Senate File 2354 - Reprinted
SENATE FILE
BY COMMITTEE ON VETERANS
AFFAIRS
(SUCCESSOR TO SF 2224)
Passed Senate, Date Passed House, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act concerning the home ownership assistance program for
2 members of the military.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN
1 1 Section 1. NEW SECTION. 16.54 HOME OWNERSHIP ASSISTANCE
1 2 PROGRAM FOR MILITARY MEMBERS.
1 3 1. For the purposes of this section, "eligible member of
1 4 the armed forces of the United States" means a person who is
1 5 or was a member of the national guard, reserve, or regular
1 6 component of the armed forces of the United States who has
1 7 served at least ninety days of active duty service beginning
1 8 on or after September 11, 2001. "Eligible member of the armed
1 9 forces of the United States" also means a former member of the
1 10 national guard, reserve, or regular component of the armed
1 11 forces of the United States who was honorably discharged due
1 12 to injuries incurred while on active federal service
1 12 beginning on or after
1 12 September 11, 2001,
1 12 that
1 13 precluded completion of a minimum aggregate of ninety days of
1 14 active federal service.
1 15 2. The home ownership assistance program is established to
1 16 continue the program implemented pursuant to 2005 Iowa Acts,
1 17 chapter 161, section 1, as amended by 2005 Iowa Acts, chapter
1 18 115, section 37, and continued in accordance with 2006 Iowa
1 19 Acts, chapter 1167, sections 3 and 4, and other
1 20 appropriations, to provide financial assistance to eligible
1 21 members of the armed forces of the United States to be used
1 22 for purchasing primary residences in the state of Iowa.
1 23 3. The program shall be administered by the authority and
1 24 shall provide loans, grants, or other assistance to persons
1 25 who are or were eligible members of the armed forces of the
1 26 United States. In the event an eligible member is deceased,
1 27 the surviving spouse of the eligible member shall be eligible
1 28 for assistance under the program, subject to the surviving
1 29 spouse meeting the program's eligibility requirements other
1 30 than the military service requirement. In addition, a person
1 31 eligible for the program under this section may participate in
1 32 other loan and grant programs of the authority, provided the
1 33 person meets the requirements of those programs.
1 34 4. To qualify for a loan, grant, or other assistance under
1 35 the home ownership assistance program, the following
2 1 requirements, if applicable, shall be met:
2 2 a. The person eligible for the program shall, for financed
2 3 home purchases that close on or after July 1, 2008, use a
2 4 lender that participates in the authority's applicable
2 5 programs for first=time homebuyers.
2 6 b. If the person eligible for the program is a first=time
2 7 homebuyer, then, for financed home purchases that close on or
2 8 after July 1, 2008, the eligible person shall participate, if
2 9 eligible to participate, in one of the authority's applicable
2 10 programs for first=time homebuyers.
2 11 c. A title guaranty certificate shall be issued for the
2 12 property being purchased under the program.
2 13 5. The authority shall adopt rules for administering the
2 14 program. The rules may provide for limiting the period of
2 15 time for which an award of funds under the program shall be
2 16 reserved for an eligible person pending the closing of a home
2 17 purchase and compliance with all program requirements.
2 18 Implementation of the program shall be limited to the extent
2 19 of the amount appropriated or otherwise made available for
2 20 purposes of the program.
2 21 6. The department of veterans affairs shall support the
2 22 program by providing eligibility determinations and other
2 23 program assistance requested by the authority.
2 24 Sec. 2. Section 35A.15, Code Supplement 2007, is repealed.
2 25 SF 2354
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