SF 76 (LSB 1466XS (3) 90)

SENATE FILE 76

BY  PETERSEN, WEINER, CELSI, TRONE GARRIOTT, BOULTON, DOTZLER, JOCHUM, QUIRMBACH, T. TAYLOR, DONAHUE, KNOX, BENNETT, WINCKLER, GIDDENS, BISIGNANO, and WAHLS

A BILL FOR

An Act establishing a neighborhood housing revitalization assistance program within the Iowa finance authority.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  16.222  Neighborhood housing revitalization assistance program —— fund.
   1.  The authority shall establish a neighborhood housing revitalization assistance program to provide and foster lending programs and other services to facilitate targeted neighborhood revitalization in designated urban and rural areas in this state. The program shall encourage the development of public-private partnerships to provide loans and grants for the purpose of revitalizing housing in the designated areas.
   2.  The neighborhood housing revitalization assistance program shall include a forgivable loan program for qualifying home improvements, repairs, and renovations for an owner-occupied home. The authority shall establish, by rule, criteria for the forgivable loan program, subject to available funding, to include maximum loan amounts, allowable improvements, repairs and renovations for utilizing the program, and the method for determining, if applicable, that portion of a loan to be forgiven based on household income. Eligible improvements, repairs, and renovations for the forgivable loan program include but are not limited to updating aged or unsafe heating or air conditioning systems; upgrading electrical and plumbing systems; roof repair or replacement; foundation repair; exterior siding repair or replacement; exterior paint; window and door repair or replacement; garage construction, repair, or replacement; energy efficiency-related repairs or upgrades; architectural barrier removal and wheelchair or mobility assistive device accessibility; sidewalk and driveway repair or replacement; and interior repairs and updates. Landscape improvements or repairs shall not be eligible for the forgivable loan program.
   3.  a.  A neighborhood housing revitalization assistance program fund is created in the state treasury under the control of the authority. Moneys in the fund shall be appropriated to the authority for purposes of the neighborhood housing revitalization assistance program as established in this section.
   b.  The fund shall consist of any unobligated funds transferred to the fund from a fund described in section 15.106A, subsection 1, paragraph “o”, and any other gift, donation, federal or other grant, or appropriation from any source intended to be used for the purposes of the fund.
   c.  Notwithstanding section 8.33, all moneys in the fund which remain unexpended or unobligated at the close of the fiscal year shall not revert to the general fund of the state but shall remain available for expenditure for subsequent fiscal years.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill requires the Iowa finance authority to establish a neighborhood housing revitalization assistance program for the purpose of providing and fostering lending programs and other services to facilitate targeted neighborhood revitalization in designated urban and rural areas in this state.
   The bill provides that the program shall include a forgivable loan program for qualifying home improvements, repairs, and renovations for an owner-occupied home. The bill requires the authority to adopt rules governing the loan program. The rules must specify the types of improvements, repairs, and renovation authorized for the program, and the method for determining, if applicable, the portion of a loan that is to be forgiven based on household income.
   The bill also establishes a neighborhood housing revitalization assistance program fund under the control of the authority. The bill provides that the fund shall consist of any unobligated funds transferred to the fund from a fund described in Code section 15.106A(1)(o), and any other gift, donation, federal or other grant, or appropriation intended to be used for purposes of the fund. The bill provides that all moneys in the fund which remain unexpended or unobligated at the close of a fiscal year shall not revert but shall remain available in subsequent fiscal years.