Senate Study Bill 3178 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON VETERANS AFFAIRS BILL BY CHAIRPERSON BEALL) A BILL FOR An Act relating to the home ownership assistance program for 1 military members. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6151XC (1) 85 aw/sc

S.F. _____ Section 1. Section 16.54, subsection 1, Code 2014, is 1 amended to read as follows: 2 1. For the purposes of this section , “eligible member of 3 the armed forces of the United States” means a person who is or 4 was a member of the national guard, or a reserve , or regular 5 component of the armed forces of the United States , who has 6 served at least ninety days of active duty service beginning 7 on or after September 11, 2001 , or during the period of the 8 Persian Gulf Conflict, beginning August 2, 1990, and ending 9 April 6, 1991 . “Eligible member of the armed forces of the 10 United States” also means a former member of the national guard, 11 or a reserve , or regular component of the armed forces of the 12 United States , who was honorably discharged due to injuries 13 incurred while on federal active duty beginning on or after 14 September 11, 2001 , or during the period of the Persian Gulf 15 Conflict, beginning August 2, 1990, and ending April 6, 1991 , 16 that precluded completion of a minimum aggregate of ninety days 17 of federal active duty. 18 Sec. 2. Section 16.54, subsection 4, paragraph b, Code 2014, 19 is amended to read as follows: 20 b. (1) For financed home purchases that close on or 21 after July 1, 2008, the eligible person shall participate, 22 if eligible to participate, in one of the authority’s other 23 applicable programs for homebuyers. However 24 (2) Notwithstanding subparagraph (1) , a person eligible for 25 one of the authority’s other applicable programs for homebuyers 26 may use a lender that does not participate in the authority’s 27 programs for homebuyers if such lender is approved by the 28 authority under subsection 5 . For financed home purchases that 29 close on or after July 1, 2014, an eligible person may accept 30 financing other than that available under the authority’s 31 applicable programs for homebuyers if the financing is offered 32 by a lender that participates in an authority program for 33 homebuyers or by a lender approved pursuant to subsection 5, 34 and if the authority determines that the offered financing 35 -1- LSB 6151XC (1) 85 aw/sc 1/ 2

S.F. _____ would be economically feasible and financially advantageous for 1 the eligible person. 2 EXPLANATION 3 The inclusion of this explanation does not constitute agreement with 4 the explanation’s substance by the members of the general assembly. 5 This bill relates to the home ownership assistance program 6 for military members. 7 Current law limits eligibility to persons who are or 8 were members of the national guard, or a reserve or regular 9 component of the armed forces of the United States, who have 10 served at least 90 days of active duty service beginning on 11 or after September 11, 2001, and to certain members who were 12 precluded from completing the minimum aggregate of 90 days 13 of active duty service due to injury. The bill modifies the 14 military service criteria to include members of the national 15 guard, or a reserve or regular component of the armed forces of 16 the United States, who served during the period of the Persian 17 Gulf Conflict, beginning August 2, 1990, and ending April 6, 18 1991. 19 The bill also allows an eligible person to utilize 20 financing other than that available under the IFA’s current 21 homebuyer programs if the offered financing is by a lender 22 who participates in IFA’s homebuyer programs or is a lender 23 approved by IFA, and if the authority determines that 24 the offered financing would be economically feasible and 25 financially advantageous for the eligible person. This 26 provision applies to financed home purchases that close on or 27 after July 1, 2014. 28 -2- LSB 6151XC (1) 85 aw/sc 2/ 2