Senate File 2260 - Introduced SENATE FILE 2260 BY PETERSEN , BOLKCOM , QUIRMBACH , BOULTON , JOCHUM , DOTZLER , DVORSKY , ALLEN , BOWMAN , KINNEY , McCOY , MATHIS , RAGAN , DANIELSON , LYKAM , and HART A BILL FOR An Act establishing a neighborhood housing revitalization 1 assistance program within the Iowa finance authority. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6075XS (6) 87 ec/rn
S.F. 2260 Section 1. NEW SECTION . 16.52 Neighborhood housing 1 revitalization assistance program —— fund. 2 1. The authority shall establish a neighborhood housing 3 revitalization assistance program to provide and foster 4 lending programs and other services to facilitate targeted 5 neighborhood revitalization in designated urban and rural areas 6 in this state. The program shall encourage the development of 7 public-private partnerships to provide loans and grants for the 8 purpose of revitalizing housing in the designated areas. 9 2. The neighborhood housing revitalization assistance 10 program shall include a forgivable loan program for 11 qualifying home improvements, repairs, and renovations for 12 an owner-occupied home. The authority shall establish, by 13 rule, criteria for the forgivable loan program, subject to 14 available funding, to include maximum loan amounts, allowable 15 improvements, repairs and renovations for utilizing the 16 program, and the method, based on household income, for 17 determining, if applicable, that portion of a loan to be 18 forgiven based on household income. Eligible improvements, 19 repairs, and renovations for the forgivable loan program 20 include but are not limited to updating aged or unsafe heating, 21 air conditioning, upgrading electrical and plumbing systems; 22 roof repair or replacement; foundation repair; exterior siding 23 repair or replacement and paint; window and door repair or 24 replacement; garage construction, repair, or replacement; 25 energy efficiency-related repairs or upgrades; architectural 26 barrier removal and wheelchair or mobility assistive device 27 accessibility; sidewalk and driveway repair or replacement; 28 and interior repairs and updates. Landscaping improvements or 29 repairs shall not be eligible for the forgivable loan program. 30 3. a. A neighborhood housing revitalization assistance 31 program fund is created in the state treasury under the control 32 of the authority. Moneys in the fund shall be appropriated 33 to the authority for purposes of the neighborhood housing 34 revitalization assistance program as established in this 35 -1- LSB 6075XS (6) 87 ec/rn 1/ 3
S.F. 2260 section. 1 b. The fund shall consist of any unobligated funds 2 transferred to the fund from a fund described in section 3 15.106A, subsection 1, paragraph “o” , and any other gift, 4 donation, federal or other grant, or appropriation from any 5 source intended to be used for the purposes of the fund. 6 c. Notwithstanding section 8.33, all moneys in the fund 7 which remain unexpended or unobligated at the close of the 8 fiscal year shall not revert to the general fund of the state 9 but shall remain available for expenditure for subsequent 10 fiscal years. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanation’s substance by the members of the general assembly. 14 This bill requires the Iowa finance authority to establish a 15 neighborhood housing revitalization assistance program for the 16 purpose of providing and fostering lending programs and other 17 services to facilitate targeted neighborhood revitalization in 18 designated urban and rural areas in this state. 19 The bill provides that the program shall include a 20 forgivable loan program for qualifying home improvements, 21 repairs, and renovations for an owner-occupied home. The 22 bill requires the authority to adopt rules governing the loan 23 program and specifies the types of improvements, repairs, and 24 renovation authorized for the program. 25 The bill also establishes a neighborhood housing 26 revitalization assistance program fund under the control of 27 the authority. The bill provides that the fund shall consist 28 of any unobligated funds transferred to the fund from a fund 29 described in Code section 15.106A, subsection 1, paragraph 30 “o”, and any other gift, donation, federal or other grant, or 31 appropriation intended to be used for purposes of the fund. 32 The bill provides that all moneys in the fund which remain 33 unexpended or unobligated at the close of a fiscal year shall 34 not revert but shall remain available in subsequent fiscal 35 -2- LSB 6075XS (6) 87 ec/rn 2/ 3
S.F. 2260 years. 1 -3- LSB 6075XS (6) 87 ec/rn 3/ 3