Senate Study Bill 1240 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            REBUILD IOWA BILL BY
                                            CHAIRPERSON HOGG)


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

                                      A BILL FOR

  1 An Act relating to loan forgiveness under the jumpstart housing
  2    assistance program.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2431SC 83
  5 tm/rj/14

PAG LIN



  1  1    Section 1.  JUMPSTART HOUSING ASSISTANCE PROGRAM.  Under
  1  2 the jumpstart housing assistance program administered by the
  1  3 Iowa finance authority, forgivable loans made pursuant to the
  1  4 program shall be forgivable over a five=year period.
  1  5 One=fifth of the total principal amount loaned shall be
  1  6 forgiven following each full year the eligible resident owns
  1  7 the home for which the loan was made, beginning on the date of
  1  8 the final disbursement of forgivable loan proceeds.
  1  9                           EXPLANATION
  1 10    This bill relates to loan forgiveness under the jumpstart
  1 11 housing assistance program.
  1 12    The bill provides that, under the jumpstart housing
  1 13 assistance program administered by the Iowa finance authority
  1 14 and currently subject to 265 IAC ch. 29, forgivable loans made
  1 15 pursuant to the program shall be forgivable over a five=year
  1 16 period.
  1 17 LSB 2431SC 83
  1 18 tm/rj/14