Senate File 72 - IntroducedA Bill ForAn Act 1establishing a neighborhood housing revitalization
2assistance program within the Iowa finance authority.
1   Section 1.  NEW SECTION.  16.52  Neighborhood housing
2revitalization assistance program — fund.
   31.  The authority shall establish a neighborhood housing
4revitalization assistance program to provide and foster
5lending programs and other services to facilitate targeted
6neighborhood revitalization in designated urban and rural areas
7in this state. The program shall encourage the development of
8public-private partnerships to provide loans and grants for the
9purpose of revitalizing housing in the designated areas.
   102.  The neighborhood housing revitalization assistance
11program shall include a forgivable loan program for
12qualifying home improvements, repairs, and renovations for
13an owner-occupied home. The authority shall establish, by
14rule, criteria for the forgivable loan program, subject to
15available funding, to include maximum loan amounts, allowable
16improvements, repairs and renovations for utilizing the
17program, and the method, based on household income, for
18determining, if applicable, that portion of a loan to be
19forgiven based on household income. Eligible improvements,
20repairs, and renovations for the forgivable loan program
21include but are not limited to updating aged or unsafe heating,
22air conditioning, upgrading electrical and plumbing systems;
23roof repair or replacement; foundation repair; exterior siding
24repair or replacement and paint; window and door repair or
25replacement; garage construction, repair, or replacement;
26energy efficiency-related repairs or upgrades; architectural
27barrier removal and wheelchair or mobility assistive device
28accessibility; sidewalk and driveway repair or replacement;
29and interior repairs and updates. Landscaping improvements or
30repairs shall not be eligible for the forgivable loan program.
   313.  a.  A neighborhood housing revitalization assistance
32program fund is created in the state treasury under the control
33of the authority. Moneys in the fund shall be appropriated
34to the authority for purposes of the neighborhood housing
35revitalization assistance program as established in this
   2b.  The fund shall consist of any unobligated funds
3transferred to the fund from a fund described in section
415.106A, subsection 1, paragraph “o”, and any other gift,
5donation, federal or other grant, or appropriation from any
6source intended to be used for the purposes of the fund.
   7c.  Notwithstanding section 8.33, all moneys in the fund
8which remain unexpended or unobligated at the close of the
9fiscal year shall not revert to the general fund of the state
10but shall remain available for expenditure for subsequent
11fiscal years.
13The inclusion of this explanation does not constitute agreement with
14the explanation’s substance by the members of the general assembly.
   15This bill requires the Iowa finance authority to establish a
16neighborhood housing revitalization assistance program for the
17purpose of providing and fostering lending programs and other
18services to facilitate targeted neighborhood revitalization in
19designated urban and rural areas in this state.
   20The bill provides that the program shall include a
21forgivable loan program for qualifying home improvements,
22repairs, and renovations for an owner-occupied home. The
23bill requires the authority to adopt rules governing the loan
24program and specifies the types of improvements, repairs, and
25renovation authorized for the program.
   26The bill also establishes a neighborhood housing
27revitalization assistance program fund under the control of
28the authority. The bill provides that the fund shall consist
29of any unobligated funds transferred to the fund from a fund
30described in Code section 15.106A, subsection 1, paragraph
31“o”, and any other gift, donation, federal or other grant, or
32appropriation intended to be used for purposes of the fund.
33The bill provides that all moneys in the fund which remain
34unexpended or unobligated at the close of a fiscal year shall
35not revert but shall remain available in subsequent fiscal