Senate Study Bill 1165 SENATE/HOUSE FILE BY (PROPOSED IOWA FINANCE AUTHORITY BILL) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the Iowa finance authority by providing 2 immunity for board members, providing administrative authority 3 for the executive director, eliminating duties of the council 4 on homelessness, defining projects under the bond bank 5 program, and defining assets in, and providing for the use of 6 moneys in, the housing trust fund. 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 8 TLSB 1364XD 83 9 tm/nh/5 PAG LIN 1 1 Section 1. Section 16.1, subsection 1, paragraph ae, 1 2 subparagraph (3), Code 2009, is amended to read as follows: 1 3 (3) Any project for which tax exempt financing is 1 4 authorized by the Internal Revenue Code, together with any 1 5 taxable financing necessary or desirable in connection with 1 6 such project, which the authority finds furthers the goals of 1 7 the authority and is consistent with the legislative findings. 1 8 Sec. 2. Section 16.2, Code 2009, is amended by adding the 1 9 following new subsection: 1 10 NEW SUBSECTION. 9. Neither members of the authority, nor 1 11 persons acting on behalf of the authority while acting within 1 12 the scope of their agency or employment, are subject to 1 13 personal liability resulting from carrying out the powers and 1 14 duties in this chapter. 1 15 Sec. 3. Section 16.6, Code 2009, is amended by adding the 1 16 following new subsection: 1 17 NEW SUBSECTION. 4. The executive director may establish 1 18 administrative divisions within the authority in order to most 1 19 efficiently and effectively carry out the authority's 1 20 responsibilities, provided that any creation or modification 1 21 of authority divisions be established only after consultation 1 22 with the board of the authority. 1 23 Sec. 4. Section 16.100A, subsection 9, Code 2009, is 1 24 amended by striking the subsection. 1 25 Sec. 5. Section 16.102, Code 2009, is amended to read as 1 26 follows: 1 27 16.102 ESTABLISHMENT OF BOND BANK PROGRAM == BONDS AND 1 28 NOTES == PROJECTS. 1 29 The authority may assist the development and expansion of 1 30 family farming, soil conservation, housing, and business in 1 31 the state through the establishment of the Iowa economic 1 32 development bond bank program. The authority may issue its 1 33 bonds or notes, or series of bonds or notes for the purpose of 1 34 defraying the cost of one or more projects and make secured 1 35 and unsecured loans for the acquisition and construction of 2 1 projects on terms the authority determines.For purposes of 2 2 this section, projects shall include any of the following:2 31. The acquisition of agricultural land and improvements 2 4 and depreciable agricultural property by beginning farmers for 2 5 the implementation of permanent soil and water conservation 2 6 practices and the acquisition of conservation farm equipment, 2 7 or any other purpose for which loans may be made by the Iowa 2 8 agricultural development authority pursuant to chapter 175.2 92. A project defined in section 419.1, subsection 12, for 2 10 which bonds or notes may be issued by a city or a county.2 11 Sec. 6. Section 16.181, subsection 1, paragraph b, 2 12 subparagraph (1), Code 2009, is amended by striking the 2 13 subparagraph and inserting in lieu thereof the following: 2 14 (1) Any moneys received by the authority from the national 2 15 housing trust fund created pursuant to the federal Housing and 2 16 Economic Recovery Act of 2008, Pub. L. No. 110=289. 2 17 Sec. 7. Section 16.181, subsection 1, paragraph c, 2 18 subparagraph (2), Code 2009, is amended to read as follows: 2 19 (2) PROJECT=BASED HOUSING PROGRAM. Forty percent of the 2 20 available moneys in the housing trust fund shall be allocated 2 21 to the project=based housing program. Any moneys allocated to 2 22 the project=based housing program on April 1 of each fiscal 2 23 year which have not been awarded to a local housing trust fund 2 24 may be transferred to the local housing trust fund program at 2 25 any time prior to the end of the fiscal year. 2 26 Sec. 8. Section 16.181, Code 2009, is amended by adding 2 27 the following new subsection: 2 28 NEW SUBSECTION. 2A. From moneys in the housing trust 2 29 fund, the authority may make low=interest loans to local 2 30 housing trust funds for purposes of developing and preserving 2 31 affordable housing for low=income individuals. 2 32 EXPLANATION 2 33 This bill relates to the Iowa finance authority. 2 34 The bill provides that, for purposes of Code chapter 16, 2 35 the term "project" includes certain projects for which 3 1 tax=exempt financing is authorized by the Internal Revenue 3 2 Code, together with any taxable financing necessary or 3 3 desirable in connection with such project. 3 4 The bill provides that neither members of the authority, 3 5 nor persons acting on behalf of the authority while acting 3 6 within the scope of their agency or employment, are subject to 3 7 personal liability resulting from carrying out the powers and 3 8 duties in Code chapter 16. 3 9 The bill allows the executive director of the authority to 3 10 establish administrative divisions within the authority, 3 11 provided that any creation or modification of authority 3 12 divisions be established only after consultation with the 3 13 board of the authority. 3 14 The bill eliminates requirements relating to mandatory 3 15 issue studies to be conducted by the council on homelessness. 3 16 The bill, under the bond bank program, eliminates defined 3 17 examples of projects under the program. 3 18 The bill eliminates a provision providing that the assets 3 19 of the former Iowa housing corporation be included in the 3 20 assets of the housing trust fund. 3 21 The bill provides that any moneys received by the authority 3 22 from the national housing trust fund shall be deposited in the 3 23 housing trust fund. 3 24 The bill provides that any moneys allocated to the 3 25 project=based housing program under the housing trust fund on 3 26 April 1 of each fiscal year which have not been awarded to a 3 27 local housing trust fund may be transferred to the local 3 28 housing trust fund program under the housing trust fund at any 3 29 time prior to the end of the fiscal year. 3 30 The bill provides that, from moneys in the housing trust 3 31 fund, the authority may make low=interest loans to local 3 32 housing trust funds for purposes of developing and preserving 3 33 affordable housing for low=income individuals. 3 34 LSB 1364XD 83 3 35 tm/nh/5.1