SSB 3061 (LSB 5568XC (4) 85)

SENATE FILE _____

BY  (PROPOSED COMMITTEE ON STATE GOVERNMENT BILL BY CHAIRPERSON DANIELSON)

A BILL FOR

An Act creating the manufactured housing program fund and making appropriations.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  16.100B  Manufactured housing program fund.
   1.  A manufactured housing program fund is created within the authority to further the goal of providing affordable housing to Iowans. The moneys in the fund are annually appropriated to the authority for the purpose of providing funding to financing agents or financial institutions to finance the purchase by an individual of a manufactured home that is in compliance with all laws, rules, and standards that are applicable to manufactured homes and manufactured housing.
   2.  Moneys received by the authority for the manufactured housing program fund, transferred by the authority for deposit in the fund, appropriated to the fund, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section. Additionally, recapture of awards and other repayments to the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section. Notwithstanding section 8.33, unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year shall not revert to any other fund but shall be available for expenditure in subsequent years. Notwithstanding section 12C.7, interest or earnings on moneys in the fund or appropriated to the fund shall be credited to the fund.
   3.  The authority shall allocate moneys available in the manufactured housing program fund to financing agents or financial institutions to be used as set forth in subsection 1. The authority may provide funding to a financing agent or financial institution in the form of loans, linked deposits, guarantees, reserve funds, or any other prudent financial instruments.
   4.  The authority shall adopt rules pursuant to chapter 17A including but not limited to eligibility requirements for financing agents or financial institutions to receive funding through the manufactured housing program fund and any other rules necessary to implement and administer this section.
   5.  For purposes of this section, “manufactured home” or “manufactured housing” means a factory-built structure constructed under authority of 42 U.S.C. §5403, that is required by federal law to display a seal from the United States department of housing and urban development, and was constructed on or after June 15, 1976.
EXPLANATION
The inclusion of this explanation does not constitute agreement with

the explanation’s substance by the members of the general assembly.
   This bill creates the manufactured housing program fund within the Iowa finance authority to further the goal of providing affordable housing to Iowans. The moneys in the fund are annually appropriated to the authority for the purpose of providing funding to financing agents or financial institutions to finance the purchase by an individual of a manufactured home that is in compliance with all applicable laws, rules, and standards that are applicable to manufactured homes and manufactured housing.
   The authority is required to allocate the moneys in the fund to financing agents and financial institutions to meet the purposes set forth in the bill and may provide funding in the form of loans, linked deposits, guarantees, reserve funds, or any other prudent financial instruments.
   The authority is required to adopt rules that include but are not limited to eligibility requirements for financing agents and financial institutions to receive funding, and any other rules that are necessary to implement and administer the provisions of the bill.
   For purposes of the bill, “manufactured home” or “manufactured housing” means a factory-built structure constructed under authority of 42 U.S.C. §5403, that is required by federal law to display a seal from the United States department of housing and urban development, and was constructed on or after June 15, 1976.