.1For the purposes of this section, “eligible member of the armed forces of the United States” or “eligible service member” means a person who is or was, if discharged under honorable conditions, a member of the national guard, or a reserve or regular component of the armed forces of the United States, who has served at least ninety days of active duty service 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. “Eligible member of the armed forces of the United States” or “eligible service member” also means 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.2The home ownership assistance program is established to continue the program implemented pursuant to 2005 Iowa Acts, ch. 161, §1, as amended by 2005 Iowa Acts, ch. 115, §37, and continued in accordance with 2006 Iowa Acts, ch. 1167, §3 and 4, and other appropriations, to provide financial assistance to eligible members of the armed forces of the United States to be used for purchasing primary residences, including but not limited to manufactured homes on leased land, in the state of Iowa.3The program shall be administered by the authority and shall provide loans, grants, or other assistance to eligible service members. In the event an eligible service member is deceased, the surviving spouse of the eligible member shall be eligible for assistance under the program, subject to the surviving spouse meeting the program’s eligibility requirements other than the military service requirement. In addition, a person eligible for the program under this section may participate in other loan and grant programs of the authority, provided the person meets the requirements of those programs.4To qualify for a loan, grant, or other assistance under the home ownership assistance program, the following requirements, if applicable, shall be met:aThe person eligible for the program shall, for financed home purchases that close on or after July 1, 2008, use a lender that participates in the authority’s first mortgage financing programs for homebuyers or a lender approved by the authority under subsection 5.b1For financed home purchases that close on or after July 1, 2008, the eligible person shall participate, if eligible to participate, in one of the authority’s first mortgage financing programs for homebuyers. 2Notwithstanding subparagraph (1), an eligible service member who qualifies for one of the authority’s first mortgage financing programs for homebuyers may use a lender that does not participate in the authority’s first mortgage financing programs for homebuyers if such lender is approved by the authority under subsection 5. For financed home purchases that close on or after July 1, 2014, an eligible service member who qualifies for one of the authority’s first mortgage financing programs may accept financing other than that available under the authority’s first mortgage financing programs for homebuyers if all of the following apply:aThe financing is offered by a lender that participates in one of the authority’s first mortgage financing programs for homebuyers or by a lender approved pursuant to subsection 5.bThe authority determines that the offered financing would be economically feasible and financially advantageous for the eligible service member.cA title guaranty certificate shall be issued for the property being purchased under the program.5aA mortgage lender maintaining an office in the state that does not participate in the authority’s programs for homebuyers may submit an application to the authority for approval to provide a mortgage loan or other financing under the home ownership assistance program or another homebuyer program, if applicable pursuant to subsection 4, paragraph “b”. The authority shall prescribe a form for such applications.bThe authority shall by rule establish criteria for the review and approval of applications submitted under this subsection, including criteria for the approval of a mortgage lender that offers an eligible person a lower annual percentage rate than the annual percentage rates available from lenders that participate in the authority’s applicable programs for homebuyers.cThe authority may determine and collect a reasonable application fee for each application submitted under this subsection. The application fees collected under this subsection shall be used exclusively for costs associated with the review and approval of applications submitted under this subsection.6The authority shall adopt rules for administering the program. The rules may provide for limiting the period of time for which an award of funds under the program shall be reserved for an eligible person pending the closing of a home purchase and compliance with all program requirements. Implementation of the program shall be limited to the extent of the amount appropriated or otherwise made available for purposes of the program.7The department of veterans affairs shall support the program by providing eligibility determinations and other program assistance requested by the authority.2008 Acts, ch 1120, §1; 2010 Acts, ch 1089, §1, 2; 2012 Acts, ch 1072, §5; 2014 Acts, ch 1026, §143; 2014 Acts, ch 1116, §55, 56; 2018 Acts, ch 1128, §216.55Home and community-based services rent subsidy program.The authority shall establish and administer a home and community-based services rent subsidy program. Under the program, the authority shall provide rent subsidies to those persons who are approved participants under a home and community-based services Medicaid waiver, and to those individuals who are approved participants in the federal money follows the person grant program under the medical assistance program. If the authority utilizes a waiting list for purposes of the program, the authority shall give priority to a person participating in the state’s money follows the person partnership for community integration project who has been assigned to work with a transition specialist.2017 Acts, ch 33, §316.56Jumpstart housing assistance program.1As used in this section, unless the context otherwise requires:a“Disaster-affected home” means a primary residence that was destroyed or damaged due to a natural disaster occurring after May 24, 2008, and before August 14, 2008.b“Local government participant” means the cities of Ames, Cedar Falls, Cedar Rapids, Council Bluffs, Davenport, Des Moines, Dubuque, Iowa City, Waterloo, and West Des Moines; a council of governments whose territory includes at least one county that was declared a disaster area by the president of the United States after May 24, 2008, and before August 14, 2008; and any county that is not part of any council of governments and was declared a disaster area by the president of the United States after May 24, 2008, and before August 14, 2008.2The authority shall establish and administer a jumpstart housing assistance program. Under the program, the authority shall provide grants to local government participants for purposes of distributing the moneys to eligible residents for eligible purposes which relate to disaster-affected homes.3An eligible resident is a person residing in a disaster-affected home who is the owner of record of a right, title, or interest in the disaster-affected home and who has been approved by the federal emergency management agency for housing assistance. An eligible resident must have a family income equal to or less than one hundred fifty percent of the area median family income.4Eligible purposes include forgivable loans for down payment assistance, emergency housing repair or rehabilitation, and interim mortgage assistance. An eligible resident who receives a forgivable loan may also receive energy efficiency assistance which shall be added to the principal of the forgivable loan.5A local government participant may retain a portion of the grant moneys for administrative purposes as provided in a grant agreement between the authority and the local government participant.6Any money paid to a local government participant by an eligible resident shall be remitted to the authority for deposit in the housing assistance fund created in section 16.40.7As determined by the authority, unused or unobligated moneys may be reclaimed and reallocated by the authority to other local government participants.2014 Acts, ch 1080, §46, 7816.57Residential treatment facilities.1The authority may issue its bonds and notes and loan the proceeds of the bonds or notes to a nonprofit corporation for the purpose of financing the acquisition or construction of residential housing or treatment facilities serving juveniles or persons with disabilities.2The authority may enter into a loan agreement with a nonprofit corporation for the purpose of financing the acquisition or construction of residential housing or treatment facilities serving juveniles or persons with disabilities and shall provide for payment of the loan and security for the loan as the authority deems advisable.3In the resolution authorizing the issuance of the bonds or notes pursuant to this section, the authority may provide that the related principal and interest are limited obligations payable solely out of the revenues derived from the debt obligation, collateral, or other security furnished by or on behalf of the nonprofit corporation, and the principal or interest does not constitute an indebtedness of the authority or a charge against the authority’s general credit or general fund.4The powers granted the authority under this section are in addition to the authority’s other powers under this chapter. All other provisions of this chapter, except section 16.28, subsection 4, apply to bonds or notes issued pursuant to, and powers granted to the authority under this section, except to the extent the provisions are inconsistent with this section.2014 Acts, ch 1080, §47, 786DISASTER RECOVERY HOUSING ASSISTANCE PROGRAM16.57ATransfer of unobligated or unencumbered funds report.1Notwithstanding any other provision of law to the contrary, the authority may transfer any unobligated and unencumbered moneys in any revolving loan program fund created pursuant to section 16.46, 16.47, 16.48, or 16.49, for deposit in the disaster recovery housing assistance fund created in section 16.57B.2Notwithstanding section 8.39, and any other law to the contrary, with the prior written consent and approval of the governor, the director of the authority may transfer any unobligated and unencumbered moneys in any fund created pursuant to section 16.5, subsection 1, paragraph “s”, for deposit in the disaster recovery housing assistance fund created in section 16.57B. The prior written consent and approval of the director of the department of management shall not be required to transfer the unobligated and unencumbered moneys.3Notwithstanding section 8.39, and any other law to the contrary, with the prior written approval of the governor, the director of the economic development authority may transfer any unobligated and unencumbered moneys in any fund created pursuant to section 15.106A, subsection 1, paragraph “o”, for deposit in the disaster recovery housing assistance fund created in section 16.57B.4Any transfer made under this section shall be reported in the same manner as provided in section 8.39, subsection 5.2021 Acts, ch 177, §46, 51; 2023 Acts, ch 19, §214516.57BDisaster recovery housing assistance program fund.1Definitions.As used in this section, unless the context otherwise requires:a“Disaster-affected home” means a primary residence that is destroyed or damaged due to a natural disaster that occurs on or after June 16, 2021, and the primary residence is located in a county that is the subject of a state of disaster emergency proclamation by the governor that authorizes disaster recovery housing assistance. The state of disaster emergency proclamation shall specify if disaster recovery housing assistance is available to homeowners, renters, or both homeowners and renters.b“Financial assistance” means assistance provided only from the funds, rights, and assets legally available to the authority pursuant to this chapter and includes but is not limited to assistance in the form of grants, loans, and forgivable loans.c“Fund” means the disaster recovery housing assistance fund.d“Local program administrator” means any of the following:1The cities of Ames, Cedar Falls, Cedar Rapids, Council Bluffs, Davenport, Des Moines, Dubuque, Iowa City, Waterloo, and West Des Moines.2A council of governments whose territory includes at least one county that is the subject of a state of disaster emergency proclamation by the governor that authorizes disaster recovery housing assistance or the eviction prevention program under section 16.57C on or after June 16, 2021.3A community action agency as defined in section 216A.91 and whose territory includes at least one county that is the subject of a state of disaster emergency proclamation by the governor that authorizes disaster recovery housing assistance or the eviction prevention program under section 16.57C on or after June 16, 2021.4A qualified local organization or governmental entity as determined by rules adopted by the authority.e“Program” means the disaster recovery housing assistance program.f“Replacement housing” means housing purchased by a homeowner or leased by a renter needed to replace a disaster-affected home that is destroyed or damaged beyond reasonable repair as determined by a local program administrator.g“State of disaster emergency” means the same as described in section 29C.6, subsection 1.2Fund.a1A disaster recovery housing assistance fund is created within the authority. The moneys in the fund shall be used by the authority to award financial assistance to homeowners and renters with disaster-affected homes, and for the eviction prevention program pursuant to section 16.57C.2Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund. Notwithstanding section 8.33, moneys credited to the fund shall not revert at the close of a fiscal year.bMoneys transferred by the authority for deposit in the fund, moneys appropriated to the fund, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund.cThe authority shall not use more than five percent of the moneys deposited into the fund under paragraph “b” for purposes of administrative costs and other program support.3Program.aThe authority shall establish and administer a disaster recovery housing assistance program and shall use moneys in the fund to award financial assistance to eligible homeowners and eligible renters of disaster-affected homes. Moneys in the fund may be expended following a state of disaster emergency proclamation by the governor pursuant to section 29C.6 that authorizes disaster recovery housing assistance. The governor, by state of disaster emergency proclamation, shall specify if disaster recovery housing assistance is available to homeowners, renters, or both homeowners and renters.bThe authority may enter into an agreement with one or more local program administrators to administer the program.4Registration.A homeowner or renter may register for the disaster case advocacy program established pursuant to section 29C.20B. The disaster case manager may refer the homeowner or renter to the appropriate local program administrator.5Homeowners.aTo be eligible for financial assistance under the program, all of the following requirements shall apply:1The homeowner’s disaster-affected home must have sustained damage greater than the damage that is covered by the homeowner’s property and casualty insurance policy insuring the home plus any other state or federal disaster-related financial assistance that the homeowner is eligible to receive.2A local official must either deem the disaster-affected home suitable for rehabilitation or damaged beyond reasonable repair.3The disaster-affected home is not eligible for buyout by the county or city where the disaster-affected home is located, or the disaster-affected home is eligible for a buyout by the county or city where the disaster-affected home is located, but the homeowner is requesting financial assistance for the repair or rehabilitation of the homeowner’s disaster-affected home in lieu of a buyout.4Financial assistance under the program must not duplicate benefits provided by any local, state, or federal disaster recovery assistance program.bThe authority may award financial assistance to the eligible homeowner for any of the following purposes:1Repair or rehabilitation of the disaster-affected home. The disaster-affected home to be repaired or rehabilitated shall not be located in a one-hundred-year floodplain.2aDown payment assistance on the purchase of replacement housing, and the cost of reasonable repairs to be performed on the replacement housing to render the replacement housing decent, safe, sanitary, and in good repair.bReplacement housing shall not be located in a one-hundred-year floodplain.cFor purposes of this subparagraph, “decent, safe, sanitary, and in good repair” means the same as described in 24 C.F.R. §5.703.cThe authority shall determine the interest rate for any financial assistance awarded in the form of a loan or a forgivable loan.dIf a homeowner who has been awarded a loan or a forgivable loan sells a disaster-affected home or replacement housing for which the homeowner received the loan or forgivable loan prior to the end of the loan term, the remaining principal on the loan or forgivable loan shall be due and payable pursuant to rules adopted by the authority.6Renters.aTo be eligible for financial assistance under the program, all of the following requirements shall apply:1A local program administrator either deems the disaster-affected home of the renter suitable for rehabilitation but unsuitable for current short-term habitation, or the disaster-affected home is damaged beyond reasonable repair.2Financial assistance under the program must not duplicate benefits provided by any local, state, or federal disaster recovery assistance program.bThe authority may award financial assistance to the eligible renter to provide short-term financial assistance for the payment of rent for replacement housing.7Report.On or before January 31 of each year, or as part of the annual report under section 16.7, the authority shall submit a report to the general assembly that identifies all of the following for the calendar year immediately preceding the year of the report:aThe date of each state of disaster emergency proclamation by the governor that authorized disaster recovery housing assistance under this section, and if disaster recovery housing assistance was made available to homeowners, renters, or both homeowners and renters.bThe total number of financial assistance awards awarded.cThe total number of financial assistance awards, and the amount of each financial assistance award awarded for repair or rehabilitation.dThe total number of financial assistance awards, and the amount of each financial assistance award, awarded for down payment assistance on the purchase of replacement housing and the cost of reasonable repairs to be performed on the replacement housing to render the replacement housing decent, safe, sanitary, and in good repair.eThe total number of grants, and the amount of each grant, awarded for rental assistance.fThe total number of loans, forgivable loans, and grants awarded in each county in which at least one homeowner or renter has been awarded a loan, forgivable loan, or grant.gEach local program administrator involved in the administration of the program.hThe total amount of loan and forgivable loan principal repaid.2021 Acts, ch 177, §47, 51; 2023 Acts, ch 19, §2162; 2024 Acts, ch 1182, §132; 2025 Acts, ch 28, §16 – 2116.57CEviction prevention program.1a“Eligible renter” means a renter whose income meets the qualifications of the program, who is at risk of eviction, and who resides in a county that is the subject of a state of disaster emergency proclamation by the governor that authorizes the eviction prevention program.b“Eviction prevention partner” means a qualified local organization or governmental entity as determined by rule by the authority.2The authority shall establish and administer an eviction prevention program. Under the eviction prevention program, the authority shall award grants to eligible renters and to eviction prevention partners for purposes of this section. Grants may be awarded upon a state of disaster emergency proclamation by the governor that authorizes the eviction prevention program. Eviction prevention assistance shall be paid out of the fund established in section 16.57B.3aGrants awarded to eligible renters pursuant to this section shall be used for short-term financial rent assistance to keep eligible renters in the current residences of such renters.bGrants awarded to eviction prevention partners pursuant to this section shall be used to pay for rent or services provided to eligible renters for the purpose of preventing the eviction of eligible renters.4The authority may enter into an agreement with one or more local