Senate Study Bill 3061 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON STATE GOVERNMENT BILL BY CHAIRPERSON DANIELSON) A BILL FOR An Act creating the manufactured housing program fund and 1 making appropriations. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5568XC (4) 85 av/sc

S.F. _____ Section 1. NEW SECTION . 16.100B Manufactured housing 1 program fund. 2 1. A manufactured housing program fund is created within the 3 authority to further the goal of providing affordable housing 4 to Iowans. The moneys in the fund are annually appropriated to 5 the authority for the purpose of providing funding to financing 6 agents or financial institutions to finance the purchase by 7 an individual of a manufactured home that is in compliance 8 with all laws, rules, and standards that are applicable to 9 manufactured homes and manufactured housing. 10 2. Moneys received by the authority for the manufactured 11 housing program fund, transferred by the authority for deposit 12 in the fund, appropriated to the fund, and any other moneys 13 available to and obtained or accepted by the authority for 14 placement in the fund shall be deposited in the fund and are 15 appropriated to the authority to be used as set forth in 16 this section. Additionally, recapture of awards and other 17 repayments to the fund shall be deposited in the fund and 18 are appropriated to the authority to be used as set forth in 19 this section. Notwithstanding section 8.33, unencumbered or 20 unobligated moneys remaining in the fund on June 30 of any 21 fiscal year shall not revert to any other fund but shall be 22 available for expenditure in subsequent years. Notwithstanding 23 section 12C.7, interest or earnings on moneys in the fund or 24 appropriated to the fund shall be credited to the fund. 25 3. The authority shall allocate moneys available in the 26 manufactured housing program fund to financing agents or 27 financial institutions to be used as set forth in subsection 28 1. The authority may provide funding to a financing agent or 29 financial institution in the form of loans, linked deposits, 30 guarantees, reserve funds, or any other prudent financial 31 instruments. 32 4. The authority shall adopt rules pursuant to chapter 33 17A including but not limited to eligibility requirements for 34 financing agents or financial institutions to receive funding 35 -1- LSB 5568XC (4) 85 av/sc 1/ 3

S.F. _____ through the manufactured housing program fund and any other 1 rules necessary to implement and administer this section. 2 5. For purposes of this section, “manufactured home” 3 or “manufactured housing” means a factory-built structure 4 constructed under authority of 42 U.S.C. §5403, that is 5 required by federal law to display a seal from the United 6 States department of housing and urban development, and was 7 constructed on or after June 15, 1976. 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanation’s substance by the members of the general assembly. 11 This bill creates the manufactured housing program fund 12 within the Iowa finance authority to further the goal of 13 providing affordable housing to Iowans. The moneys in the fund 14 are annually appropriated to the authority for the purpose of 15 providing funding to financing agents or financial institutions 16 to finance the purchase by an individual of a manufactured 17 home that is in compliance with all applicable laws, rules, 18 and standards that are applicable to manufactured homes and 19 manufactured housing. 20 The authority is required to allocate the moneys in the fund 21 to financing agents and financial institutions to meet the 22 purposes set forth in the bill and may provide funding in the 23 form of loans, linked deposits, guarantees, reserve funds, or 24 any other prudent financial instruments. 25 The authority is required to adopt rules that include but 26 are not limited to eligibility requirements for financing 27 agents and financial institutions to receive funding, and any 28 other rules that are necessary to implement and administer the 29 provisions of the bill. 30 For purposes of the bill, “manufactured home” or 31 “manufactured housing” means a factory-built structure 32 constructed under authority of 42 U.S.C. §5403, that is 33 required by federal law to display a seal from the United 34 States department of housing and urban development, and was 35 -2- LSB 5568XC (4) 85 av/sc 2/ 3

S.F. _____ constructed on or after June 15, 1976. 1 -3- LSB 5568XC (4) 85 av/sc 3/ 3