House Study Bill 111 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON ECONOMIC GROWTH BILL BY CHAIRPERSON HANUSA) A BILL FOR An Act creating the manufactured housing program fund. 1 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 2 TLSB 1745HC (3) 86 av/sc

H.F. _____ Section 1. NEW SECTION . 16.45 Manufactured housing program 1 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 to be used for the 5 purpose of providing funding to financing agents or financial 6 institutions to finance the purchase by an individual of a 7 manufactured home that is in compliance with all laws, rules, 8 and standards that are applicable to manufactured homes and 9 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 institutions 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 17A 33 necessary to implement and administer this section, including 34 but not limited to eligibility requirements for financing 35 -1- LSB 1745HC (3) 86 av/sc 1/ 2

H.F. _____ agents or financial institutions to receive funding through the 1 manufactured housing program fund. 2 5. For purposes of this section, “manufactured home” or 3 “manufactured housing” means the same as the definition of 4 manufactured home in section 435.1. 5 EXPLANATION 6 The inclusion of this explanation does not constitute agreement with 7 the explanation’s substance by the members of the general assembly. 8 This bill creates the manufactured housing program fund 9 within the Iowa finance authority to further the goal of 10 providing affordable housing to Iowans. The moneys in the fund 11 are annually appropriated to the authority for the purpose of 12 providing funding to financing agents or financial institutions 13 to finance the purchase by an individual of a manufactured 14 home that is in compliance with all applicable laws, rules, 15 and standards that are applicable to manufactured homes and 16 manufactured housing. 17 The authority is required to allocate the moneys in the fund 18 to financing agents and financial institutions to meet the 19 purposes set forth in the bill and may provide funding in the 20 form of loans, linked deposits, guarantees, reserve funds, or 21 any other prudent financial instruments. 22 The authority is required to adopt rules that include but 23 are not limited to eligibility requirements for financing 24 agents and financial institutions to receive funding, and any 25 other rules that are necessary to implement and administer the 26 provisions of the bill. 27 For purposes of the bill, “manufactured home” or 28 “manufactured housing” means a factory-built structure 29 constructed under authority of 42 U.S.C. §5403, that is 30 required by federal law to display a seal from the United 31 States department of housing and urban development, and was 32 constructed on or after June 15, 1976. 33 -2- LSB 1745HC (3) 86 av/sc 2/ 2