program administrators to administer the program.2021 Acts, ch 177, §48, 5116.57DRules.The authority shall adopt rules pursuant to chapter 17A to implement and administer this part, including rules to do all of the following:1Establish the maximum loan, forgivable loan, and grant amounts awarded under the program.2Establish the terms of any loan or forgivable loan provided under the program.3Income qualifications of eligible renters in the eviction prevention program.2021 Acts, ch 177, §49, 51; 2025 Acts, ch 28, §22VIIIAGRICULTURAL DEVELOPMENT1GENERAL16.58Definitions.As used in this subchapter, unless the context otherwise requires:1“Agricultural assets” means agricultural land, agricultural improvements, depreciable agricultural property, crops, or livestock.2“Agricultural improvement” means any improvements, including buildings, structures, or fixtures suitable for use in farming, if located on any size parcel of agricultural land.3“Agricultural land” means land suitable for use in farming, any portion of which may include an agricultural improvement.4“Agricultural producer” means a person that engages or wishes to engage or intends to engage in the business of producing and marketing agricultural produce in this state.5“Bankhead-Jones Farm Tenant Act” means the Act cited as 50 Stat. 522 (1937), formerly codified as 7 U.S.C. §1000 et seq., repealed by Pub. L. No. 87-128 (1961).6“Beginning farmer” means an individual, partnership, family farm corporation, or family farm limited liability company, with a low or moderate net worth that engages in farming or wishes to engage in farming.7“Family farm corporation” means the same as defined in section 9H.1.8“Family farm limited liability company” means the same as defined in section 9H.1.9“Farming” means the cultivation of land for the production of agricultural crops, the raising of poultry, the production of eggs, the production of milk, the production of fruit or other horticultural crops, grazing, the production of livestock, aquaculture, hydroponics, the production of forest products, or other activities designated by the authority by rules subject to chapter 17A.10“Low or moderate net worth” means a net worth that does not exceed the maximum allowable net worth established by the authority. The authority shall establish the maximum allowable net worth in accordance with the prices paid by farmers index as compiled by the United States department of agriculture.11“Production item” includes tools, machinery, or equipment principally used to produce crops or livestock.2014 Acts, ch 1080, §48, 78, 117, 125; 2021 Acts, ch 177, §58, 6716.59Special financing calculations. To receive financing as provided in this subchapter, an individual, partnership, family farm corporation, or family farm limited liability company shall meet the applicable low or moderate net worth requirements established in this section. The requirement that applies to each such person is determined as follows:1For an individual, an aggregate net worth of the individual and the individual’s spouse and minor children not greater than the low or moderate net worth.2For a partnership, an aggregate net worth of all partners, including each partner’s net capital in the partnership, and each partner’s spouse and minor children not greater than twice the low or moderate net worth. However, the aggregate net worth of each partner and that partner’s spouse and minor children shall not exceed the low or moderate net worth.3For a family farm corporation, an aggregate net worth of all shareholders, including the value of each shareholder’s share in the family farm corporation, and each shareholder’s spouse and minor children not greater than twice the low or moderate net worth. However, the aggregate net worth of each shareholder and that shareholder’s spouse and minor children shall not exceed the low or moderate net worth.4For a family farm limited liability company, an aggregate net worth of all members, including each member’s ownership interest in the family farm limited liability company, and each member’s spouse and minor children of not greater than twice the low or moderate net worth. However, the aggregate net worth of each member and that member’s spouse and minor children shall not exceed the low or moderate net worth.2014 Acts, ch 1080, §49, 78; 2015 Acts, ch 30, §22; 2019 Acts, ch 161, §5, 18, 192ADMINISTRATION16.60Combination of programs permitted.Programs authorized in this subchapter may be combined with any other programs authorized in this chapter or any other public or private programs.2014 Acts, ch 1080, §50, 7816.61Legislative findings — purposes — public policy.Repealed by 2007 Acts, ch 54, §45. 16.62Trust assets.The authority shall make application to and receive from the United States secretary of agriculture, or any other proper federal official, pursuant and subject to the provisions of Pub. L. No. 81-499, 64 Stat. 152 (1950), formerly codified at 40 U.S.C. §440 et seq. (1976), all of the trust assets held by the United States in trust for the Iowa rural rehabilitation corporation now dissolved.2014 Acts, ch 1080, §51, 7816.63Agreements.The authority may enter into agreements with the United States secretary of agriculture pursuant to Pub. L. No. 81-499 §2(f) (1950) upon terms and conditions and for periods of time as mutually agreeable, authorizing the authority to accept, administer, expend, and use in the state of Iowa all or any part of the trust assets or other funds in the state of Iowa which have been appropriated for use in carrying out the purposes of the Bankhead-Jones Farm Tenant Act and to do any and all things necessary to effectuate and carry out the purposes of such agreements.2014 Acts, ch 1080, §52, 783SPECIAL FINANCING16.64Bonds and notes tax exemption.1The authority shall publish a notice of intention to issue bonds or notes. After sixty days from the date of publication of the notice, an action shall not be brought questioning the legality of any bonds or notes or the power of the authority to issue any bonds or notes or to the legality of any proceedings in connection with the authorization or issuance of the bonds or notes after determination by the board to proceed with the issuance of the bonds or notes.2Bonds and notes issued by the authority for purposes of financing the beginning farmer loan program provided in section 16.75 are exempt from taxation by the state, and interest earned on the bonds and notes is deductible in determining net income for purposes of the state individual and corporate income tax under subchapters II and III of chapter 422.2014 Acts, ch 1080, §53, 78; 2015 Acts, ch 30, §23; 2020 Acts, ch 1062, §94; 2025 Acts, ch 147, §4016.65Reserved.16.66Reserved.16.67Reserved.16.68Reserved.16.69Reserved.4LOANS TO LENDING INSTITUTIONS16.70Loans to lending institutions.1The authority may make and contract to make loans to lending institutions on terms and conditions the authority determines are reasonably related to protecting the security of the authority’s investment and to implementing the purposes of this subchapter. Lending institutions are authorized to borrow from the authority in accordance with the provisions of this section and the rules of the authority.2The authority shall require as a condition of each loan to a lending institution that the lending institution, within a reasonable period after receipt of the loan proceeds as the authority prescribes by rule, shall have entered into written commitments to make and, within a reasonable period thereafter as the authority prescribes by rule, shall have disbursed the loan proceeds in new mortgage or secured loans to beginning farmers in an aggregate principal amount of not less than the amount of the loan. New mortgage or secured loans shall have terms and conditions as the authority prescribes by rules which are reasonably related to implementing the purposes of this subchapter as provided in subchapter III.3The authority shall require the submission by each lending institution to which the authority has made a loan, of evidence satisfactory to the authority of the making of new mortgage or secured loans to beginning farmers as required by this section, and in that connection may, through its members, employees, or agents, inspect the books and records of a lending institution.4Compliance by a lending institution with the terms of its agreement with the authority with respect to the making of new mortgage or secured loans to beginning farmers may be enforced by decree of any district court of this state. The authority may require as a condition of a loan to a national banking association or a federally chartered savings and loan association, the consent of the association to the jurisdiction of the courts of this state over any enforcement proceeding. The authority may also require, as a condition of a loan to a lending institution, agreement by the lending institution to the payment of penalties to the authority for violation by the lending institution of its agreement with the authority, and the penalties shall be recoverable at the suit of the authority.5The authority shall require that each lending institution receiving a loan pursuant to this section shall issue and deliver to the authority evidence of its indebtedness to the authority which shall constitute a general obligation of the lending institution and shall bear a date, mature at a time, be subject to prepayment, and contain other provisions consistent with this section and reasonably related to protecting the security of the authority’s investment, as the authority determines.6Notwithstanding any other provision of this section, the interest rate and other terms of loans to lending institutions made from the proceeds of an issue of bonds or notes of the authority shall be at least sufficient to assure the payment of the bonds or notes and the interest on them as they become due.7The authority may require that loans to lending institutions are additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security by special escrow funds or other forms of guaranty and in amounts and forms as the authority by resolution determines to be necessary to assure the payment of the loans and the interest as they become due. Collateral security shall consist of direct obligations of or obligations guaranteed by the United States or one of its agencies, obligations satisfactory to the authority which are issued by other federal agencies, direct obligations of or obligations guaranteed by a state or a political subdivision of a state, or investment quality obligations approved by the authority.8The authority may require that collateral for loans be deposited with a bank, trust company, or other financial institution acceptable to the authority located in this state and designated by the authority as custodian. In the absence of that requirement, each lending institution shall enter into an agreement with the authority containing provisions the authority deems necessary to adequately identify and maintain the collateral, service the collateral and require the lending institution to hold the collateral as an agent for the authority, and be accountable to the authority as the trustee of an express trust for the application and disposition of the collateral and the income from it. The authority may also establish additional requirements the authority deems necessary with respect to the pledging, assigning, setting aside, or holding of collateral and the making of substitutions for it or additions to it and the disposition of income and receipts from it.9The authority may require as a condition of loans to lending institutions any representations and warranties the authority determines are necessary to secure the loans and carry out the purposes of this section.10The authority may require the beginning farmer to satisfy conditions and requirements normally imposed by lending institutions in making similar loans, including but not limited to the purchase of capital stock in the federal land bank.11If a provision of this section is inconsistent with a provision of law of this state governing lending institutions, the provision of this section controls for the purposes of this section.2014 Acts, ch 1080, §54, 7816.71Purchase of loans.1The authority may purchase and make advance commitments to purchase mortgage or secured loans from lending institutions at prices and upon terms and conditions as the authority determines. However, the total purchase price for all mortgage or secured loans which the authority commits to purchase from a lending institution at any one time shall not exceed the total of the unpaid principal balances of the mortgage or secured loans purchased. Lending institutions are authorized to sell mortgage or secured loans to the authority in accordance with the provisions of this section and the rules of the authority.2The authority shall require as a condition of purchase of mortgage or secured loans from lending institutions that the lending institutions certify that the mortgage or secured loans purchased are loans made to beginning farmers. Mortgage or secured loans to be made by lending institutions shall have terms and conditions as the authority prescribes by rule. The authority may make a commitment to purchase mortgage or secured loans from lending institutions in advance of the time the loans are made by lending institutions. The authority shall require as a condition of a commitment that lending institutions certify in writing that all mortgage or secured loans represented by the commitment will be made to beginning farmers and that the lending institution will comply with other authority specifications.3The authority shall require the submission to it by each lending institution from which the authority has purchased loans of evidence satisfactory to the authority of the making of mortgage or secured loans to beginning farmers as required by this section and in that connection may, through its members, employees, or agents, inspect the books and records of a lending institution.4Compliance by a lending institution with the terms of its agreement with the authority with respect to the making of mortgage or secured loans to beginning farmers may be enforced by decree of any district court of this state. The authority may require as a condition of purchase of mortgage or secured loans from any national banking association or federally chartered savings and loan association the consent of the association to the jurisdiction of the courts of this state over any enforcement proceeding. The authority may also require as a condition of the purchase of mortgage or secured loans from a lending institution agreement by the lending institution to the payment of penalties to the authority for violation by the lending institution of its agreement with the authority and the penalties shall be recoverable at the suit of the authority.5The authority may require as a condition of purchase of a mortgage or secured loan from a lending institution that the lending institution make representations and warranties the authority requires. A lending institution is liable to the authority for damages suffered by the authority by reason of the untruth of a representation or the breach of a warranty and, in the event that a representation proves to be untrue when made or in the event of a breach of warranty, the lending institution shall, at the option of the authority, repurchase the mortgage or secured loan for the original purchase price adjusted for amounts subsequently paid on it, as the authority determines.6The authority shall require the recording of an assignment of a mortgage loan purchased by the authority from a lending institution and is not required to notify the mortgagor of the authority’s purchase of the mortgage loan. The authority is not required to inspect or take possession of the mortgage documents if the lending institution from which the mortgage loan is purchased enters into a contract to service the mortgage loan and account to the authority for it.7If a provision of this section is inconsistent with another provision of law of this state governing lending institutions, the provision of this section controls for the purposes of this section.2014 Acts, ch 1080, §55, 7816.72Powers.Repealed by 2007 Acts, ch 54, §45.See §16.5C. 16.73Rules.Repealed by 2014 Acts, ch 1080, §111, 114; .See §16.17.16.74Reserved.5BEGINNING FARMER PROGRAMSABEGINNING FARMER LOAN PROGRAM16.75Beginning farmer loan program.1The authority shall develop a beginning farmer loan program to facilitate the acquisition of agricultural land and improvements and depreciable agricultural property by beginning farmers. The authority shall exercise the powers granted to the authority in this chapter in order to fulfill the goal of providing financial assistance to beginning farmers in the acquisition of agricultural land and agricultural improvements and depreciable agricultural property. The authority may participate in and cooperate with programs of the United States department of agriculture consolidated farm service agency, federal land bank, or any other agency or instrumentality of the federal government or with any program of any other state agency in the administration of the beginning farmer loan program and in the making of loans or purchasing of mortgage or secured loans pursuant to this subchapter.2The authority may participate in any federal programs designed to assist beginning farmers or in any related federal or state programs.3The authority shall provide in a beginning farmer loan program that a loan to or on behalf of a beginning farmer shall be provided only if the following criteria are satisfied:aThe beginning farmer is a resident of the state.bThe agricultural land and agricultural improvements or depreciable agricultural property the beginning farmer proposes to purchase will be located in the state.cThe beginning farmer has sufficient education, training, or experience in the type of farming for which the beginning farmer requests the loan.dIf the loan is for the acquisition of agricultural land, the beginning farmer has or will have access to adequate working capital, farm equipment, machinery, or livestock. If the loan is for the acquisition of depreciable agricultural property, the beginning farmer has or will have access to adequate working capital or agricultural land.eThe beginning farmer shall materially and substantially participate in farming.fThe agricultural land and agricultural improvements shall only be used for farming by the beginning farmer, the beginning farmer’s spouse, or the beginning farmer’s minor children.gOther criteria as the authority prescribes by rule.4The authority may provide in a loan made or purchased pursuant to this subchapter that the loan shall not be assumed or that any interest in the agricultural land or improvements or depreciable agricultural property may not be leased, sold, or otherwise conveyed without the authority’s prior written consent, and may provide a due-on-sale clause with respect to the occurrence of any of the foregoing events without the authority’s prior written consent. The authority may provide by rule the grounds for permitted assumptions of a mortgage or for the leasing, sale, or other conveyance of any interest in the agricultural land or improvements. However, the authority shall provide and state in a loan that the authority has the power to raise the interest rate of the loan to the prevailing market rate if the loan is assumed by a farmer who is already established in that field at the time of the assumption of the loan. This provision controls with respect to a loan made or purchased pursuant to this subchapter notwithstanding the provisions of chapter 535.5The authority may participate in any interest in any loan made or purchased pursuant to this subchapter with a lending institution. The participation interest may be on a parity with the interest in the loan retained by the authority, equally and ratably secured by a mortgage or security agreement securing the loan.2014 Acts, ch 1080, §56, 7816.76Loans to beginning farmers.1As used in this section, “loan” includes but is not limited to mortgage or secured loans; loans insured, guaranteed, or otherwise secured by the federal government or a federal governmental agency or instrumentality, or a state agency or private mortgage insurers; and financing pursuant to an installment contract or contract for purchase arrangement.2The authority may make loans to beginning farmers to provide financing for agricultural land and agricultural improvements or depreciable agricultural property.3A loan shall contain terms and provisions, including interest rates, and be in a form established by rules of the authority. The authority may require a beginning farmer to execute a note, loan, or financing agreement, or other evidence of indebtedness, and to furnish additional assurances and guaranties, including insurance, reasonably