H.F. 2160 Section 1. RESIDENTIAL LANDLORD BUSINESS SUPPORT 1 PROGRAM. Under the residential landlord business support 2 program administered by the department of economic development, 3 forgivable loans made pursuant to the program shall be 4 forgivable over a five-year period. One-fifth of the total 5 principal amount loaned shall be forgiven following each full 6 year the recipient owns the property for which the loan was 7 made, beginning on the date of the final disbursement of the 8 forgivable loan proceeds. To each financial award recipient 9 receiving assistance prior to the effective date of this Act, 10 the department shall offer to renegotiate the terms of the 11 financial assistance award contract in accordance with this 12 Act. 13 Sec. 2. EFFECTIVE UPON ENACTMENT AND APPLICABILITY. This 14 Act, being deemed of immediate importance, takes effect upon 15 enactment and applies to contracts entered into before and 16 after the effective date of this Act. 17 EXPLANATION 18 This bill relates to loan forgiveness under the residential 19 landlord business support program. 20 The bill provides that under the residential landlord 21 business support program administered by the department 22 of economic development, forgivable loans made pursuant to 23 the program shall be forgivable over a five-year period. 24 The bill provides that, to each financial award recipient 25 receiving assistance prior to the effective date of the bill, 26 the department shall offer to renegotiate the terms of the 27 financial assistance award contract in accordance with the 28 bill. 29 The bill takes effect upon enactment and applies to 30 contracts entered into before and after the effective date of 31 this bill. 32 -1- LSB 5855HH (5) 83 tm/sc 1/ 1