House File 2610 - Introduced HOUSE FILE 2610 BY PRICHARD , McCONKEY , HUNTER , MASCHER , OLDSON , STECKMAN , THEDE , B. MEYER , COHOON , GASKILL , WOLFE , DONAHUE , WINCKLER , STAED , JAMES , JUDGE , KURTZ , WILBURN , BEARINGER , FORBES , BENNETT , RUNNING-MARQUARDT , BRECKENRIDGE , HALL , WILLIAMS , KACENA , NIELSEN , ABDUL-SAMAD , KRESSIG , BROWN-POWERS , OLSON , SUNDE , WESSEL-KROESCHELL , and MATSON A BILL FOR An Act relating to the workforce housing tax incentives 1 program. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5284YH (4) 88 ko/jh
H.F. 2610 Section 1. Section 15.119, subsection 2, paragraph g, Code 1 2020, is amended to read as follows: 2 g. The workforce housing tax incentives program administered 3 pursuant to sections 15.351 through 15.356 . In allocating 4 tax credits pursuant to this subsection , the authority shall 5 not allocate more than twenty-five thirty million dollars for 6 purposes of this paragraph. Of the moneys allocated under this 7 paragraph, ten million dollars shall be reserved for allocation 8 to qualified housing projects in small cities, as defined in 9 section 15.352 , that are registered on or after July 1, 2017. 10 Sec. 2. Section 15.353, subsection 1, Code 2020, is amended 11 by adding the following new paragraph: 12 NEW PARAGRAPH . d. A single-family dwelling unit built 13 before 1990. 14 Sec. 3. Section 15.353, subsection 2, Code 2020, is amended 15 by adding the following new paragraph: 16 NEW PARAGRAPH . g. The rehabilitation, repair, or 17 improvements to accessibility of a single-family dwelling unit 18 built before 1990. 19 Sec. 4. WORKFORCE HOUSING TAX INCENTIVES PROGRAM —— SMALL 20 CITY WAIT LIST. Notwithstanding section 15.119, subsection 2, 21 paragraph “g”, and section 15.354, subsection 4, paragraphs 22 “a”, “c”, and “f”, of the moneys allocated pursuant to section 23 15.119, subsection 2, paragraph “g”, the economic development 24 authority shall reserve twenty percent of the moneys for 25 allocation to qualified housing projects in small cities, as 26 “small city” is defined in section 15.352, until the date 27 on which there are no housing projects located in a small 28 city remaining on any wait list maintained by the economic 29 development authority for the workforce housing tax incentives 30 program. 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 is related to the workforce housing tax incentives 35 -1- LSB 5284YH (4) 88 ko/jh 1/ 2
H.F. 2610 program. 1 Current law requires the economic development authority 2 (authority) to allocate no more than $25 million to the 3 workforce housing tax incentives program (program) in a single 4 fiscal year, with $10 million of that allocation reserved for 5 qualified housing projects (projects) in small cities. The 6 bill directs the authority to annually allocate $30 million 7 to the program. In addition, the bill requires the authority 8 to reserve 20 percent of the allocation to projects in small 9 cities until the date on which there are no projects located in 10 small cities remaining on any wait list the authority maintains 11 for the program. “Small city” is defined in the bill as any 12 city or township located in this state, except those located 13 wholly within 1 or more of the 11 most populous counties in the 14 state, as determined by the most recent population estimates 15 issued by the United States bureau of census. 16 The bill expands eligible housing projects to include the 17 rehabilitation, repair, or improvements to accessibility of 18 single-family dwelling units built before 1990. 19 -2- LSB 5284YH (4) 88 ko/jh 2/ 2