related to protecting the security of the loan, as the authority deems necessary.2014 Acts, ch 1080, §57, 78; 2015 Acts, ch 30, §24BBEGINNING FARMER TAX CREDIT PROGRAM16.77Definitions.As used in this subpart, unless the context otherwise requires:1“Agricultural development board” means the agricultural development board created in section 16.2C.2“Agricultural lease agreement” or “agreement” means an agreement for the transfer of agricultural assets from an eligible taxpayer to a qualified beginning farmer as provided in section 16.79A.3“Department” means the department of revenue.4“Eligible taxpayer” means a taxpayer who may participate in the beginning farmer tax credit program, including by meeting all the criteria as provided in section 16.79.5“Program” means the beginning farmer tax credit program created pursuant to section 16.78.6“Qualified beginning farmer” means a beginning farmer as defined in section 16.58 who meets the requirements to participate in a beginning farmer tax credit program as provided in section 16.79.7“Tax credit” means the beginning farmer tax credit allowed under section 16.82.2019 Acts, ch 161, §6, 18, 19; 2021 Acts, ch 177, §59, 6716.78Beginning farmer tax credit program establishment and administration.1A beginning farmer tax credit program is established under the control of the authority.2The authority and the department shall cooperate in administering the program. The department shall have all rulemaking powers necessary to administer its responsibilities under this subpart as it does under chapter 422.3To every extent practicable, the authority shall administer the program in a manner that encourages participation by eligible taxpayers and qualifying beginning farmers for the primary purposes of providing beginning farmers access to farmland and enhancing the stability of the beginning farmer’s farming business.4The authority and the department shall each adopt rules in accordance with chapter 17A as necessary for the administration of their respective responsibilities under this subpart. The eligibility requirements for taxpayers and the qualifications for beginning farmers as provided in the rules shall not be more stringent than provided in this subpart.5The authority shall provide for the preparation or revision and publication or distribution of forms necessary to administer their responsibilities under this subpart.2019 Acts, ch 161, §7, 18, 1916.79Beginning farmer tax credit program eligibility criteria.1A taxpayer is eligible to participate in the beginning farmer tax credit program if the taxpayer meets all of the following requirements:aThe taxpayer is a person who may acquire or otherwise obtain or lease agricultural land in this state pursuant to chapter 9H or 9I. However, the taxpayer must not be a person who may acquire or otherwise obtain or lease agricultural land exclusively because of an exception provided in one of those chapters or in a provision of another chapter of this Code including but not limited to chapter 10, 10D, or 501, or section 15E.207.bThe taxpayer has entered into an agricultural lease agreement with a qualified beginning farmer to lease agricultural land as provided in section 16.79A.cThe taxpayer has not been at fault for terminating a prior agreement under the program or another agreement in which the taxpayer was allowed to claim a tax credit under section 175.37 as it existed prior to January 1, 2015, or section 16.80 as it existed prior to January 1, 2018.dIf the agreement includes the lease of a confinement feeding operation structure as defined in section 459.102, the taxpayer is not a party to a pending administrative or judicial action, including a contested case proceeding under chapter 17A, relating to an alleged violation involving an animal feeding operation as regulated by the department of natural resources, regardless of whether the pending action is brought by the department or the attorney general.eThe taxpayer is not classified as a habitual violator for a violation of state law involving an animal feeding operation as regulated by the department of natural resources under chapter 459.fThe taxpayer is not a partner of a partnership, shareholder of a family farm corporation, or member of a family farm limited liability company that is the lessee of an agricultural asset that is part of an agricultural lease agreement.2A beginning farmer is a qualified beginning farmer eligible to participate in the program by meeting all of the following criteria:aIs a resident of the state. If the beginning farmer is a partnership, all partners must be residents of the state. If a beginning farmer is a family farm corporation, all shareholders must be residents of the state. If the beginning farmer is a family farm limited liability company, all members must be residents of the state.bHas sufficient education, training, or experience in farming. If the beginning farmer is a partnership, at least one partner who is not a minor must have sufficient education, training, or experience in farming. If the beginning farmer is a family farm corporation, at least one shareholder who is not a minor must have sufficient education, training, or experience in farming. If the beginning farmer is a family farm limited liability company, at least one member who is not a minor must have sufficient education, training, or experience in farming. cHas access to adequate working capital and production items.dWill materially and substantially participate in farming. If the beginning farmer is a partnership, family farm corporation, or family farm limited liability company, at least one of the partners, shareholders, or members who is not a minor must materially and substantially participate in farming.eDoes not own more than a ten percent ownership interest in an agricultural asset included in the agreement.2019 Acts, ch 161, §8, 18, 1916.79AAgricultural lease agreement.1aA beginning farmer tax credit is allowed only for agricultural assets that are subject to an agricultural lease agreement entered into by an eligible taxpayer and a qualifying beginning farmer participating in the beginning farmer tax credit program established pursuant to section 16.78.bThe tax credit is allowed regardless of whether the principal agricultural asset is soil, pasture, or a building or other structure used in farming.2The agreement must include the lease of agricultural land located in this state or agricultural improvements located in this state, and may provide for the rental of agricultural equipment as defined in section 322F.1.3aThe agreement must include provisions which describe the consideration paid for the agreement in a manner that allows the authority to calculate the value of the lease in order to determine the tax credit amount as provided in section 16.82.bThe agreement must be in writing.cThe agreement must be for at least two years, but not more than five years. The agreement may be renewed any number of times by the eligible taxpayer and qualified beginning farmer for a term of at least two years, but not more than five years. However, an eligible taxpayer shall not participate in the program for more than fifteen years.dThe agreement shall not include a lease or rental of equipment intended as a security.eThe agreement cannot be assigned and the agricultural land subject to the agreement shall not be subleased.f1The agricultural assets shall not be leased or rented at a rate that is substantially higher than the market rate for similar agricultural assets leased or rented within the same community.2As used in subparagraph (1), when referring to an agricultural asset that is cropland, “substantially higher” means not more than thirty percent above the average cash rent paid for cropland rented in the same county according to the most recent cash rent survey for cropland published by a unit of Iowa state university of science and technology recognized by the authority.4aThe agreement may be amended after the authority approves an application and makes a tax credit award without changing the eligibility status of the taxpayer, except as provided in paragraph “b”.bThe underlying lease for agricultural land may only be amended without submitting a new application if any of the following apply:1The terms of the amended lease are more favorable to the qualified beginning farmer, including but not limited to the rent payment being reduced.2A party has changed their name.3The owner of an agricultural asset is changed to the owner’s estate or trust upon the eligible taxpayer’s death.cIf an amendment to an agreement changes the total amount that will be paid to the eligible taxpayer under the agreement, the eligible taxpayer shall notify the authority in a manner and form prescribed by the authority within thirty days of the date the amendment is executed by the parties.1If the amendment will reduce the total amount paid to the eligible taxpayer under the agreement, the authority shall recalculate and reduce the eligible taxpayer’s tax credit award under section 16.82A. 2If the amendment will increase the total amount paid to the eligible taxpayer under the agreement, the tax credit award shall not be increased unless the eligible taxpayer submits an amended application to the authority in the manner and form prescribed by the authority and that meets the requirements of section 16.81. If the amended application is approved under section 16.81, the authority may increase the amount of the tax credit award. The increased amount of the tax credit award shall be subject to the aggregate award limitation in section 16.82A for the calendar year in which the increased award is made.3This paragraph “c” does not apply to an amendment to an agreement that requires a new application under paragraph “b” in order to be valid.5An eligible taxpayer or qualified beginning farmer may terminate an agreement as provided in the agreement or by law. The eligible taxpayer must notify the authority of the termination within thirty days of the date of termination in the manner and form prescribed by the authority.2019 Acts, ch 161, §9, 18, 19; 2021 Acts, ch 177, §60 – 62, 67; 2022 Acts, ch 1032, §816.80Agricultural assets transfer tax credit agreement.Repealed by 2019 Acts, ch 161, §15, 18, 19.16.81Beginning farmer tax credit application.1The deadline for submitting an application to the authority to claim a beginning farmer tax credit is August 1 of each year. The application shall be for a period that is not longer than the term of the lease.2aThe authority shall impose, assess, and collect application fees and shall adopt rules as necessary to administer this subsection, including by providing for the rate of those fees.bThe authority may establish different rates based on separate categories of applications or agricultural lease agreements as determined relevant by the authority.cThe authority shall calculate the rates of the application fees to be effective for each successive twelve-month period. The total amount of application fees collected by the authority for that period shall not be more than the authority’s estimate of the total amount of revenues necessary to administer the provisions of this subpart based on the expected revenue to be collected from the application fees and the expected costs to be incurred by the authority in administering the provisions of this subpart during that period. The authority may adjust the rates throughout that period as the authority determines necessary to comply with this paragraph.dThe amount of application fees collected by the authority under this subsection shall be considered appropriated receipts as defined in section 8.2.3The agricultural development board shall review and recommend approval of an application for a tax credit as provided by rules adopted by the authority. The application must include a copy of the agricultural lease agreement. The authority may require that the parties to an agreement provide additional information as determined relevant by the authority.4The authority shall approve all beginning farmer tax credit applications that meet the requirements of this subpart and make tax credit awards on a first-come, first-served basis, subject to the limitations in section 16.82A. An eligible taxpayer may apply and be approved to enter into agreements with different qualified beginning farmers.5After the authority has approved an application and made a tax credit award, all of the following apply:aThe authority shall issue beginning farmer tax credit certificates to an eligible taxpayer on an annual basis as provided in section 16.82A.bAn eligible taxpayer may claim the tax credit each tax year as provided in section 16.82.6Any financial, contractual, or legal authorization records provided to the authority shall be kept confidential and are not subject to chapter 22.2019 Acts, ch 161, §10, 18, 19; 2021 Acts, ch 177, §63, 64, 67; 2024 Acts, ch 1185, §10616.82Beginning farmer tax credit allowance.1A beginning farmer tax credit is authorized under the beginning farmer tax credit program as provided in section 16.78. The beginning farmer tax credit is allowed against the taxes imposed in chapter 422, subchapter II, as provided in section 422.11E, and in chapter 422, subchapter III, as provided in section 422.33, subsection 21, to facilitate the transfer of agricultural assets from an eligible taxpayer to a qualifying beginning farmer participating in the program.2An individual may claim a beginning farmer tax credit under this section of a partnership, limited liability company, S corporation, estate, or trust electing to have income taxed directly to the individual. The amount claimed by the individual shall be based upon the pro rata share of the individual’s earnings from the partnership, limited liability company, S corporation, estate, or trust.3Subject to the limitations described in subsections 5, 6, and 7, the authority shall determine the amount of the tax credit under an agreement using the following methods:aIn the case of an agreement on a fixed basis, in which an eligible taxpayer receives a fixed cash rent payment, the amount of the tax credit equals five percent of the amount of the fixed cash rent payment for each year.bIn the case of an agreement on a commodity share basis, in which an eligible taxpayer receives as a rent payment a percentage of the commodity produced, the amount of the tax credit shall equal fifteen percent of the gross amount that the eligible taxpayer would receive as a rent payment from the sale of the eligible taxpayer’s share of the crop in each harvest year. The amount of the tax credit shall be based on an equation established by rule adopted by the authority which shall use data compiled by the United States department of agriculture, which shall include all of the following factors:1The past ten-year average per bushel yield for the same type of grain as produced under the agreement in the same county where the leased agricultural land is located excluding the years of highest and lowest per bushel yields.2The per bushel state price established for the same type of grain harvested as described in subparagraph (1). Price information shall be averaged from the past five years excluding the years of the highest and lowest per bushel state price.cIn the case of an agreement made on a flexible basis in which an eligible taxpayer receives a rent payment consisting of a fixed cash payment and an amount subject to adjustment according to a risk-sharing arrangement, or receives a rent payment consisting of an amount subject to adjustment according to a risk-sharing arrangement, the amount of the tax credit equals the sum of the following amounts:1To the extent that a portion of the amount of the rent payment is calculated on a fixed basis as described in paragraph “a”, that portion of the tax credit equals five percent of the fixed cash payment in the same manner as provided in paragraph “a”.2To the extent that a portion of the amount of the rent payment is calculated on a commodity share basis as described in paragraph “b”, that portion of the tax credit equals fifteen percent of the amount that the eligible taxpayer would receive from the sale of the eligible taxpayer’s share of the commodity in the same manner as provided in paragraph “b”.3aTo the extent that the amount of the rent payment may be adjusted after taking into account all risk-sharing factors provided in the agreement, that portion of the tax credit equals fifteen percent of the highest adjusted amount that the eligible taxpayer could receive in excess of the amounts calculated in subparagraphs (1) and (2) based on an equation adopted by rule by the authority.bAs used in subparagraph division (a), “risk-sharing factor” means an occurrence or lack of occurrence that may affect the commodity’s production or profitability as provided in the agreement, and which may include but is not limited to production costs, per acre crop yield, gross revenue, or market price.cThe authority shall adopt rules establishing criteria for commonly used risk-sharing factors and adjustment limits.4The authority shall provide the department with data, in the format prescribed by the department, of eligible taxpayers and persons who have been decertified due to lease termination or other cause of ineligibility by January 31 of each year. The data shall include the amount of the tax credit issued for the most recent year and all expected future tax credits under an agreement for each eligible taxpayer and the type of agreement.5The amount of tax credits that may be awarded to an eligible taxpayer for any one year under an agreement shall not exceed fifty thousand dollars.6The amount of the tax credit shall be reduced by the percent ownership interest of the qualifying beginning farmer in the agricultural asset.7A tax credit in excess of the eligible taxpayer’s tax liability for the tax year is not refundable but may be credited to the tax liability for the following ten tax years or until depleted, whichever is earlier. A tax credit shall not be carried back to a tax year prior to the tax year in which the eligible taxpayer redeems the tax credit.8aTo claim a tax credit under this section, an eligible taxpayer shall include one or more tax credit certificates with the eligible taxpayer’s tax return pursuant to rules adopted by the department. bA tax credit shall not be transferable to any other person other than the eligible taxpayer’s estate or trust upon the eligible taxpayer’s death pursuant to rules adopted by the department.9If an agreement is terminated by the eligible taxpayer, all of the following shall apply:aAny tax credit properly claimed by the eligible taxpayer prior to the date of termination or for the year during which the termination occurred shall be allowed except as provided in paragraph “b”, but no additional tax credits may be issued or claimed under the program for that agreement. The eligible taxpayer may apply for and be awarded another beginning farmer tax credit under a new agreement for the same agricultural assets as provided in this section.bIf the authority determines that the eligible taxpayer is at fault for the termination, any beginning farmer tax credit that is claimed by the eligible taxpayer for the year during which the termination occurred shall be disallowed and the amount shall be considered a tax payment due. If an eligible taxpayer does not notify the authority of the termination within thirty days of the date of the termination in the manner and form prescribed by the authority, the eligible taxpayer shall be conclusively deemed at fault for the termination.2019 Acts, ch 161, §11, 18, 19; 2020 Acts, ch 1062, §94; 2021 Acts, ch 177, §65, 6716.82ABeginning farmer tax credit awards amount and availability.1aUpon approval of an application as provided in section 16.81, the authority shall make a tax credit award to the eligible taxpayer. The tax credit award shall equal the sum of the tax credits calculated by the authority under section 16.82 for all eligible years under the approved agreement. bThe authority shall notify the eligible taxpayer of the tax credit award under the program. The notification shall include the total tax credit award, the amount of the tax credit award that will be issued by way of a tax credit certificate in each future year under the approved agreement, and a statement that the eligible taxpayer has no right to receive tax credit certificates and claim tax credits under the program if all requirements of the agreement and the program are not satisfied.cIf, after a tax credit award is made, the eligible taxpayer or qualified beginning farmer no longer meets the requirements of the agreement or the program, the authority may revoke the tax credit award and may rescind any tax credit certificate that has been issued. 