Senate File 357 - Introduced SENATE FILE 357 BY PETERSEN , WINCKLER , DONAHUE , STAED , BLAKE , TRONE GARRIOTT , BENNETT , ZIMMER , DOTZLER , TOWNSEND , and CELSI 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 2361XS (4) 91 nls/ko
S.F. 357 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 for determining, if applicable, that 17 portion of a loan to be forgiven based on household income. 18 Eligible improvements, repairs, and renovations for the 19 forgivable loan program include but are not limited to updating 20 aged or unsafe heating or air conditioning systems; upgrading 21 electrical and plumbing systems; roof repair or replacement; 22 foundation repair; exterior siding repair or replacement; 23 exterior paint; window and door repair or replacement; garage 24 construction, repair, or replacement; energy efficiency-related 25 repairs or upgrades; architectural barrier removal and 26 wheelchair or mobility assistive device accessibility; sidewalk 27 and driveway repair or replacement; and interior repairs and 28 updates. Landscape improvements or repairs shall not be 29 eligible for the forgivable loan program. 30 3. a. A neighborhood housing revitalization assistance 31 program fund is created in the state treasury under the control 32 of the authority. Moneys in the fund shall be appropriated 33 to the authority for purposes of the neighborhood housing 34 revitalization assistance program as established in this 35 -1- LSB 2361XS (4) 91 nls/ko 1/ 3
S.F. 357 section. 1 b. The fund shall consist of any unobligated funds 2 transferred to the fund from a fund described in section 3 15.106A, subsection 1, paragraph o , and any other gift, 4 donation, federal or other grant, or appropriation from any 5 source intended to be used for the purposes of the fund. 6 c. Notwithstanding section 8.33, all moneys in the fund 7 which remain unexpended or unobligated at the close of the 8 fiscal year shall not revert to the general fund of the state 9 but shall remain available for expenditure for subsequent 10 fiscal years. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanations substance by the members of the general assembly. 14 This bill requires the Iowa finance authority to establish a 15 neighborhood housing revitalization assistance program for the 16 purpose of providing and fostering lending programs and other 17 services to facilitate targeted neighborhood revitalization in 18 designated urban and rural areas in this state. 19 The bill provides that the program shall include a 20 forgivable loan program for qualifying home improvements, 21 repairs, and renovations for an owner-occupied home. The 22 bill requires the authority to adopt rules governing the loan 23 program. The rules must specify the types of improvements, 24 repairs, and renovation authorized for the program, and the 25 method for determining, if applicable, the portion of a loan 26 that is to be forgiven based on household income. 27 The bill also establishes a neighborhood housing 28 revitalization assistance program fund under the control of 29 the authority. The bill provides that the fund shall consist 30 of any unobligated funds transferred to the fund from a fund 31 described in Code section 15.106A(1)(o), and any other gift, 32 donation, federal or other grant, or appropriation intended to 33 be used for purposes of the fund. The bill provides that all 34 moneys in the fund which remain unexpended or unobligated at 35 -2- LSB 2361XS (4) 91 nls/ko 2/ 3
S.F. 357 the close of a fiscal year shall not revert but shall remain 1 available in subsequent fiscal years. 2 -3- LSB 2361XS (4) 91 nls/ko 3/ 3