Senate File 2112 - Introduced



                                       SENATE FILE       
                                       BY  HECKROTH


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act authorizing utilization of moneys in the Iowa finance
  2    authority's housing assistance fund to provide mortgage
  3    guarantees for veterans under specified circumstances.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 6088SS 82
  6 rn/nh/5

PAG LIN



  1  1    Section 1.  Section 16.40, subsection 4, paragraph a, Code
  1  2 Supplement 2007, is amended by adding the following new
  1  3 subparagraph:
  1  4    NEW SUBPARAGRAPH.  (5)  Loan guarantee programs for
  1  5 veterans qualifying for down payment assistance pursuant to
  1  6 subparagraph (2).  A loan guarantee pursuant to this
  1  7 subparagraph shall be limited to a five=year duration, and
  1  8 shall be subject to such terms and conditions as the authority
  1  9 may establish by rule.
  1 10                           EXPLANATION
  1 11    This bill authorizes utilization of moneys from the housing
  1 12 assistance fund administered by the Iowa finance authority for
  1 13 provision of a loan guarantee program for veterans.  The bill
  1 14 specifies that such a guarantee shall be limited to five years
  1 15 in duration, and shall be subject to terms and conditions
  1 16 established by the authority by rule.
  1 17 LSB 6088SS 82
  1 18 rn/nh/5