2The amount of beginning farmer tax credits that may be awarded by the authority in any one calendar year under the beginning farmer tax credit program shall not in the aggregate exceed a limit of twelve million dollars. Tax credits shall be awarded by the authority not later than December 15 of each calendar year after the agricultural development board reviews applications as provided in section 16.81 and the authority determines tax credit amounts for the approved applications as provided in section 16.82, aggregated for purposes of meeting the annual program award limits.3aThe authority shall issue tax credit certificates on an annual basis to eligible taxpayers who have received a tax credit award. The tax credit certificate shall contain the information required by the department.bThe aggregate amount of tax credit certificates issued to an eligible taxpayer shall not exceed the eligible taxpayer’s tax credit award.cA tax credit certificate, unless rescinded by the authority, shall be accepted by the department as payment for taxes pursuant to chapter 422, subchapters II and III, subject to any conditions or restrictions placed by the authority upon the face of the tax credit certificate and subject to the limitations of the program.2019 Acts, ch 161, §12, 18, 19; 2020 Acts, ch 1062, §13, 94CAGRICULTURAL PRODUCER PROGRAMS16.83Additional loan program.1The authority may enter into a loan agreement with a beginning farmer to finance in whole or in part the acquisition by construction or purchase of agricultural land, agricultural improvements, or depreciable agricultural property. The repayment obligation of the beginning farmer may be unsecured, or may be secured by a mortgage or security agreement or by other security as the authority deems advisable, and may be evidenced by one or more notes of the beginning farmer. The loan agreement may contain terms and conditions as the authority deems advisable.2The authority may issue its bonds and notes for the purposes set forth in subsection 1 and may enter into a lending agreement or purchase agreement with one or more bondholders or noteholders containing the terms and conditions of the repayment of and the security for the bonds or notes. Bonds and notes must be authorized by a resolution of the authority. The authority and the bondholders or noteholders may enter into an agreement to provide for any of the following:aThat the proceeds of the bonds and notes, and the investments on the proceeds, may be received, held, and disbursed by the bondholders or noteholders, or by a trustee or agent designated by the authority.bThat the bondholders or noteholders or a trustee or agent designated by the authority may collect, invest, and apply the amounts payable under the loan agreement or any other security instrument securing the debt obligation of the beginning farmer.cThat the bondholders or noteholders may enforce the remedies provided in the loan agreement or security instrument on their own behalf without the appointment or designation of a trustee and if there is a default in the principal of or interest on the bonds or notes or in the performance of any agreement contained therein, the payment or performance may be enforced in accordance with the provisions contained therein.dThat if there is a default in the payment of the principal or interest on a mortgage or security instrument or a violation of an agreement contained in the mortgage or security instrument, the mortgage or security instrument may be foreclosed or enforced and any collateral sold under proceedings or actions permitted by law and a trustee under the mortgage or security agreement or the holder of any bonds or notes secured thereby may become a purchaser if the trustee or holder is the highest bidder.eOther terms and conditions.3The authority may provide in the resolution authorizing the issuance of the bonds or notes that the principal and interest shall be limited obligations payable solely out of the revenues derived from the debt obligation, collateral, or other security furnished by or on behalf of the beginning farmer, and that the principal and interest does not constitute an indebtedness of the authority or a charge against its general credit or general fund.4The powers granted the authority under this section are in addition to other powers granted to the authority to administer this subchapter as provided in this chapter. All other provisions of this chapter, except section 16.28, subsection 4, apply to bonds or notes issued pursuant to and powers granted to the authority under this section except to the extent that they are inconsistent with this section.2014 Acts, ch 1080, §63, 7816.84Financial assistance for agricultural producers.1In addition to the other programs authorized pursuant to this subchapter, the authority is authorized to provide any type of economic assistance directly or indirectly to agricultural producers, and may develop and implement programs including but not limited to the making of loan guaranties, interest buy-downs, grants, secured or unsecured direct loans, secondary market purchases of loans or mortgages, loans to lending institutions or other agricultural lenders as designated by rule of the authority, or entities that provide funds or credits to such lenders or institutions, to assist agricultural producers within the state. The authority may exercise any of the powers granted to the authority in this chapter in order to fulfill the goal of providing financial assistance to agricultural producers. The authority may participate in and cooperate with programs of any agency or instrumentality of the federal government or with programs of any other state agency in the administration of the programs to provide economic assistance to agricultural producers.2The authority shall provide in any program developed and implemented pursuant to this section that assistance shall be provided only if the following criteria are satisfied:aThe agricultural producer is a resident of the state.bThe agricultural producer’s land and farm operations are located within the state.cBased upon the agricultural producer’s net worth, cash flow, debt-to-asset ratio, and other criteria as prescribed by rule of the authority, the authority determines that without such assistance the agricultural producer could not reasonably be expected to be able to obtain, retain, restructure, or service loans or other financing for operating expenses, cash flow requirements, or capital acquisition and maintenance upon a reasonable and affordable basis.dOther criteria as the authority prescribes by rule.3The authority is granted all powers which are necessary or useful to develop and implement programs and authorizations pursuant to subsection 1. These powers include but are not limited to:aAll general and specific powers stated in subchapter IV and this subchapter.bThe power to make or enter into or to require the making or entry into of agreements of any type, with or by any person, that are necessary to effect the purposes of this section. These agreements may include but are not limited to contracts, notes, bonds, guaranties, mortgages, loan agreements, trust indentures, reimbursement agreements, letters of credit or other liquidity or credit enhancement agreements, reserve agreements, loan or mortgage purchase agreements, buy-down agreements, grants, collateral or security agreements, insurance contracts, or other similar documents. The agreements may contain any terms and conditions which the authority determines are reasonably necessary or useful to implement the purposes of this section or which are usually included in agreements or documents between private or public persons in similar transactions.cThe power to require submission of evidence satisfactory to the authority of the receipt by an agricultural producer of the assistance intended under a program developed and implemented pursuant to this section. In that connection, the authority, through its members, employees, or agents, may inspect the books and records of any person receiving or involved in the provision of assistance in accordance with this section.dThe power to establish by rule appropriate enforcement provisions in order to assure compliance with this section and rules adopted pursuant to this section, to seek the enforcement of such rules and the terms of any agreement or document by decree of any court of competent jurisdiction, and to require as a condition of providing assistance pursuant to this section the consent of any person receiving or involved in the provision of the assistance to the jurisdiction of the courts of this state over any enforcement proceeding.eThe power to require, as a condition of the provision of assistance pursuant to this section, any representations and warranties on the part of any person receiving or involved in providing such assistance that the authority determines are reasonably necessary or useful to carry out the purposes of this section. A person receiving or involved in providing assistance pursuant to this section is liable to the authority for damages suffered by the authority by reason of a misrepresentation or the breach of a warranty.4All persons, public and private, are authorized to cooperate with the authority and to participate in the programs developed and implemented pursuant to this section and in accordance with the rules of the authority.5The powers granted the authority under this section are in addition to other powers contained in this chapter. All other provisions of this chapter, except section 16.28, subsection 4, apply to bonds or notes issued pursuant to powers granted to the authority under this section, to reserve funds, to appropriations, and to the remedies of bondholders and noteholders except to the extent that they are inconsistent with this section.2014 Acts, ch 1080, §64, 7816.85Reserved.16.86Reserved.16.87Reserved.16.88Reserved.16.89Reserved.IXTITLE GUARANTY1GENERAL16.90Definition.As used in this subchapter, unless the context otherwise requires, “title guaranty” means a guaranty against loss or damage caused by a defective title to real property.2014 Acts, ch 1080, §65, 782PROGRAM16.91Iowa title guaranty program.1The authority, through the Iowa title guaranty division, shall initiate and operate a program in which the division shall offer guaranties of real property titles in this state. The terms, conditions, and form of the guaranty contract shall be forms approved by the board. The division shall fix a charge for the guaranty in an amount sufficient to permit the program to operate on a self-sustaining basis, including payment of administrative costs and the maintenance of an adequate reserve against claims under the Iowa title guaranty program. A title guaranty fund is created in the office of the treasurer of state. Funds collected under this program shall be placed in the title guaranty fund and are available to pay all claims, necessary reserves and all administrative costs of the Iowa title guaranty program. Moneys in the fund shall not revert to the general fund and interest on the moneys in the fund shall be deposited in the housing trust fund created in section 16.181 and shall not accrue to the general fund. If the board determines that there are surplus funds in the title guaranty fund after providing for adequate reserves and operating expenses of the division, the surplus funds shall be transferred to the housing assistance fund created pursuant to section 16.40.2A title guaranty, closing protection letter, or gap coverage issued under this program is an obligation of the division only and claims are payable solely and only out of the moneys, assets, and revenues of the title guaranty fund and are not an indebtedness or liability of the state. The state is not liable on any guaranty, closing protection letter, or gap coverage.3With the approval of the board, the division shall consult with the insurance division of the department of insurance and financial services in developing a guaranty contract acceptable to the secondary market and developing any other feature of the program with which the insurance division may have special expertise. Except as provided in this subsection, the Iowa title guaranty program is not subject to the jurisdiction of or regulation by the insurance division or the commissioner of insurance.4Each participating attorney and abstractor may be required to pay an annual participation fee to be eligible to participate in the Iowa title guaranty program. The fee, if any, shall be set by the division, subject to the approval of the authority.5The participation of abstractors and attorneys shall be in accordance with rules established by the division and adopted by the authority pursuant to chapter 17A.a1Each participant shall at all times maintain liability coverage in amounts approved by the division. Upon payment of a claim by the division, the division shall be subrogated to the rights of the claimant against all persons relating to the claim.2Additionally, each participating abstractor is required to own or lease, and maintain and use in the preparation of abstracts, an up-to-date abstract title plant including tract indices for real estate for each county in which abstracts are prepared for real property titles guaranteed by the division. The tract indices shall contain a reference to all instruments affecting the real estate which are recorded in the office of the county recorder, and shall commence not less than forty years prior to the date the abstractor commences participation in the Iowa title guaranty program. However, a participating attorney providing abstract services continuously from November 12, 1986, to the date of application, either personally or through persons under the attorney’s supervision and control is exempt from the requirements of this subparagraph.bThe division may waive the requirements of this subsection pursuant to an application of an attorney or abstractor which shows that the requirements impose a hardship to the attorney or abstractor and that the waiver clearly is in the public interest or is absolutely necessary to ensure availability of title guaranties throughout the state.6Prior to the issuance of a title guaranty, the division shall require evidence that an abstract of title to the property in question has been brought up-to-date and certified by a participating abstractor in a form acceptable to the division, and a title opinion issued by a participating attorney in a form acceptable to the division stating the attorney’s opinion as to the title. The division shall require evidence of the abstract being brought up-to-date and the abstractor shall retain evidence of the abstract as determined by the division.7The attorney rendering a title opinion shall be authorized to issue a title guaranty certificate subject to the rules of the authority.8The authority shall adopt rules pursuant to chapter 17A that are necessary for the implementation of the Iowa title guaranty program as established by the division and that have been approved by the authority.85 Acts, ch 252, §30CS85, §220.9187 Acts, ch 75, §1; 88 Acts, ch 1145, §2 – 5; 92 Acts, ch 1090, §1C93, §16.9197 Acts, ch 214, §6; 2000 Acts, ch 1166, §1; 2007 Acts, ch 54, §27; 2008 Acts, ch 1032, §132; 2008 Acts, ch 1097, §2; 2014 Acts, ch 1012, §3 – 5; 2014 Acts, ch 1080, §66, 78; 2016 Acts, ch 1122, §1; 2023 Acts, ch 19, §2713; 2025 Acts, ch 147, §2516.92Real estate transfer mortgage release certificate.1Definitions.As used in this section, unless the context otherwise requires:a“Applicant” means a person authorized to regularly lend moneys to be secured by a mortgage on real property in this state, a licensed real estate broker, a licensed attorney, a participating abstractor, or a licensed closing agent. b“Closing agent” means a closing agent subject to the licensing requirements of chapter 535B. c“Division” means the Iowa title guaranty division in the authority, the director of the division, or a designee of the director.d“Mortgage” means a mortgage or mortgage lien on an interest in real property in this state given to secure a loan in an original principal amount equal to or less than the maximum principal amount as determined by the division and adopted by the authority pursuant to rules promulgated under chapter 17A.e“Mortgage servicer” means the mortgagee or a person other than the mortgagee to whom a mortgagor or the mortgagor’s successor in interest is instructed by the mortgagee to send payments on a loan secured by the mortgage. A person transmitting a payoff statement for a mortgage is a mortgage servicer for purposes of such mortgage and this chapter.f“Mortgagee” means the grantee of a mortgage. If a mortgage has been assigned of record, the mortgagee is the last person to whom the mortgage is assigned of record.g“Mortgagor” means the grantor of a mortgage.h“Participating abstractor” means an abstractor participating in the Iowa title guaranty program.i“Payoff statement” means a written statement furnished by the mortgage servicer which sets forth all of the following:1The unpaid balance of the loan secured by a mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage, or the amount required to be paid in order to release or partially release the mortgage.2The address where payment is to be sent or other specific instructions for making a payment.3The legal description, street address, or other description sufficient to identify the property that will be released from the mortgage.2Application.The division may execute and record a certificate of release on behalf of the division in the real property records of each county in which a mortgage is recorded as provided in this section if all of the following are satisfied:aThe applicant submits all of the following in writing to the division:1A payoff statement or other documentation of the amount due, acceptable to the division, as evidence that the mortgage does not continue to secure an unpaid obligation due the mortgagee or an unfunded commitment by the mortgagor to the mortgagee.2Evidence that payment was made, including, if available, a statement as to the date the payment was received by the mortgagee or mortgage servicer, with supporting documentation, as evidenced by one or more of the following:aA bank check, certified check, escrow account check, real estate broker trust account check, attorney trust account check, or wire receipt, that was negotiated by the mortgagee or mortgage servicer.bOther documentary evidence, acceptable to the division, of payment to the mortgagee or mortgage servicer.bThe applicant confirms in writing to the division all of the following:1More than thirty days have elapsed since the date the payment was sent.2An effective satisfaction or release of the mortgage has not been executed and recorded within thirty days after the date of payment. 3Notice.aPrior to the execution and filing of a certificate of release pursuant to this section, the division shall notify the mortgage servicer in writing of all of the following: 1The mortgage has not been released. 2The division’s intention to execute and record a certificate of release pursuant to this section after expiration of the thirty-day period following the sending of the notice.bThe notice shall include instructions to notify the division in writing within thirty days of the effective date of the notice of any reason why the certificate of release should not be executed and recorded.cFor purposes of this section, notice may be served by any of the following methods:1By certified mail or any commercial delivery service, properly addressed with postage or cost of delivery provided for.2By facsimile transmission or electronic mail to an address provided by the mortgage servicer, but only if the mortgage servicer agrees to receive notice in that manner.3By publication in a newspaper of general circulation published in each county where the mortgage is recorded once each week for three consecutive weeks after receiving an affidavit by the applicant that service in accordance with the provisions of subparagraph (1) or (2) cannot be made on the mortgage servicer.4By otherwise causing the notice to be received by the mortgage servicer within the time it would have been received if notice had been served by certified mail or commercial delivery service.dFor purposes of this section, notice is effective under any of the following circumstances:1The day after the notice is deposited with a commercial delivery service for overnight delivery.2Three days after the notice is deposited with the United States postal service, or with a commercial delivery service for delivery other than by overnight delivery.3The day the notice is transmitted, if served pursuant to paragraph “c”, subparagraph (2).4On the last day of publication, if published pursuant to paragraph “c”, subparagraph (3).5The day the notice is received, if served by a method other than as provided in paragraph “c”, subparagraph (1), (2), or (3).eIf, prior to executing and recording the certificate of release, the division receives a written notification setting forth a reason that is satisfactory to the division as to why the certificate of release should not be executed, the division shall not execute and record the certificate of release.4Contents.A certificate of release executed under this section must contain substantially the information set forth as follows:aThe name of the mortgagor.bThe name of the original mortgagee.cThe date of the mortgage.dThe date of recording, including the volume and page or other applicable recording information in the real property records of each county where the mortgage is recorded.eA statement that the release was prepared in accordance with this section. 