Senate File 2073 - Introduced SENATE FILE 2073 BY J. SMITH , KINNEY , DOTZLER , PETERSEN , TRONE GARRIOTT , GIDDENS , BOULTON , LYKAM , MATHIS , WAHLS , BOLKCOM , RAGAN , BISIGNANO , CELSI , T. TAYLOR , QUIRMBACH , HOGG , and JOCHUM 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 5579XS (4) 89 ko/jh
S.F. 2073 Section 1. NEW SECTION . 16.222 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 21 heating or air conditioning systems; upgrading electrical 22 and plumbing systems; roof repair or replacement; foundation 23 repair; exterior siding repair or replacement; exterior paint; 24 window and door repair or replacement; garage construction, 25 repair, or replacement; energy efficiency-related repairs or 26 upgrades; architectural barrier removal and wheelchair or 27 mobility assistive device accessibility; sidewalk and driveway 28 repair or replacement; and interior repairs and updates. 29 Landscape improvements or repairs shall not be eligible for the 30 forgivable loan program. 31 3. a. A neighborhood housing revitalization assistance 32 program fund is created in the state treasury under the control 33 of the authority. Moneys in the fund shall be appropriated 34 to the authority for purposes of the neighborhood housing 35 -1- LSB 5579XS (4) 89 ko/jh 1/ 3
S.F. 2073 revitalization assistance program as established in this 1 section. 2 b. The fund shall consist of any unobligated funds 3 transferred to the fund from a fund described in section 4 15.106A, subsection 1, paragraph “o” , and any other gift, 5 donation, federal or other grant, or appropriation from any 6 source intended to be used for the purposes of the fund. 7 c. Notwithstanding section 8.33, all moneys in the fund 8 which remain unexpended or unobligated at the close of the 9 fiscal year shall not revert to the general fund of the state 10 but shall remain available for expenditure for subsequent 11 fiscal years. 12 EXPLANATION 13 The inclusion of this explanation does not constitute agreement with 14 the explanation’s substance by the members of the general assembly. 15 This bill requires the Iowa finance authority to establish a 16 neighborhood housing revitalization assistance program for the 17 purpose of providing and fostering lending programs and other 18 services to facilitate targeted neighborhood revitalization in 19 designated urban and rural areas in this state. 20 The bill provides that the program shall include a 21 forgivable loan program for qualifying home improvements, 22 repairs, and renovations for an owner-occupied home. The 23 bill requires the authority to adopt rules governing the loan 24 program and specifies the types of improvements, repairs, and 25 renovation authorized for the program. 26 The bill also establishes a neighborhood housing 27 revitalization assistance program fund under the control of 28 the authority. The bill provides that the fund shall consist 29 of any unobligated funds transferred to the fund from a fund 30 described in Code section 15.106A(1)(6), and any other gift, 31 donation, federal or other grant, or appropriation intended to 32 be used for purposes of the fund. The bill provides that all 33 moneys in the fund which remain unexpended or unobligated at 34 the close of a fiscal year shall not revert but shall remain 35 -2- LSB 5579XS (4) 89 ko/jh 2/ 3
S.F. 2073 available in subsequent fiscal years. 1 -3- LSB 5579XS (4) 89 ko/jh 3/ 3