House Study Bill 39 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON ECONOMIC GROWTH BILL BY CHAIRPERSON HANUSA) A BILL FOR An Act concerning manufactured homes by creating a manufactured 1 housing program fund and providing eligibility under the 2 home ownership assistance program for military members for 3 the purchase of manufactured homes. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1695YC (2) 87 ec/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, subsection 2, interest or earnings on moneys in 24 the fund or appropriated to the fund shall be credited to the 25 fund. 26 3. The authority shall allocate moneys available in the 27 manufactured housing program fund to financing agents or 28 financial institutions to be used as set forth in subsection 29 1. The authority may provide funding to financing agents or 30 financial institutions in the form of loans, linked deposits, 31 guarantees, reserve funds, or any other prudent financial 32 instruments. 33 4. The authority shall adopt rules pursuant to chapter 17A 34 necessary to implement and administer this section, including 35 -1- LSB 1695YC (2) 87 ec/sc 1/ 3

H.F. _____ but not limited to eligibility requirements for financing 1 agents or financial institutions to receive funding through the 2 manufactured housing program fund. 3 5. For purposes of this section, “manufactured home” or 4 “manufactured housing” means the same as the definition of 5 manufactured home in section 435.1. 6 Sec. 2. Section 16.54, subsection 2, Code 2017, is amended 7 to read as follows: 8 2. The home ownership assistance program is established to 9 continue the program implemented pursuant to 2005 Iowa Acts, 10 ch. 161, §1, as amended by 2005 Iowa Acts, ch. 115, §37, and 11 continued in accordance with 2006 Iowa Acts, ch. 1167, §3 and 12 4, and other appropriations, to provide financial assistance to 13 eligible members of the armed forces of the United States to 14 be used for purchasing primary residences , including but not 15 limited to manufactured homes on leased land, in the state of 16 Iowa. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 This bill concerns manufactured homes. 21 New Code section 16.45 creates the manufactured housing 22 program fund within the Iowa finance authority to further the 23 goal of providing affordable housing to Iowans. The moneys in 24 the fund are annually appropriated to the authority for the 25 purpose of providing funding to financing agents or financial 26 institutions to finance the purchase by an individual of a 27 manufactured home that is in compliance with all applicable 28 laws, rules, and standards that are applicable to manufactured 29 homes and manufactured housing. 30 The authority is required to allocate the moneys in the fund 31 to financing agents and financial institutions to meet the 32 purposes set forth in the bill and may provide funding in the 33 form of loans, linked deposits, guarantees, reserve funds, or 34 any other prudent financial instruments. 35 -2- LSB 1695YC (2) 87 ec/sc 2/ 3

H.F. _____ The authority is required to adopt rules that include but 1 are not limited to eligibility requirements for financing 2 agents and financial institutions to receive funding, and any 3 other rules that are necessary to implement and administer the 4 provisions of the bill. 5 For purposes of the bill, “manufactured home” or 6 “manufactured housing” means a factory-built structure 7 constructed under authority of 42 U.S.C. §5403, that is 8 required by federal law to display a seal from the United 9 States department of housing and urban development, and was 10 constructed on or after June 15, 1976. 11 Code section 16.54, establishing the home ownership 12 assistance program for military members, is amended to provide 13 that primary residences, for purposes of this program, includes 14 manufactured homes on leased land. 15 -3- LSB 1695YC (2) 87 ec/sc 3/ 3