5Execution.A certificate of release under this section shall be executed and acknowledged in the same manner as required by law for the execution of a deed.6Recording.The certificate of release or partial release shall be recorded in each county where the mortgage is recorded.7Effect.aFor purposes of a release or partial release of a mortgage, a certificate of release executed under this section that contains the information and statements required under subsection 4 is prima facie evidence of the facts contained in such release or partial release, is entitled to be recorded with the county recorder where the mortgage is recorded, operates as a release or partial release of the mortgage described in the certificate of release, and may be relied upon by any person who owns or subsequently acquires an interest in the property released from the mortgage. The county recorder shall rely upon the certificate of release to release the mortgage.bRecording of a wrongful or erroneous certificate of release by the division shall not relieve the mortgagor, or the mortgagor’s successors or assigns on the debt, from personal liability on the loan or on other obligations secured by the mortgage.cIn addition to any other remedy provided by law, if the division through an act of negligence wrongfully or erroneously records a certificate of release under this section, the division is liable to the mortgagee and mortgage servicer for actual damages sustained due to the recording of the certificate of release.dUpon payment of a claim relating to the recording of a certificate of release, the division is subrogated to the rights of the claimant against all persons relating to the claim. 8Fee.The division may charge a fee for services under this section.99 Acts, ch 54, §1; 2000 Acts, ch 1166, §2 – 5; 2001 Acts, ch 24, §15; 2005 Acts, ch 26, §1, 2; 2007 Acts, ch 52, §1 – 4; 2008 Acts, ch 1191, §32; 2013 Acts, ch 85, §1, 2; 2014 Acts, ch 1012, §6; 2014 Acts, ch 1080, §67, 78; 2015 Acts, ch 30, §26; 2016 Acts, ch 1011, §3; 2025 Acts, ch 147, §26, 2716.93Closing protection letters.1The authority, through the Iowa title guaranty division, may issue a closing protection letter to a person to whom a proposed title guaranty is to be issued, upon the request of the person, if the division issues a commitment for title guaranty or title guaranty certificate. The closing protection letter shall conform to the terms of coverage and form of the instrument as approved by the board and may indemnify a person to whom a proposed title guaranty is to be issued against loss of settlement funds due to only the following acts of the division’s named participating attorney, participating abstractor, or closer:aTheft of settlement funds.bFailure by the participating attorney, participating abstractor, or closer to comply with written closing instructions of the person to whom a proposed title guaranty is to be issued relating to title certificate coverage when agreed to by the participating attorney, participating abstractor, or closer.2A closing protection letter shall only be issued to a person to whom a proposed title guaranty is to be issued for real property transactions in which the division has committed to issue an owner or lender certificate and for which the division receives a premium and other payments or fees for a title guaranty certificate or other coverage.3The division shall establish the amount of coverage to be provided and may distinguish between classes of property including but not limited to residential, agricultural, or commercial, provided that the total amount of coverage provided by the closing protection letter shall not exceed the amount of the commitment or title guaranty to be issued. Liability under the closing protection letter shall be coextensive with liability under the certificate to be issued in connection with a transaction such that payments under the terms of the closing protection letter shall reduce by the same amount the liability under the title guaranty certificate and payment under the title guaranty certificate shall reduce the liability under the terms of the closing protection letter.4The division may adopt a required fee for providing closing protection letter coverage.5The division shall not provide any other coverage which purports to indemnify against improper acts or omissions of a person with regard to escrow, settlement, or closing services.6The authority shall adopt rules pursuant to chapter 17A as necessary to administer this section.2000 Acts, ch 1166, §6; 2008 Acts, ch 1055, §1, 2; 2014 Acts, ch 1080, §68, 78; 2025 Acts, ch 147, §28, 2916.94Reserved.16.95Reserved.16.96Reserved.16.97Reserved.16.98Reserved.16.99Reserved.16.100Housing improvement fund program.Repealed by 2014 Acts, ch 1080, §111, 114.16.100ACouncil on homelessness.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.2D.XSPECIAL FINANCING PROGRAMS1ECONOMIC DEVELOPMENT PROGRAMS16.101Legislative findings.Repealed by 2007 Acts, ch 54, §45. 16.102Establishment of economic development program bonds and notes projects.The authority may assist the development and expansion of family farming, housing, and business in the state through the establishment of the economic development program. The authority may issue its bonds or notes, or series of bonds or notes for the purpose of defraying the cost of one or more projects and make secured and unsecured loans for the acquisition and construction of projects on terms the authority determines.86 Acts, ch 1212, §3C87, §220.102C93, §16.1022007 Acts, ch 54, §28, 29; 2009 Acts, ch 43, §5; 2014 Acts, ch 1080, §69, 7816.103Iowa economic development program — specific powers.In carrying out the economic development program, the authority may do any of the following:1Make secured and unsecured loans for both the acquisition and the construction of projects on terms the authority determines. A loan may be made to any person or entity including but not limited to a city or county for a project approved by the authority. The authority may take any action which is reasonable and lawful to protect its security and to avoid losses from its loans.2Acquire, hold, and mortgage personal property and real estate and interests in real estate to be used as a project.3Purchase, construct, improve, furnish, equip, lease, option, sell, exchange, or otherwise dispose of one or more projects under the terms the authority determines. However, in the lease, sale, or loan agreement relating to a project, the authority shall provide for adequate maintenance of the project.4Grant a mortgage, lien, pledge, assignment, or other encumbrance on one or more projects, revenues, or reserve or other funds established in connection with obligations, or with respect to a lease, sale, or loan relating to one or more projects, or a guaranty or insurance agreement relating to one or more projects, or a secured or unsecured interest of the authority in one or more projects or parts of one or more projects.5Provide that the interest on obligations may vary in accordance with a base or formula authorized by the authority.6Contract for the acquisition, construction, or both of one or more projects or parts of one or more projects and for the leasing, subleasing, sale, or other disposition of one or more projects in a manner determined by the authority.86 Acts, ch 1212, §4C87, §220.103C93, §16.1032013 Acts, ch 100, §5, 17; 2014 Acts, ch 1080, §70, 7816.104Loan agreements.1The authority may enter into loan agreements with one or more borrowers to finance in whole or in part the acquisition of one or more projects by construction or purchase. The repayment obligation of the borrower or borrowers may be unsecured, secured by a mortgage or security agreement, or secured by other security as the authority deems advisable. The repayment obligation may be evidenced by one or more notes of the borrower or borrowers. The loan agreements may contain terms and conditions the authority deems advisable.2The authority may issue its bonds and notes for the projects set forth in section 16.102 and may enter into one or more lending agreements or purchase agreements with one or more bondholders or noteholders containing the terms and conditions of the repayment of and the security for the bonds or notes. The authority and the bondholders or noteholders or a trustee or agent designated by the authority may enter into agreements to provide for any of the following:aThat the proceeds of the bonds and notes and the investments of the proceeds may be received, held, and disbursed by the bondholders or noteholders, or by a trustee or agent designated by the authority.bThat the bondholders or noteholders or a trustee or agent designated by the authority may collect, invest, and apply the amounts payable under the loan agreements or any other security instruments securing the debt obligations of the borrower or borrowers.cThat the bondholders or noteholders may enforce the remedies provided in the loan agreements or security instruments on their own behalf without the appointment or designation of a trustee. If there is a default in the principal of or interest on the bonds or notes or in the performance of any agreement contained in the loan agreements or security instruments, the payment or performance may be enforced in accordance with the loan agreement or security instrument.dThat if there is a default in the payment of the principal or interest on a mortgage or security instrument or if there is a violation of an agreement contained in the mortgage or security instrument, the mortgage or security instrument may be foreclosed or enforced. Collateral may be sold under proceedings or actions permitted by law. A trustee under the mortgage or security agreement or the holder of any bonds or notes secured by the mortgage or security agreement may become a purchaser if the trustee or holder is the highest bidder.eOther terms and conditions as deemed necessary or appropriate by the authority.86 Acts, ch 1212, §5C87, §220.10487 Acts, ch 115, §33C93, §16.10416.105Security for bonds — reserve funds — validity of pledge — nonliability.1The authority may provide in the resolution authorizing the issuance of its bonds or notes for the economic development program that the principal of, premium, if any, and interest on the bonds or notes are payable exclusively from any of the following:aThe income and receipts or other money derived from the projects financed with the proceeds of the bonds or notes.bThe income and receipts or other money derived from designated projects whether or not the projects are financed in whole or in part with the proceeds of the bonds or notes.cThe authority’s income and receipts of other assets generally, or a designated part or parts of them.2aFor the purpose of securing one or more issues of its bonds or notes, the authority may establish one or more special funds, called “capital reserve funds”. The authority may pay into the capital reserve funds the proceeds of the sale of its bonds or notes and other money which may be made available to the authority from other sources for the purposes of the capital reserve funds. Except as provided in this section, money in a capital reserve fund shall be used only as required for any of the following:1The payment of the principal of and interest on bonds or notes or of the sinking fund payments with respect to those bonds or notes.2The purchase or redemption of the bonds or notes.3The payment of a redemption premium required to be paid when the bonds or notes are redeemed before maturity.bHowever, money in a capital reserve fund shall not be withdrawn if the withdrawal would reduce the amount in the capital reserve fund to less than the capital reserve fund requirement, except for the purpose of making payment, when due, of principal, interest, redemption premiums on the bonds or notes, and making sinking fund payments when other money pledged to the payment of the bonds or notes is not available for the payments. Income or interest earned by, or increment to, a capital reserve fund from the investment of all or part of the fund may be transferred by the authority to other funds or accounts of the authority if the transfer does not reduce the amount of the capital reserve fund below the capital reserve fund requirement.3If the authority decides to issue bonds or notes secured by a capital reserve fund, the bonds or notes shall not be issued if the amount in the capital reserve fund is less than the capital reserve fund requirement, unless at the time of issuance of the bonds or notes the authority deposits in the capital reserve fund from the proceeds of the bonds or notes to be issued or from other sources, an amount which, together with the amount then in the fund, is not less than the capital reserve fund requirement.4In computing the amount of a capital reserve fund for the purpose of this section, securities in which all or a portion of the fund is invested shall be valued by a reasonable method established by the authority by resolution. Valuation shall include the amount of interest earned or accrued as of the date of valuation.5In this section, “capital reserve fund requirement” means the amount required to be on deposit in the capital reserve fund as of the date of computation as determined by resolution of the authority.6To assure maintenance of the capital reserve funds, the chairperson of the authority shall, on or before July 1 of each calendar year, make and deliver to the governor the chairperson’s certificate stating the sum, if any, required to restore each capital reserve fund to the capital reserve fund requirement for that fund. Within thirty days after the beginning of the session of the general assembly next following the delivery of the certificate, the governor may submit to both houses printed copies of a budget including the sum, if any, required to restore each capital reserve fund to the capital reserve fund requirement for that fund. Any sums appropriated by the general assembly and paid to the authority pursuant to this section shall be deposited by the authority in the applicable capital reserve fund.7All amounts paid to the authority by the state pursuant to this section shall be considered advances by the state to the authority and, subject to the rights of the holders of any bonds or notes of the authority that have previously been issued or will be issued, shall be repaid to the state without interest from all available operating revenues of the authority in excess of amounts required for the payment of bonds, notes, or obligations of the authority, the capital reserve fund, and operating expenses.8If any amount deposited in a capital reserve fund is withdrawn for payment of principal, premium, or interest on the bonds or notes or sinking fund payments with respect to bonds or notes thus reducing the amount of that fund to less than the capital reserve fund requirement, the authority shall immediately notify the general assembly of this event and shall take steps to restore the capital reserve fund to the capital reserve fund requirement for that fund from any amounts designated as being available for such purpose.9The authority may establish reserve funds, other than capital reserve funds, to secure one or more issues of its bonds or notes. The authority may deposit in a reserve fund established under this subsection the proceeds of the sale of its bonds or notes and other money which is made available from any other source. The authority may allow a reserve fund established under this subsection to be depleted without complying with subsection 6 or subsection 8.10It is the intention of the general assembly that a pledge made in respect of bonds or notes shall be valid and binding from the time the pledge is made, that the money or property so pledged and received after the pledge by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act, and that the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority whether or not the parties have notice of the lien. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created needs to be recorded or filed under the Iowa uniform commercial code, chapter 554, to be valid, binding, or effective against the parties.11Neither the members of the authority nor a person executing the bonds or notes are liable personally on the bonds or notes or are subject to personal liability or accountability by reason of the issuance of the bonds or notes.12The bonds or notes issued by the authority are not an indebtedness or other liability of the state or of a political subdivision of the state, except the authority, and are payable solely from the income and receipts or other funds or property of the authority which are designated in the resolution of the authority authorizing the issuance of the bonds or notes as being available as security for bonds or notes. The authority shall not pledge the faith or credit of the state or of a political subdivision of the state, except the authority, to the payment of a bond or note. The issuance of a bond or note by the authority does not directly, indirectly, or contingently obligate the state or a political subdivision of the state to apply money from, or levy or pledge any form of taxation whatever to the payment of the bond or note.86 Acts, ch 1212, §6C87, §220.105C93, §16.1052005 Acts, ch 3, §13; 2008 Acts, ch 1032, §201; 2014 Acts, ch 1080, §71, 72, 7816.106Adoption of rules.Repealed by 2014 Acts, ch 1080, §111, 114.16.107Infrastructure loan program.Repealed by 2001 Acts, ch 61, §19. 16.108Reserved.16.109Reserved.16.110Reserved.16.111Reserved.16.112Reserved.16.113Reserved.16.114Reserved.16.115Reserved.16.116Reserved.16.117Reserved.16.118Reserved.16.119Reserved.16.120Reserved.16.121Repealed by 2007 Acts, ch 54, §45. 16.122Repealed by 2007 Acts, ch 54, §45. 16.123Repealed by 2007 Acts, ch 54, §45. 16.124Repealed by 2007 Acts, ch 54, §45. 16.125Repealed by 2007 Acts, ch 54, §45. 