House Study Bill 282 



                                       HOUSE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            WAYS AND MEANS BILL BY
                                            CHAIRPERSON SHOMSHOR)


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

                                      A BILL FOR

  1 An Act creating a new construction housing assistance program and
  2    fund.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2691HC 83
  5 tm/rj/8

PAG LIN



  1  1    Section 1.  NEW SECTION.  16.55  NEW CONSTRUCTION HOUSING
  1  2 ASSISTANCE PROGRAM == FUND.
  1  3    1.  The authority shall establish and administer a new
  1  4 construction housing assistance program for purposes of
  1  5 providing a six thousand dollar grant to certain homeowners
  1  6 upon the purchase of a home.  The authority shall establish an
  1  7 application process and criteria for homeowners to receive a
  1  8 grant under the program including but not limited to all of
  1  9 the following:
  1 10    a.  The grant recipient must purchase a single=family home
  1 11 that has never been occupied.
  1 12    b.  The grant recipient must purchase the home using a
  1 13 thirty=year fixed interest rate note and mortgage.
  1 14    c.  The annual income, as determined by the authority by
  1 15 rule, of the grant recipient shall not exceed seventy=five
  1 16 thousand dollars for a single person and shall not exceed one
  1 17 hundred fifty thousand dollars for a married couple.
  1 18    2.  A new construction housing assistance fund is created
  1 19 in the state treasury under the control of the authority and
  1 20 consisting of any moneys appropriated by the general assembly
  1 21 and any other moneys available to and obtained or accepted by
  1 22 the authority for placement in the fund, including moneys
  1 23 received as a result of the federal American Recovery and
  1 24 Reinvestment Act of 2009, Pub. L. No. 111=5.  The fund shall
  1 25 be used to provide grants under the new construction housing
  1 26 assistance program established in subsection 1.  Moneys in the
  1 27 fund are not subject to section 8.33.  Notwithstanding section
  1 28 12C.7, interest or earnings on moneys in the fund shall be
  1 29 credited to the fund.
  1 30                           EXPLANATION
  1 31    This bill creates a new construction housing assistance
  1 32 program and fund.
  1 33    The bill requires the Iowa finance authority to establish
  1 34 and administer a new construction housing assistance program
  1 35 to provide $6,000 grants to certain homeowners upon the
  2  1 purchase of a home.  The authority is required to establish an
  2  2 application process and criteria for homeowners to receive a
  2  3 grant under the program including but not limited to all of
  2  4 the following:
  2  5    1.  The grant recipient must purchase a single=family home
  2  6 that has never been occupied.
  2  7    2.  The grant recipient must purchase the home using a
  2  8 30=year fixed interest rate note and mortgage.
  2  9    3.  The annual income of the grant recipient shall not
  2 10 exceed $75,000 for a single person and shall not exceed
  2 11 $150,000 for a married couple.
  2 12    The bill creates a new construction housing assistance fund
  2 13 in the state treasury under the control of the authority,
  2 14 consisting of any moneys appropriated by the general assembly
  2 15 and any other moneys available to and obtained or accepted by
  2 16 the authority for placement in the fund, including moneys
  2 17 received as a result of the federal American Recovery and
  2 18 Reinvestment Act of 2009.  The bill provides that the fund
  2 19 shall be used to provide grants under the new construction
  2 20 housing assistance program.
  2 21 LSB 2691HC 83
  2 22 tm/rj/8