Senate Study Bill 3019 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON STATE GOVERNMENT BILL BY CHAIRPERSON SMITH) 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 5392XC (3) 87 ec/rj

S.F. _____ Section 1. NEW SECTION . 16.45 Manufactured housing program 1 fund. 2 1. A manufactured housing program fund is created within 3 the authority to further the goal of providing affordable 4 housing to Iowans. The moneys in the fund are to be used for 5 the purpose of providing funding to financial institutions to 6 finance the purchase by an individual of a manufactured home 7 that is in compliance with all laws, rules, and standards that 8 are applicable to manufactured homes and manufactured housing. 9 2. a. Moneys received by the authority for the manufactured 10 housing program fund, transferred by the authority for deposit 11 in the fund, appropriated to the fund, and any other moneys 12 available to and obtained or accepted by the authority for 13 placement in the fund shall be deposited in the fund and are 14 appropriated to the authority to be used as set forth in this 15 section. 16 b. Notwithstanding any provision of section 16.46, 17 16.47, 16.48, or 16.49 to the contrary, the authority shall 18 be authorized to transfer for deposit in the manufactured 19 housing program fund for any fiscal year any unobligated and 20 unencumbered moneys in the funds created in sections 16.46, 21 16.47, 16.48, and 16.49 from the prior fiscal year. However, 22 the maximum amount of moneys that may be so transferred for any 23 fiscal year shall not exceed the lesser of one million dollars 24 or an amount equal to the total amount of any unobligated and 25 unencumbered moneys in the funds available for transfer from 26 the previous fiscal year reduced by one million dollars. 27 c. Additionally, recapture of awards and other repayments to 28 the fund shall be deposited in the fund and are appropriated 29 to the authority to be used as set forth in this section. 30 Notwithstanding section 8.33, unencumbered or unobligated 31 moneys remaining in the fund on June 30 of any fiscal year 32 shall not revert to any other fund but shall be available for 33 expenditure in subsequent years. However, any unencumbered 34 or unobligated moneys remaining in the fund on June 30 of any 35 -1- LSB 5392XC (3) 87 ec/rj 1/ 4

S.F. _____ fiscal year that were transferred to the fund as provided in 1 paragraph “b” shall revert to the fund from which the transfer 2 was made. Notwithstanding section 12C.7, subsection 2, 3 interest or earnings on moneys in the fund or appropriated to 4 the fund shall be credited to the fund. 5 3. The authority shall allocate moneys available in the 6 manufactured housing program fund to financial institutions 7 to be used as set forth in subsection 1. The authority may 8 provide funding to financial institutions in the form of loans, 9 linked deposits, guarantees, reserve funds, or any other 10 prudent financial instruments. 11 4. The authority shall adopt rules pursuant to chapter 17A 12 necessary to implement and administer this section, including 13 but not limited to eligibility requirements for financial 14 institutions to receive funding through the manufactured 15 housing program fund. 16 5. For purposes of this section, “financial institutions” 17 means the same as defined in section 12C.1 and “manufactured 18 home” or “manufactured housing” means the same as the definition 19 of manufactured home in section 435.1. 20 Sec. 2. Section 16.54, subsection 2, Code 2018, is amended 21 to read as follows: 22 2. The home ownership assistance program is established to 23 continue the program implemented pursuant to 2005 Iowa Acts, 24 ch. 161, §1, as amended by 2005 Iowa Acts, ch. 115, §37, and 25 continued in accordance with 2006 Iowa Acts, ch. 1167, §3 and 26 4, and other appropriations, to provide financial assistance to 27 eligible members of the armed forces of the United States to 28 be used for purchasing primary residences , including but not 29 limited to manufactured homes on leased land, in the state of 30 Iowa. 31 EXPLANATION 32 The inclusion of this explanation does not constitute agreement with 33 the explanation’s substance by the members of the general assembly. 34 This bill concerns manufactured homes. 35 -2- LSB 5392XC (3) 87 ec/rj 2/ 4

S.F. _____ New Code section 16.45 creates the manufactured housing 1 program fund within the Iowa finance authority to further the 2 goal of providing affordable housing to Iowans. The moneys 3 in the fund are annually appropriated to the authority for 4 the purpose of providing funding to financial institutions 5 to finance the purchase by an individual of a manufactured 6 home that is in compliance with all applicable laws, rules, 7 and standards that are applicable to manufactured homes and 8 manufactured housing. 9 The bill authorizes the authority to transfer for deposit 10 in the new fund for any fiscal year any unobligated and 11 unencumbered moneys from the senior living revolving loan 12 program fund, home and community-based services revolving loan 13 program fund, transitional housing revolving loan program 14 fund, and community housing and services for persons with 15 disabilities revolving loan program fund from the prior fiscal 16 year. However, the bill provides that the maximum amount of 17 moneys that may be so transferred for any fiscal year shall not 18 exceed the lesser of $1 million or an amount equal to the total 19 amount of any unobligated and unencumbered moneys in the funds 20 available for transfer from the previous fiscal year reduced 21 by $1 million. 22 The authority is required to allocate the moneys in the fund 23 to financial institutions to meet the purposes set forth in 24 the bill and may provide funding in the form of loans, linked 25 deposits, guarantees, reserve funds, or any other prudent 26 financial instruments. 27 The authority is required to adopt rules that include but 28 are not limited to eligibility requirements for financial 29 institutions to receive funding, and any other rules that are 30 necessary to implement and administer the provisions of the 31 bill. 32 For purposes of the bill, “financial institution” means 33 as defined in Code section 12C.1 and “manufactured home” 34 or “manufactured housing” means a factory-built structure 35 -3- LSB 5392XC (3) 87 ec/rj 3/ 4

S.F. _____ constructed under authority of 42 U.S.C. §5403, that is 1 required by federal law to display a seal from the United 2 States department of housing and urban development, and was 3 constructed on or after June 15, 1976. 4 Code section 16.54, establishing the home ownership 5 assistance program for military members, is amended to provide 6 that primary residences, for purposes of this program, includes 7 manufactured homes on leased land. 8 -4- LSB 5392XC (3) 87 ec/rj 4/ 4