16.126Reserved.16.127Reserved.16.128Reserved.16.129Reserved.16.130Reserved.2WATER POLLUTION CONTROL WORKS, DRINKING WATER, AND WASTEWATER PROGRAMS16.131Water pollution control works and drinking water facilities financing program — funding — bonds and notes.1The authority shall cooperate with the department of natural resources in the creation, administration, and financing of the water pollution control works and drinking water facilities financing program established in sections 455B.291 through 455B.299.2The authority may issue its bonds and notes for the purpose of funding the funds created under section 16.133A and the state matching funds required pursuant to the Clean Water Act and the Safe Drinking Water Act.3The authority may issue its bonds and notes for the purposes established and may enter into one or more loan agreements or purchase agreements with one or more bondholders or noteholders containing the terms and conditions of the repayment of and the security for the bonds or notes. The authority and the bondholders or noteholders or a trustee agent designated by the authority may enter into agreements to provide for any of the following:aThat the proceeds of the bonds and notes and the investments of the proceeds may be received, held, and disbursed by the authority or by a trustee or agent designated by the authority.bThat the bondholders or noteholders or a trustee or agent designated by the authority may collect, invest, and apply the amount payable under the loan agreements or any other instruments securing the debt obligations under the loan agreements.cThat the bondholders or noteholders may enforce the remedies provided in the loan agreements or other instruments on their own behalf without the appointment or designation of a trustee. If there is a default in the principal of or interest on the bonds or notes or in the performance of any agreement contained in the loan agreements or other instruments, the payment or performance may be enforced in accordance with the loan agreement or other instrument.dOther terms and conditions as deemed necessary or appropriate by the authority.4The powers granted the authority under this section are in addition to other powers contained in this chapter. All other provisions of this chapter, except section 16.28, subsection 4, apply to bonds or notes issued and powers granted to the authority under this section except to the extent they are inconsistent with this section.5All bonds or notes issued by the authority in connection with the program are exempt from taxation by this state and the interest on the bonds or notes is exempt from state income tax.6The authority shall determine the interest rate and repayment terms for loans made under the program, in cooperation with the department, and the authority shall enter into loan agreements with eligible entities in compliance with and subject to the terms and conditions of the Clean Water Act, the Safe Drinking Water Act, and any other applicable federal law.7The authority shall process, review, and approve or deny loan applications pursuant to eligibility requirements established by rule of the authority and in accordance with the intended use plan applications approved by the department.8The authority may charge loan recipients fees and assess costs against such recipients necessary for the continued operation of the program. Fees and costs collected pursuant to this subsection shall be deposited in the appropriate fund or funds described in section 16.133A.9Notwithstanding any provision of this chapter to the contrary, moneys received under the federal American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5, and deposited in the revolving loan funds may be used in any manner permitted or required by applicable federal law.88 Acts, ch 1217, §20C89, §220.131C93, §16.13197 Acts, ch 4, §1; 2002 Acts, 2nd Ex, ch 1003, §234, 262; 2009 Acts, ch 30, §1 – 4; 2009 Acts, ch 100, §3, 21; 2014 Acts, ch 1080, §73, 7816.131ADefinitions.As used in section 16.131, this section, and sections 16.132 through 16.135, unless the context otherwise requires:1“Clean Water Act” means the federal Water Pollution Control Act of 1972, Pub. L. No. 92-500, as amended by the Water Quality Act of 1987, Pub. L. No. 100-4, as published in 33 U.S.C. §1251 – 1376, as amended.2“Commission” means the environmental protection commission created under section 455A.6.3“Cost” means all costs, charges, expenses, or other indebtedness incurred by a loan recipient and determined by the department as reasonable and necessary for carrying out all works and undertakings necessary or incidental to the accomplishment of any project.4“Department” means the department of natural resources created in section 455A.2.5“Eligible entity” means a person eligible under the provisions of the Clean Water Act, the Safe Drinking Water Act, and the commission rules to receive loans for projects from any of the revolving loan funds.6“Loan recipient” means an eligible entity that has received a loan under the program.7“Municipality” means a city, county, sanitary district, state agency, or other governmental body or corporation empowered to provide sewage collection and treatment services or drinking water, or any combination of two or more of the governmental bodies or corporations acting jointly, in connection with a project.8“Program” means the water pollution control works and drinking water facilities financing program created pursuant to section 455B.294.9“Project” means one of the following:aIn the context of water pollution control facilities, the acquisition, construction, reconstruction, extension, equipping, improvement, or rehabilitation of any works and facilities useful for the collection, treatment, and disposal of sewage and industrial waste in a sanitary manner including treatment works as defined in section 212 of the Clean Water Act, or the implementation and development of management programs established under sections 319 and 320 of the Clean Water Act, including construction and undertaking of nonpoint source water pollution control projects and related development activities authorized under those sections.bIn the context of drinking water facilities, the acquisition, construction, reconstruction, extending, remodeling, improving, repairing, or equipping of waterworks, water mains, extensions, or treatment facilities useful for providing potable water to residents served by a water system, including the acquisition of real property needed for any of the foregoing purposes, and such other purposes and programs as may be authorized under the Safe Drinking Water Act.10“Revolving loan funds” means the funds of the program established under sections 16.133A and 455B.295.11“Safe Drinking Water Act” means Tit. XIV of the federal Public Health Service Act, commonly known as the “Safe Drinking Water Act”, 42 U.S.C. §300f et seq., as amended by the Safe Drinking Water Amendments of 1996, Pub. L. No. 104-182, as amended.12“Water system” means any community water system or nonprofit noncommunity water system, each as defined in the Safe Drinking Water Act, that is eligible under the rules of the department to receive a loan under the program for the purposes of undertaking a project.2009 Acts, ch 30, §5; 2011 Acts, ch 34, §7; 2014 Acts, ch 1080, §74, 7816.132Security — reserve funds — pledges — nonliability.1The authority may provide in the resolution, trust agreement, or other instrument authorizing the issuance of its bonds or notes pursuant to section 16.131 that the principal of, premium, and interest on the bonds or notes are payable from any of the following and may pledge the same to its bonds and notes:aThe income and receipts or other money derived from the projects financed with the proceeds of the bonds or notes.bThe income and receipts or other money derived from designated projects whether or not the projects are financed in whole or in part with the proceeds of the bonds or notes.cThe amounts on deposit in the revolving loan funds.dThe amounts payable to the authority by eligible entities pursuant to loan agreements with eligible entities.eAny other funds or accounts established by the authority in connection with the program or the sale and issuance of its bonds or notes.2The authority may establish reserve funds, to secure one or more issues of its bonds or notes. The authority may deposit in a reserve fund established under this subsection the proceeds of the sale of its bonds or notes and other money which is made available from any other source.3It is the intention of the general assembly that a pledge made in respect of bonds or notes shall be valid and binding from the time the pledge is made, that the money or property so pledged and received after the pledge by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act, and that the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority whether or not the parties have notice of the lien. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created needs to be recorded or filed under the Iowa uniform commercial code, chapter 554, to be valid, binding, or effective against the parties.4Neither the members of the authority nor persons executing the bonds or notes are liable personally on the bonds or notes or are subject to personal liability or accountability by reason of the issuance of the bonds or notes.5The bonds or notes issued by the authority are not an indebtedness or other liability of the state or of a political subdivision of the state within the meaning of any constitutional or statutory debt limitations but are special obligations of the authority, and are payable solely from the income and receipts or other funds or property of the authority, and the amounts on deposit in the revolving loan funds, and the amounts payable to the authority under its loan agreements with eligible entities to the extent that the amounts are designated in the resolution, trust agreement, or other instrument of the authority authorizing the issuance of the bonds or notes as being available as security for such bonds or notes. The authority shall not pledge the faith or credit of the state or of a political subdivision of the state to the payment of any bonds or notes. The issuance of any bonds or notes by the authority does not directly, indirectly, or contingently obligate the state or a political subdivision of the state to apply money from, or levy or pledge any form of taxation whatever to the payment of the bonds or notes.88 Acts, ch 1217, §21C89, §220.132C93, §16.13297 Acts, ch 4, §2 – 4; 2002 Acts, 2nd Ex, ch 1003, §235, 262; 2003 Acts, ch 44, §15, 114; 2009 Acts, ch 30, §6, 7; 2014 Acts, ch 1080, §75, 7816.133Adoption of rules.The authority shall adopt rules pursuant to chapter 17A to implement sections 16.131 and 16.132.88 Acts, ch 1217, §22C89, §220.133C93, §16.13316.133AFunds and accounts — program funds and accounts not part of state general fund.1The authority may establish and maintain funds and accounts determined to be necessary to carry out the purposes of the program and shall provide for the funding, administration, investment, restrictions, and disposition of the funds and accounts. The department and the authority may combine administration of the revolving loan funds and cross collateralize the same to the extent permitted by the Clean Water Act, the Safe Drinking Water Act, and other applicable federal law. Moneys appropriated to and used by the authority and department for purposes of paying the costs and expenses associated with the administration of the program shall be administered as determined by the authority and department.2The funds or accounts held by the authority, or a trustee acting on behalf of the authority pursuant to a trust agreement related to the program, shall not be considered part of the general fund of the state, are not subject to appropriation for any other purpose by the general assembly, and in determining a general fund balance shall not be included in the general fund of the state, but shall remain in the funds and accounts maintained by the authority or trustee pursuant to a trust agreement. Funds and accounts held by the authority, or a trustee acting on behalf of the authority pursuant to a trust agreement related to the program, are separate dedicated funds and accounts under the administration and control of the authority and subject to section 16.31.2009 Acts, ch 30, §816.134Wastewater and drinking water treatment financial assistance program.1The Iowa finance authority shall establish and administer a wastewater and drinking water treatment financial assistance program. The purpose of the program shall be to provide financial assistance to enhance water quality. The program shall be administered in accordance with rules adopted by the authority pursuant to chapter 17A. For purposes of this section, “program” means the wastewater and drinking water treatment financial assistance program and “committee” means the water quality financing review committee created in subsection 9.2A wastewater and drinking water treatment financial assistance fund is created and shall consist of appropriations made to the fund and transfers of interest, earnings, and moneys from other funds as provided by law. Moneys transferred to the fund pursuant to section 16.134A are appropriated to the authority for purposes of the program. Moneys in the fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.3Financial assistance under the program shall be used to install or upgrade wastewater treatment facilities and systems and drinking water treatment facilities and systems, including source water protection projects, and for engineering or technical assistance for facility planning and design.4The committee shall approve financial assistance from the fund in accordance with the following:aPriority shall be given for projects in which a disadvantaged community is seeking financial assistance for the installation or upgrade of wastewater treatment facilities and drinking water treatment facilities. For purposes of this section, the term “disadvantaged community” means the same as defined by the department.bPriority shall be given to projects meeting criteria established in section 455B.199B in which the applicant seeks financial assistance to be used with financing under the water pollution control works and drinking water facilities financing program pursuant to section 16.131 or other federal, state, or private financing.cPriority shall also be given to projects whose completion will provide significant improvement to water quality in the relevant watershed.dPriority shall also be given to communities that employ an alternative wastewater treatment technology pursuant to section 455B.199C.ePriority shall also be given to those communities where sewer or water rates are the highest as a percentage of that community’s median household income.fPriority shall also be given to communities that employ technology to address the goals of the Iowa nutrient reduction strategy.gPriority shall also be given to communities whose drinking water facilities and systems use as a supply, or to projects whose completion will improve, surface waters on the state’s impaired waters list as described in section 455B.194 and 455B.195.hFinancial assistance in the form of grants shall be issued on an annual basis.iAn applicant shall not receive a grant that exceeds five hundred thousand dollars.5A utility management organization formed under chapter 28E or operated by a rural water system organized under chapter 357A or chapter 504 shall be considered eligible for financial assistance under the program.6The authority in cooperation with the department of natural resources shall provide information and resources to the committee when the committee is determining the qualifications of a community for financial assistance from the fund.7The authority shall enter into agreements with financial assistance recipients and distribute moneys under the program pursuant to financial assistance determinations made by the committee. The authority may use an amount of not more than one percent of any moneys appropriated for deposit in the fund for administration purposes.8By October 1 of each year, or as part of the annual report under section 16.7, the authority shall submit a report to the governor and the general assembly itemizing expenditures under the program during the previous fiscal year, if any.9aBeginning September 1, 2027, and every ten years thereafter, a program review committee is established for purposes of reviewing the wastewater and drinking water treatment financial assistance program. By December 1 of the same year, the program review committee shall file a report with the governor and the general assembly that reviews the effectiveness of the program during the prior ten fiscal years.bThe program review committee shall consist of the following members:1The governor or the governor’s designee.2The secretary of agriculture or the secretary’s designee.3The director of the authority or the director’s designee.4The director of the department of natural resources or the director’s designee.5Four members of the general assembly, with two from the senate and two from the house of representatives and not more than one member from each chamber being from the same political party. The two senators shall be designated one member each by the president of the senate, after consultation with the majority leader of the senate, and by the minority leader of the senate. The two representatives shall be designated one member each by the speaker of the house of representatives, after consultation with the majority leader of the house of representatives, and by the minority leader of the house of representatives.cStaffing services shall be provided by the authority.10aA water quality financing review committee is created consisting of the secretary of agriculture or the secretary’s designee, the director of the authority or the director’s designee, and the director of the department of natural resources or the director’s designee.bThe committee shall review and approve or deny applications for financial assistance under the wastewater and drinking water treatment financial assistance program established in this section.2006 Acts, ch 1179, §63; 2009 Acts, ch 30, §9, 10; 2009 Acts, ch 72, §1; 2014 Acts, ch 1080, §76, 78; 2018 Acts, ch 1001, §4; 2018 Acts, ch 1152, §2, 3; 2023 Acts, ch 19, §2146, 2147; 2024 Acts, ch 1182, §13316.134AWater quality financial assistance fund — appropriation.1A water quality financial assistance fund is created in the state treasury as a revolving fund.2The fund shall consist of all of the following:a1Moneys transferred to the fund pursuant to section 423G.6.2This paragraph “a” is repealed on January 1, 2040.bAppropriations made to the fund and transfers of interest, earnings, and moneys from other funds as provided by law.3For each fiscal year in the period beginning July 1, 2018, and ending June 30, 2039, there is appropriated the following percentages of the balance of the fund for the following purposes:aForty percent to the Iowa finance authority to support the wastewater and drinking water treatment financial assistance program created in section 16.134.bForty-five percent to the Iowa finance authority to be credited to the water quality financing program fund created pursuant to section 16.153.cFifteen percent to the division of soil conservation and water quality of the department of agriculture and land stewardship to support the water quality urban infrastructure program created in section 466B.44.4Moneys in the fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.2018 Acts, ch 1001, §5; 2019 Acts, ch 59, §12; 2021 Acts, ch 143, §35, 3616.135Wastewater viability assessment.1The authority, in cooperation with the department of natural resources and the economic development authority, shall require the use of a wastewater viability assessment for any wastewater treatment facility seeking a grant under the wastewater treatment financial assistance program. A wastewater viability assessment shall determine the long-term operational and financial capacity of the facility and its ratepayers. The authority shall develop minimum criteria for eligibility based on the viability assessment.2The authority, in cooperation with the department of natural resources, shall develop a wastewater viability assessment. The assessment shall include as part of the assessment all of the following factors:aThe ability of the applicant to provide proper oversight and management through a certified operator.bThe financial ability of the users to support the existing wastewater treatment system, improvements to the wastewater treatment system, and the long-term maintenance of the wastewater treatment system.2009 Acts, ch 72, §2; 2011 Acts, ch 34, §8; 2011 Acts, ch 118, §85, 8916.136Reserved.16.137Reserved.16.138Reserved.16.139Reserved.16.140Reserved.3UNSEWERED COMMUNITY REVOLVING LOAN PROGRAM16.141Unsewered community revolving loan program — fund.1The authority shall establish and administer an unsewered community revolving loan program. Assistance under the program shall consist of no-interest loans with a term not to exceed forty years and shall be used for purposes of installing sewage disposal systems in a city without a sewage disposal system or in an area where a cluster of homes is located.2An unsewered community may apply for assistance under the program. In awarding assistance, the authority shall encourage the use of innovative, cost-effective sewage disposal systems and technologies. The authority shall adopt rules that prioritize applications for disadvantaged unsewered communities.3For purposes of this section, “an area where a cluster of homes is located” means an area located in the unincorporated area of a county which includes six or more homes but less than five hundred homes.4An unsewered community revolving loan fund is created in the state treasury under the control of the authority and consisting of moneys appropriated by the general assembly and any other moneys available to and obtained or accepted by the authority for placement in the fund.5Repayments of moneys loaned and recaptures of loans shall be deposited in the fund.6Moneys in the fund shall be used to provide assistance under the unsewered community revolving loan program established in this section.7Moneys in the fund are not subject to section 8.33. Notwithstanding section 12C.7, interest or earnings on moneys in the fund shall be credited to the fund.2009 Acts, ch 76, §116.142Reserved.16.143Reserved.16.144Reserved.16.145Reserved.16.146Reserved.16.147Reserved.16.148Reserved.16.149Reserved.16.150Reserved.4WATER QUALITY PROGRAMS16.151Definitions.As used in this part, unless the context otherwise requires:1“Cost” means all costs, charges, expenses, or other indebtedness incurred by a loan recipient and determined by the authority as reasonable and necessary for carrying out all works and undertakings necessary or incidental to the accomplishment of any project.2“Eligible entity” means a municipality or a landowner, as determined by the authority, a public utility as defined in section 476.1, a specified industry, or a rural water district or rural water association as defined in section 357A.1.3“Loan recipient” means an eligible entity that has received a loan under the program.4“Municipality” means