Senate File 2224 - Introduced



                                       SENATE FILE       
                                       BY  WARNSTADT


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

                                      A BILL FOR

  1 An Act concerning the home ownership assistance program for
  2    members of the military.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5915XS 82
  5 ec/nh/5

PAG LIN



  1  1    Section 1.  Section 35A.15, subsection 1, Code Supplement
  1  2 2007, is amended to read as follows:
  1  3    1.  For the purposes of this section, "eligible member of
  1  4 the armed forces of the United States" means a resident of
  1  5 this state who is or was a member of the national guard,
  1  6 reserve, or regular component of the armed forces of the
  1  7 United States who has served at least ninety days of active
  1  8 duty service during the period beginning on or after September
  1  9 11, 2001, and ending June 30, 2008, or other unless another
  1 10 period is designated by law.
  1 11    Sec. 2.  Section 35A.15, subsection 3, Code Supplement
  1 12 2007, is amended to read as follows:
  1 13    3.  The program shall be administered by the Iowa finance
  1 14 authority and shall provide loans, grants, or other assistance
  1 15 to persons who are or were eligible members of the armed
  1 16 forces of the United States.  In the event an eligible member
  1 17 is deceased, the surviving spouse of the eligible member shall
  1 18 be eligible for assistance under the program, subject to the
  1 19 surviving spouse meeting the program's eligibility
  1 20 requirements other than the military service requirement.  In
  1 21 addition, a person eligible for the program under this section
  1 22 may participate in other loan and grant programs of the Iowa
  1 23 finance authority provided the person meets the requirements
  1 24 of those programs.
  1 25    Sec. 3.  Section 35A.15, Code Supplement 2007, is amended
  1 26 by adding the following new subsection:
  1 27    NEW SUBSECTION.  3A.  To qualify for a loan, grant, or
  1 28 other assistance under the home ownership assistance program,
  1 29 the following requirements, if applicable, shall be met:
  1 30    a.  If the person eligible for the program is a first=time
  1 31 homebuyer, then, for financed home purchases that close on or
  1 32 after July 1, 2008, the eligible person shall use a lender
  1 33 that participates in the Iowa finance authority's applicable
  1 34 programs for first=time homebuyers.
  1 35    b.  A title guaranty certificate shall be issued for the
  2  1 property being purchased under the program.
  2  2    Sec. 4.  Section 35A.15, subsection 4, Code Supplement
  2  3 2007, is amended to read as follows:
  2  4    4.  The program shall be administered by the Iowa finance
  2  5 authority shall adopt rules for administering the program.
  2  6 The rules may provide for limiting the period of time for
  2  7 which an award of funds under the program shall be reserved
  2  8 for an eligible person pending the closing of a home purchase
  2  9 and compliance with all program requirements.  Implementation
  2 10 of the program shall be limited to the extent of the amount
  2 11 appropriated or otherwise made available for purposes of the
  2 12 program.
  2 13                           EXPLANATION
  2 14    This bill concerns the home ownership assistance program
  2 15 for members of the military.
  2 16    The bill provides that a resident of the state who serves
  2 17 on active duty after June 30, 2008, is eligible for the
  2 18 program.  Current law provides that the period of service must
  2 19 have occurred between September 11, 2001, and June 30, 2008.
  2 20    The bill also provides that a person eligible for the
  2 21 program may participate in other loan and grant programs of
  2 22 the Iowa finance authority.
  2 23    The bill establishes additional requirements for
  2 24 participation in the program.  If the eligible person is a
  2 25 first=time homebuyer, the person shall, for purchases that
  2 26 close on or after July 1, 2008, use a lender that participates
  2 27 in the Iowa finance authority's applicable programs for
  2 28 first=time homebuyers.  In addition, the bill requires a title
  2 29 guaranty certificate to be issued for the property being
  2 30 purchased under the program.
  2 31    The bill grants the Iowa finance authority rulemaking
  2 32 authority for administering the program and provides that the
  2 33 rules may provide for limiting the period of time for which an
  2 34 award of funds under the program shall be reserved for an
  2 35 eligible person pending the closing of a home purchase and
  3  1 compliance with all program requirements.
  3  2 LSB 5915XS 82
  3  3 ec/nh/5