a governmental body such as a state agency or a political subdivision of the state. Municipality includes but is not limited to a city, city utility, county, soil and water conservation district, sanitary district, a subdistrict of any of the foregoing districts, a state agency, or other governmental body or corporation empowered to provide sewage collection and treatment services or drinking water, or any entity jointly exercising governmental powers pursuant to chapter 28E or 28F, or any other combination of two or more governmental bodies or corporations acting jointly under the laws of this state in connection with a project.5“Program” means the water quality financing program created in this part.6“Project” means any combination of improvements, structures, developments, tasks, actions, constructions, modifications, operations, or practices designed to improve water quality that are proposed by an eligible entity and approved by the authority. “Project” includes but is not limited to any of the following:aA project meeting the requirements of part 2 of this subchapter.bA project, operation, or practice undertaken or carried out to address watershed protection, flood prevention, or water quality improvement.cA project meeting the requirements of a sponsor project under section 455B.199.7“Specified industry” means any of the following:aAn entity engaged in an industry identified in the Iowa nutrient reduction strategy, as determined by the authority, which industry is or will be required pursuant to the Iowa nutrient reduction strategy to collect data on the source, concentration, and mass of total nitrogen or total phosphorus in its effluent, and to evaluate alternatives for reducing the amount of nutrients in its discharge. bAn entity implementing technology or operational improvements to reduce nutrients in its discharge.2018 Acts, ch 1001, §6; 2018 Acts, ch 1152, §4, 516.152Water quality financing program.1The authority, in cooperation with the department of natural resources and the department of agriculture and land stewardship, shall establish and administer a water quality financing program. The purpose of the program shall be to provide financial assistance to enhance the quality of surface water and groundwater, particularly by providing financial assistance for projects designed to improve water quality by addressing point and nonpoint sources, with a higher prioritization provided to collaborative efforts.2The authority shall determine the interest rate and repayment terms for loans made under the program, in cooperation with the department of natural resources and the department of agriculture and land stewardship, and the authority shall enter into loan agreements with eligible entities in compliance with and subject to the terms and conditions of the program as described in this part.3The authority may charge loan recipients fees and assess costs against such recipients necessary for the continued operation of the program. Such fees and costs shall not exceed the costs directly associated with the administration of the program. Fees and costs collected pursuant to this subsection shall be deposited in the appropriate fund or account created in section 16.153.4The program shall be administered by the authority in accordance with rules adopted by the authority pursuant to chapter 17A.2018 Acts, ch 1001, §716.153Water quality financing program fund other funds — trust agreement.1aA water quality financing program fund is created and shall consist of appropriations made to the fund, moneys credited to the fund pursuant to section 16.134A, and transfers of interest, earnings, and moneys from other funds as provided by law. The fund shall be administered by the authority as a revolving fund. Moneys in the fund are appropriated to the authority for purposes of the program. Notwithstanding section 8.33, moneys in the 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. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund shall be credited to the fund.bThe authority shall use the moneys in the fund to provide financial assistance to eligible entities under the program. The authority may provide financial assistance in the form deemed most convenient for the efficient financing of projects, including loans, forgivable loans, or grants. The authority shall administer the fund and the program in such a manner as to provide a permanent source of water quality project financial assistance to eligible entities.cThe authority may annually use an amount of not more than one percent of the moneys in the fund for administrative purposes.2aThe authority may establish and maintain other funds and accounts determined to be necessary to carry out the purposes of the program and shall provide for the funding, administration, investment, restrictions, and disposition of the funds and accounts.bMoneys appropriated to and used by the authority for purposes of paying the costs and expenses associated with the administration of the program shall be administered as determined by the authority.cAll moneys transferred to the authority for purposes of the program shall be deposited and held in a fund or account established and maintained pursuant to this section.3The funds or accounts held by the authority, or a trustee acting on behalf of the authority pursuant to a trust agreement related to the program, shall not be considered part of the general fund of the state, are not subject to appropriation for any other purpose by the general assembly, and in determining a general fund balance shall not be included in the general fund of the state, but shall remain in the funds and accounts maintained by the authority or trustee pursuant to a trust agreement. Funds and accounts held by the authority, or a trustee acting on behalf of the authority pursuant to a trust agreement related to the program, are separate dedicated funds and accounts under the administration and control of the authority and subject to section 16.31.4By October 1 of each year or as part of the annual report under section 16.7, the authority shall submit a report to the governor and the general assembly itemizing expenditures from the fund, if any, during the previous fiscal year.2018 Acts, ch 1001, §8; 2018 Acts, ch 1152, §6; 2024 Acts, ch 1182, §13416.154Eligible entities agreements required.1An eligible entity may apply to the authority for financial assistance under the program by submitting a plan on an application form as required by the authority. To be approved for an award of financial assistance, the plan must meet all of the following requirements:aThe plan proposes one or more projects that improve water quality in the local area or watershed. Projects shall use practices identified in the Iowa nutrient reduction strategy. bThe plan describes the manner in which the projects will be financed and undertaken, including, as applicable, the sources of revenue directed to financing the improvements as well as the eligible entities that will be receiving the revenues and how such revenues will be spent on the projects.2The authority shall review and approve or deny applications for financial assistance. The provision of financial assistance under the program shall take into account, as applicable, the number of municipalities, landowners, public utilities, specified industries, rural water districts, or rural water associations comprising an eligible entity and the eligible entity’s financing capacity. The authority shall score applications for financial assistance according to rules adopted pursuant to this part. The authority shall only provide financial assistance to eligible entities that have sufficient financing capacity and that submit an appropriate plan designed to improve water quality.3If an application by an eligible entity is approved, the eligible entity may enter into an agreement with the authority for the provision of financial assistance. The agreement shall include standard terms for the receipt of program moneys and any other terms the authority deems necessary or convenient for the efficient administration of the program.2018 Acts, ch 1001, §9; 2018 Acts, ch 1152, §7, 8; 2019 Acts, ch 59, §13, 14; 2024 Acts, ch 1022, §45911 PROGRAM16.155Residential treatment facilities.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.57.16.156Reserved.16.157Reserved.16.158Reserved.16.159Reserved.16.160Reserved.16.161Authority to issue 911 program bonds and notes.1The authority shall assist the program manager, appointed pursuant to section 34A.2A, as provided in chapter 34A, subchapter II, and the authority shall have all of the powers delegated to it by a joint 911 service board or the department of public defense in a chapter 28E agreement with respect to the issuance and securing of bonds or notes and the carrying out of the purposes of chapter 34A.2The authority shall provide a mechanism for the pooling of funds of two or more joint 911 service boards to be used for the joint purchasing of necessary equipment and reimbursement of land-line and wireless service providers’ costs for upgrades necessary to provide 911 service. When two or more joint 911 service boards have agreed to pool funds for the purpose of purchasing necessary equipment to be used in providing 911 service, the authority shall issue bonds and notes as provided in sections 34A.20 through 34A.22.90 Acts, ch 1144, §5C91, §220.161C93, §16.16198 Acts, ch 1101, §1, 2, 16; 99 Acts, ch 96, §3; 2004 Acts, ch 1175, §461; 2018 Acts, ch 1026, §96COMMUNITY COLLEGE DORMITORIES16.162Authority to issue community college dormitory bonds and notes.The authority shall assist a community college or the state board of education as provided in chapter 260C, and the authority shall have all of the powers delegated to it in a chapter 28E agreement by a community college board of directors, the state board of education, or a private developer contracting with a community college to develop a housing facility, such as a dormitory, for the community college, with respect to the issuance or securing of bonds or notes as provided in sections 260C.71 and 260C.72.90 Acts, ch 1253, §75; 90 Acts, ch 1254, §5C91, §220.162C93, §16.1622011 Acts, ch 20, §216.163Reserved.16.164Reserved.16.165Reserved.16.166Reserved.16.167Reserved.16.168Reserved.16.169Reserved.16.170Reserved.7RECOVERY ZONE BONDS16.171Recovery zone bonds reporting reallocation.Repealed by 2014 Acts, ch 1080, §111, 114.16.172Reserved.16.173Reserved.16.174Reserved.16.175Reserved.16.176Reserved.8PRISON INFRASTRUCTURE REVENUE BONDS16.177Prison infrastructure revenue bonds.1The authority is authorized to issue its bonds to provide prison infrastructure financing as provided in this section. The bonds may only be issued to finance projects which have been approved for financing by the general assembly. Bonds may be issued in order to fund the construction and equipping of a project or projects, the payment of interest on the bonds, the establishment of reserves to secure the bonds, the costs of issuance of the bonds and other expenditures incident to or necessary or convenient to carry out the bond issue. The bonds are investment securities and negotiable instruments within the meaning of and for the purposes of the uniform commercial code, chapter 554.2The department of corrections is authorized to pledge amounts in the Iowa prison infrastructure fund established under section 602.8108A as security for the payment of the principal of, premium, if any, and interest on the bonds. Bonds issued under this section are payable solely and only out of the moneys, assets, or revenues of the fund, all of which may be deposited with trustees or depositories in accordance with bond or security documents, and are not an indebtedness of this state or the authority, or a charge against the general credit or general fund of the state or the authority, and the state shall not be liable for the bonds except from amounts on deposit in the fund. Bonds issued under this section shall contain a statement that the bonds do not constitute an indebtedness of the state or the authority.3The proceeds of bonds issued by the authority and not required for immediate disbursement may be deposited with a trustee or depository as provided in the bond documents and invested in any investment approved by the authority and specified in the trust indenture, resolution, or other instrument pursuant to which the bonds are issued without regard to any limitation otherwise provided by law.4The bonds shall be:aIn a form, issued in denominations, executed in a manner, and payable over terms and with rights of redemption, and be subject to such other terms and conditions as prescribed in the trust indenture, resolution, or other instrument authorizing their issuance.bNegotiable instruments under the laws of the state and may be sold at prices, at public or private sale, and in a manner, as prescribed by the authority. Chapters 73A, 74, 74A, and 75 do not apply to the sale or issuance of the bonds.cSubject to the terms, conditions, and covenants providing for the payment of the principal, redemption premiums, if any, interest, and other terms, conditions, covenants, and protective provisions safeguarding payment, not inconsistent with this chapter and as determined by the trust indenture, resolution, or other instrument authorizing their issuance.5The bonds are securities in which public officers and bodies of this state, political subdivisions of this state, insurance companies and associations and other persons carrying on an insurance business, banks, trust companies, savings associations, and investment companies, administrators, guardians, executors, trustees, and other fiduciaries, and other persons authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them.6Bonds must be authorized by a trust indenture, resolution, or other instrument of the authority. However, a trust indenture, resolution, or other instrument authorizing the issuance of bonds may delegate to an officer of the issuer the power to negotiate and fix the details of an issue of bonds.7Neither the resolution or trust agreement, nor any other instrument by which a pledge is created is required to be recorded or filed under the uniform commercial code, chapter 554, to be valid, binding, or effective.8Bonds issued under this section are declared to be issued for an essential public and governmental purpose and all bonds issued under this section shall be exempt from taxation by the state of Iowa and the interest on the bonds shall be exempt from the state income tax and any state inheritance tax.9The authority shall cooperate with the department of corrections in the implementation of this section.94 Acts, ch 1196, §20; 95 Acts, ch 202, §11; 2005 Acts, ch 3, §14; 2008 Acts, ch 1119, §4; 2010 Acts, ch 1138, §50; 2012 Acts, ch 1017, §42; 2014 Acts, ch 1076, §13; 2025 Acts, ch 148, §27, 53, 5416.178Reserved.16.179Reserved.16.180Reserved.9HOUSING TRUST FUND16.181Housing trust fund.1aA housing trust fund is created within the authority. The moneys in the housing trust fund are annually appropriated to the authority to be used for the development and preservation of affordable housing for low-income people in the state and for the Iowa mortgage help initiative. Payment of interest, recaptures of awards, or other repayments to the housing trust fund shall be deposited in the fund. Notwithstanding section 12C.7, interest or earnings on moneys in the housing trust fund or appropriated to the fund shall be credited to the fund. Notwithstanding section 8.33, unencumbered and unobligated moneys remaining in the fund at the close of each fiscal year shall not revert but shall remain available for expenditure for the same purposes in the succeeding fiscal year.bAssets in the housing trust fund shall consist of all of the following:1Any moneys received by the authority from the national housing trust fund created pursuant to the federal Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.2Any assets transferred by the authority for deposit in the housing trust fund.3Any other moneys appropriated by the general assembly and any other moneys available to and obtained or accepted by the authority for placement in the housing trust fund.cThe authority shall create the following programs within the housing trust fund:1Local housing trust fund program. At least sixty percent of available moneys in the housing trust fund shall be allocated for the local housing trust fund program.2Project-based housing program. Moneys remaining in the housing trust fund after the allocation in subparagraph (1) shall be used to make awards to project-based housing programs located in areas where a local housing trust fund does not exist or for a project-based housing program that is not eligible for funding through a local housing trust fund.2aIn order to be eligible to apply for funding from the local housing trust fund program, a local housing trust fund must be approved by the authority and have all of the following:1A local governing board recognized by the city, county, council of governments, or regional officials as the board responsible for coordinating local housing programs.2A housing assistance plan approved by the authority.3Sufficient administrative capacity in regard to housing programs.4A local match requirement approved by the authority.bAn award from the local housing trust fund program shall not exceed ten percent of the balance in the program at the beginning of the fiscal year plus ten percent of any deposits made during the fiscal year.cBy December 31 of each year, a local housing trust fund receiving moneys from the local housing trust fund program shall submit a report to the authority itemizing expenditures of the awarded moneys.3The authority shall adopt rules pursuant to chapter 17A necessary to administer this section.2003 Acts, ch 179, §101; 2008 Acts, ch 1032, §6; 2009 Acts, ch 43, §6 – 8; 2010 Acts, ch 1193, §10416.181AHousing trust fund appropriations.1There is appropriated from the rebuild Iowa infrastructure fund to the Iowa finance authority for deposit in the housing trust fund created in section 16.181, for the fiscal year beginning July 1, 2009, and beginning July 1, 2011, and for each succeeding fiscal year, the sum of three million dollars.2There is appropriated from the rebuild Iowa infrastructure fund to the Iowa finance authority for deposit in the housing trust fund created in section 16.181, for the fiscal year beginning July 1, 2010 and ending June 30, 2011, the sum of one million dollars.2008 Acts, ch 1179, §54; 2010 Acts, ch 1184, §84; 2010 Acts, ch 1193, §3716.182Senior living revolving loan program fund.Repealed by 2014 Acts, ch 1080, §111, 114.16.183Home and community-based services revolving loan program fund.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.47.16.184Transitional housing revolving loan program fund.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.48.16.185Community housing and services for persons with disabilities revolving loan program fund.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.49.16.186Disaster damage housing assistance grant fund.Repealed by 2010 Acts, ch 1184, §95.16.187Affordable housing assistance grant fund.Repealed by 2010 Acts, ch 1184, §95.16.188Workforce housing assistance grant fund.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.50.16.189Reserved.16.190Reserved.10IOWA JOBS PROGRAM16.191Iowa jobs board.Repealed by 2013 Acts, ch 142, §27.16.192Board duties and powers.Repealed by 2013 Acts, ch 142, §27.16.193Iowa finance authority duties — appropriation.1The authority shall adopt administrative rules pursuant to chapter 17A necessary to administer the Iowa jobs program and Iowa jobs II program. The authority shall be responsible for providing technical assistance and application assistance to applicants under the programs, negotiating contracts, and providing project follow up. 2For the period beginning July 1, 2009, and ending June 30, 2011, two hundred thousand dollars of the moneys deposited in the rebuild Iowa infrastructure fund shall be allocated each fiscal year to the Iowa finance authority for purposes of administering the Iowa jobs program and Iowa jobs II program, notwithstanding section 8.57, subsection 3, paragraph “c”.3aDuring the term of the Iowa jobs program and Iowa jobs II program, the Iowa finance authority shall collect data on all of the projects approved for the programs. The department of management and the state agencies associated with the projects shall assist the authority with the data collection and in developing the report required by this subsection. The authority shall report quarterly to the governor and the general assembly concerning the data.bThe report shall include but is not limited to all of the following:1The nature of each project and its purpose.2The status of each project and the amount and percentage of program funds expended for the project.3The outside funding that is matched or leveraged by the program funds.4The number of jobs created or retained by each project.5For each project, the names of the project contractors, state of residence of the project contractors, and the state of residence of the contractors’ employees.cThe authority shall maintain an internet site that allows citizens to track project data on a county-by-county basis.2009 Acts, ch 173, §7, 36; 2010 Acts, ch 1184, §86, 87, 96; 2011 Acts, ch 34, §10, 11; 2011 Acts, ch 131, §52, 158; 2011 Acts, ch 133, §28, 50; 2012 Acts, ch 1021, §134; 2013 Acts, ch 142, §1316.194Iowa jobs program.1An Iowa jobs program is created to assist in the development and completion of public construction projects relating to disaster relief and mitigation and to local infrastructure. “Local infrastructure” includes projects relating to disaster rebuilding, reconstruction and replacement of local public buildings, flood control and flood protection, and future flood prevention.2A city or county or a public organization in this state may submit an application to the authority for financial assistance for a local infrastructure competitive grant for an eligible project under the program, notwithstanding any limitation on the state’s percentage in funding as contained in section 29C.6, subsection 17.3Financial assistance under the program shall be awarded in the form of grants.4The authority shall consider the following criteria in evaluating eligible projects to receive financial assistance under the program:aThe total number and quality of jobs to be created and the benefits likely to accrue to areas distressed by high unemployment.bFinancial feasibility, including the ability of projects to fund depreciation costs or replacement reserves, and the availability of other federal, state, local, and private sources of funds.cSustainability and energy efficiency.dBenefits for disaster recovery.eThe project’s readiness to proceed.5An applicant must demonstrate local support for the project as defined by rule.6Any award of financial assistance to a project shall be limited as follows:aUp to seventy-five percent of the total cost of a project for replacing or rebuilding existing disaster-related damaged property.bUp to fifty percent of the total cost for all other projects.7In order for a project to be eligible to receive financial assistance from the authority, the project must be a public construction project pursuant to subsection 1 with a demonstrated substantial local, regional, or statewide economic impact.8The authority shall not approve an application for assistance for any of the following purposes:aTo refinance a loan existing prior to the date of the initial financial assistance application.bFor a project that has previously received financial assistance under the program, unless the applicant demonstrates that the financial assistance would be used for a significant expansion of a project.9aThe total amount of allocations for future flood prevention, reconstruction and replacement of local public buildings, disaster rebuilding, flood control and flood protection projects shall not exceed one hundred sixty-five million dollars for the fiscal year beginning July 1, 2009.bAny portion of an amount allocated for projects that remains unexpended or unencumbered one year after the allocation has been made may be reallocated to another project category, at the discretion of the authority. The authority shall ensure that all bond proceeds be expended within three years from when the allocation was initially made.10The authority shall ensure that funds obligated under this section are coordinated with other federal program funds received by the state, and that projects receiving funds are located in geographically diverse areas of the state.11For purposes of this section, “public organization” means a nonprofit organization that sponsors or supports the public needs of the local community.2009 Acts, ch 173, §8, 36; 2013 Acts, ch 142, §14 – 1916.194AIowa jobs II program disaster prevention.1An Iowa jobs II program is created to assist in the development and completion of public construction projects relating to disaster prevention including but not limited to the construction of, or the replacement or reconstruction of, local public buildings in a manner that mitigates damages from future disasters, including flooding. 2A city or county in this state that applies the smart planning principles and guidelines pursuant to sections 18B.1 and 18B.2 may submit an application to the authority for financial assistance for a local infrastructure competitive grant for an eligible project under the program, notwithstanding any limitation on the state’s percentage in funding as contained in section 29C.6, subsection 17.3Financial assistance under the program shall be awarded in the form of grants.4The authority shall consider the following criteria in evaluating eligible projects to receive financial assistance under the program:aThe total number and quality of jobs to be created and the benefits likely to accrue to areas distressed by high unemployment.bFinancial feasibility, including the ability of projects to fund depreciation costs or replacement reserves, and the availability of other federal, state, local, and private sources of funds.cSustainability and energy efficiency.dBenefits for disaster prevention.eThe project’s readiness to proceed.5An applicant must demonstrate local support for the project as defined by rule.6Any award of financial assistance to a project shall be limited to up to ninety percent of the total cost of the development and completion of a public construction project relating to disaster prevention consistent with the purposes of the program as specified in subsection 1.7In order for a project to be eligible to receive financial assistance from the authority, the project must be a public construction project pursuant to subsection 1 with a demonstrated substantial local, regional, or statewide economic impact.8The authority shall not approve an application for assistance for any of the following purposes:aTo refinance a loan existing prior to the date of the initial financial assistance application.bFor a project that has previously received financial assistance under the program, unless the applicant demonstrates that the financial assistance would be used for a significant expansion of a project.9Any portion of an amount allocated for projects that remains unexpended or unencumbered one year after the allocation has been made may be reallocated to another project category, at the discretion of the authority. The authority shall ensure that all bond proceeds be expended within three years from when the allocation was initially made.10The authority shall ensure that funds obligated under this section are coordinated with other federal program funds received by the state, and that projects receiving funds are located in geographically diverse areas of the state.11An applicant or combination of applicants for a project within the same county shall not be awarded more than forty percent of the funds available under this program.2010 Acts, ch 1184, §88; 2013 Acts, ch 142, §20 – 2216.195Iowa jobs and Iowa jobs II program application review.1Applications for assistance under the Iowa jobs program and Iowa jobs II program shall be submitted to the authority for review and approval. 2When reviewing the applications, the authority shall consider the project criteria specified in sections 16.194 and 16.194A. The authority shall develop the appropriate level of transparency regarding project fund allocations.3Upon approval of an application for financial assistance under the programs, the authority shall notify the treasurer of state regarding the amount of moneys needed to satisfy the award of financial assistance and the terms of the award. The treasurer of state shall notify the authority any time moneys are disbursed to a recipient of financial assistance under the programs.2009 Acts, ch 173, §9, 36; 2010 Acts, ch 1184, §89; 2011 Acts, ch 34, §12; 2013 Acts, ch 90, §14; 2013 Acts, ch 142, §2316.196Iowa jobs program projects appropriations.1There is appropriated from the revenue bonds capitals fund created in section 12.88, to the authority, for the fiscal year beginning July 1, 2009, and ending June 30, 2010, one hundred sixty-five million dollars to be allocated as follows:aOne hundred eighteen million five hundred thousand dollars for competitive grants for local infrastructure projects relating to disaster rebuilding, reconstruction and replacement of local buildings, flood control and flood protection, and future flood prevention public projects. An applicant for a local infrastructure grant shall not receive more than fifty million dollars in financial assistance from the fund.bForty-six million five hundred thousand dollars for disaster relief and mitigation and local infrastructure grants for the following renovation and construction projects, notwithstanding any limitation on the state’s percentage participation in funding as contained in section 29C.6, subsection 17:1For grants to a county with a population between one hundred eighty-nine thousand and one hundred ninety-six thousand in the latest preceding certified federal census, to be distributed as follows:aTen million dollars for the construction of a new, shared facility between nonprofit human service organizations serving the public, especially the needs of low-income Iowans, including those displaced as a result of the disaster of 2008.bFive million dollars for the construction or renovation of a facility for a county-funded workshop program serving the public and particularly persons with mental illness or developmental disabilities.2For grants to a city with a population between one hundred ten thousand and one hundred twenty thousand in the latest preceding certified federal census, to be distributed as follows:aFive million dollars for an economic redevelopment project benefiting the public by improving energy efficiency and the development of alternative and renewable energy technologies.bTen million dollars for a museum serving the public and dedicated to the preservation of an eastern European cultural heritage through the collection, exhibition, preservation, and interpretation of historical artifacts.cFive million dollars for a theater serving the public and promoting culture, entertainment, and tourism.dFive million dollars for a public library.eFive million dollars for a public works building.3One million five hundred thousand dollars, to be distributed as follows:aFive hundred thousand dollars to a city with a population between six hundred and six hundred fifty in the latest preceding certified federal census, for a public fire station.bFive hundred thousand dollars to a city with a population between one thousand four hundred and one thousand five hundred in the latest preceding certified federal census, for a public fire station.cFive hundred thousand dollars for a city with a population between seven thousand eight hundred and seven thousand eight hundred fifty, for a public fire station.2Grant awards for a project under subsection 1, paragraph “b”, are contingent upon submission of a plan for each project by the applicable county or city governing board or in the case of a project submitted pursuant to subsection 1, paragraph “b”, subparagraph (2), subparagraph division (b), by the board of directors, to the authority, no later than September 1, 2009, detailing a description of the project, the plan to rebuild, and the amount or percentage of federal, state, local, or private matching moneys which will be or have been provided for the project. Funds not utilized in accordance with subsection 1, shall revert to the revenue bonds capitals fund. A grant recipient under subsection 1, paragraph “b”, shall not be precluded from applying for a local infrastructure competitive grant pursuant to this section and section 16.195.3Annually, on or before January 15 of each year, the authority shall report to the legislative services agency and the department of management the status of all projects receiving moneys from the fund completed or in progress. The report shall include a description of the project, the progress of work completed, the total estimated cost of the project, a list of all revenue sources being used to fund the project, the amount of funds expended, the amount of funds obligated, and the date the project was completed or an estimated completion date of the project, where applicable.4Payment of moneys appropriated from the fund shall be made in a manner that does not adversely affect the tax-exempt status of any outstanding bonds issued by the treasurer of state.2009 Acts, ch 173, §10, 36; 2013 Acts, ch 142, §2416.197Limitation of liability.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.16.16.198Reserved.16.199Reserved.16.200Reserved.16.201Jumpstart housing assistance program.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.56.16.202Reserved.16.203Reserved.16.204Reserved.16.205Reserved.16.206Reserved.16.207Reserved.16.208Reserved.16.209Reserved.16.210Reserved.16.211Disaster recovery housing project tax credit.Repealed by 2014 Acts, ch 1080, §111, 114.16.212Approval — requirements — repayment.Repealed by 2014 Acts, ch 1080, §111, 114.16.213Reserved.Reserved.16.214Reserved.16.215Reserved.16.216Reserved.16.217Reserved.16.218Reserved.16.219Reserved.16.220Reserved.16.221Agricultural development division administration of programs.Repealed by 2014 Acts, ch 1080, §111, 114; . See §16.2B.16.222Reserved.16.223Reserved.16.224Reserved.16.225Reserved.16.226Reserved.16.227Reserved.16.228Reserved.16.229Reserved.11NATURAL HAZARD MITIGATION FINANCING PROGRAM16.230Definitions.1“Department” means the department of homeland security and emergency management.2“Fund” means the natural hazard mitigation revolving loan fund created in section 29D.4.3“Loan recipient” means the same as defined in section 29D.2.4“Program” means the natural hazard mitigation financing program created in section 29D.3.5“Project” means the same as defined in section 29D.2.2025 Acts, ch 28, §116.231Funds and accounts program funds and accounts not part of state general fund.1The department, in consultation with the authority, may establish and maintain funds or accounts determined to be necessary to carry out the purposes of chapter 29D and shall provide for the funding, administration, investment, restrictions, and disposition of the funds and accounts. Any moneys appropriated to the department and the authority for purposes of paying the costs and expenses associated with the administration of the program shall be administered as determined by the department in consultation with the authority.2The funds or accounts held by the department or the authority, or a trustee acting on behalf of the department or the authority pursuant to a trust agreement related to the program, shall not be considered part of the general fund of the state, are not subject to appropriation for any other purpose by the general assembly, and in determining a general fund balance shall not be included in the general fund of the state, but shall remain in the funds and accounts maintained by the department or the authority, or a trustee pursuant to a trust agreement. Funds and accounts held by the department or the authority, or a trustee acting on behalf of the department or the authority pursuant to a trust agreement related to the program, are separate dedicated funds and accounts under the administration and control of the department in consultation with the authority.2025 Acts, ch 28, §216.232Program funding bonds and notes.1The authority shall cooperate with the department in the creation, administration, and financing of the program.2The authority may issue bonds and notes for the purpose of funding the fund and the state matching funds required pursuant to the federal Robert T. Stafford Disaster Relief and Emergency Assistance Act, Pub. L. No. 93-288, as amended, 42 U.S.C. §5121 et seq. The authority may enter into one or more loan agreements or purchase agreements with one or more bondholders or noteholders containing the terms and conditions of the repayment of, and the security for, each bond or note. The authority and each bondholder or noteholder, or a trustee agent designated by the authority, may enter into an agreement to provide for any of the following:aThat the proceeds of the bond or note and the investments of the proceeds may be received, held, and disbursed by the authority or by a trustee or agent designated by the authority.bThat the bondholder or noteholder, or a trustee or agent designated by the authority, may collect, invest, and apply the amount payable under the loan agreement or any other instruments securing the debt obligations under the loan agreement.cThat the bondholder or noteholder may enforce the remedies provided in the loan agreement or other instruments on the bondholder’s or noteholder’s behalf without the appointment or designation of a trustee. If there is a default in the principal of, or interest on, the bond or note or in the performance of any agreement contained in the loan agreement or other instrument, the payment or performance may be enforced in accordance with the loan agreement or other instrument.dOther terms and conditions as deemed necessary or appropriate by the authority.3Chapter 16, except to the extent inconsistent with this section, shall apply to bonds or notes issued, and powers granted to the authority, under this section. Section 16.28, subsection 4, shall not apply to this section.4All bonds or notes issued by the authority in connection with the program are exempt from taxation by this state and the interest on the bonds or notes is exempt from state income tax.2025 Acts, ch 28, §316.233Security reserve funds pledges nonliability.1The authority may provide in the resolution, trust agreement, or other instrument authorizing the issuance of bonds or notes pursuant to chapter 29D that the principal of, premium, and interest on the bonds or notes are payable from any of the following and may pledge the same to the authority’s bonds or notes:aThe income and receipts or other moneys derived from the projects financed with the proceeds of the bonds or notes.bThe income and receipts or other moneys derived from designated projects whether or not the projects are financed in whole or in part with the proceeds of the bonds or notes.cThe amounts on deposit in the fund.dThe amounts payable to the authority by loan recipients pursuant to loan agreements with loan recipients.eAny other funds or accounts established by the authority in connection with the program or the sale and issuance of the authority’s bonds or notes.2The authority may establish reserve funds to secure one or more issues of its bonds or notes. The authority may deposit in a reserve fund established under this subsection the proceeds of the sale of the authority’s bonds or notes and other moneys which are made available from any other source.3It is the intention of the general assembly that a pledge made in respect of bonds or notes shall be valid and binding from the time the pledge is made, that the moneys or property so pledged and received after the pledge by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act, and that the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority whether or not the parties have notice of the lien. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created needs to be recorded or filed under the Iowa uniform commercial code, chapter 554, to be valid, binding, or effective against the parties.4Neither the members of the authority nor persons executing the bonds or notes are liable personally on the bonds or notes or are subject to personal liability or accountability by reason of the issuance of the bonds or notes.5The bonds or notes issued by the authority are not an indebtedness or other liability of the state or of a political subdivision of the state within the meaning of any constitutional or statutory debt limitations but are special obligations of the authority, and are payable solely from the income and receipts or other funds or property of the authority, and the amounts on deposit in the revolving loan funds, and the amounts payable to the authority under the authority’s loan agreements with loan recipients to the extent that the amounts are designated in the resolution, trust agreement, or other instrument of the authority authorizing the issuance of the bonds or notes as being available as security for such bonds or notes. The authority shall not pledge the faith or credit of the state or of a political subdivision of the state to the payment of any bonds or notes. The issuance of any bonds or notes by the authority does not directly, indirectly, or contingently obligate the state or a political subdivision of the state to apply moneys from, or levy or pledge any form of taxation to the payment of the bonds or notes.2025 Acts, ch 28, §4