Text: HF212            Text: HF214
Complete Bill History


House File 213

HOUSE FILE BY HUSER and JACOBS (COMPANION TO LSB 1618SS BY HATCH) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act creating a housing trust fund and making an appropriation. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1618HH 80 4 tm/pj/5 PAG LIN 1 1 Section 1. NEW SECTION. 16.181 HOUSING TRUST FUND. 1 2 1. a. A housing trust fund is created within the 1 3 authority. The moneys in the housing trust fund are annually 1 4 appropriated to the authority to be used for the development 1 5 and preservation of affordable housing for low=income people 1 6 in the state. Payment of interest, recaptures of awards, or 1 7 other repayments to the housing trust fund shall be deposited 1 8 in the fund. Notwithstanding section 12C.7, interest or 1 9 earnings on moneys in the housing trust fund or appropriated 1 10 to the fund shall be credited to the fund. Notwithstanding 1 11 section 8.33, unencumbered and unobligated moneys remaining in 1 12 the fund at the close of each fiscal year shall not revert but 1 13 shall remain available for expenditure for the same purposes 1 14 in the succeeding fiscal year. 1 15 b. Assets in the housing trust fund shall consist of all 1 16 of the following: 1 17 (1) On July 1 of each fiscal year, there is appropriated 1 18 to the housing trust fund one million dollars from the rebuild 1 19 Iowa infrastructure fund. 1 20 (2) Any assets received by the authority from the Iowa 1 21 housing corporation. 1 22 (3) Any moneys transferred by the authority for deposit in 1 23 the housing trust fund. 1 24 (4) Any other moneys appropriated by the general assembly 1 25 and any other moneys available to and obtained or accepted by 1 26 the authority for placement in the housing trust fund. 1 27 c. The authority shall create the following accounts 1 28 within the housing trust fund: 1 29 (1) Local housing trust fund account. Sixty percent of 1 30 the assets in the housing trust fund shall be allocated to the 1 31 local housing trust fund account. Any assets remaining in the 1 32 local housing trust fund account on April 1 of each fiscal 1 33 year which have not been awarded to a local housing trust fund 1 34 may be transferred to the project=based housing account at any 1 35 time prior to the end of the fiscal year. 2 1 (2) Project=based housing account. Forty percent of the 2 2 assets in the housing trust fund shall be allocated to the 2 3 project=based housing account. 2 4 2. a. In order to be eligible to apply for funding from 2 5 the local housing trust fund account, a local housing trust 2 6 fund must be approved by the authority and have all of the 2 7 following: 2 8 (1) A local governing board. 2 9 (2) A housing assistance plan approved by the authority. 2 10 (3) Sufficient administrative capacity in regard to 2 11 housing programs. 2 12 (4) A local match requirement approved by the authority. 2 13 b. An award from the local housing trust fund account 2 14 shall be limited to one of the following, whichever is less: 2 15 (1) Ten percent of the total amount of moneys deposited in 2 16 the account for the fiscal year. 2 17 (2) A per capita amount, as determined by the authority, 2 18 of the total amount to be distributed to eligible local 2 19 housing trust funds for the fiscal year. 2 20 c. By December 31 of each year, a local housing trust fund 2 21 receiving moneys from the local housing trust fund account 2 22 shall submit a report to the authority itemizing expenditures 2 23 of the awarded moneys. 2 24 3. In an area where no local housing trust fund exists, a 2 25 person may apply for moneys from the project based housing 2 26 account. 2 27 4. The authority shall adopt rules pursuant to chapter 17A 2 28 necessary to implement this section. 2 29 Sec. 2. FEDERAL HOUSING MONEYS. Any federal moneys 2 30 received by the department of economic development for the 2 31 community development block grant program that are allocated 2 32 for the HOME investment partnership program and for housing 2 33 shall be coordinated with projects within the housing trust 2 34 fund established in section 16.181, if enacted. 2 35 EXPLANATION 3 1 This bill creates a housing trust fund to be administered 3 2 by the Iowa finance authority. 3 3 The bill provides that moneys in the fund shall be used for 3 4 the development and preservation of affordable housing for 3 5 low=income people in the state. The bill provides that assets 3 6 in the housing trust fund shall consist of all of the 3 7 following: 3 8 1. Each fiscal year, $1 million shall be appropriated to 3 9 the housing trust fund from the rebuild Iowa infrastructure 3 10 fund for housing=related purposes under the housing trust 3 11 fund. 3 12 2. Any assets received by the authority from the Iowa 3 13 housing corporation. 3 14 3. Any moneys transferred by the authority for deposit in 3 15 the housing trust fund. 3 16 4. Any other moneys appropriated by the general assembly 3 17 and any other moneys available to and obtained or accepted by 3 18 the authority for placement in the housing trust fund. 3 19 The bill creates a local housing trust fund account and a 3 20 project=based housing account within the housing trust fund. 3 21 The bill provides that 60 percent of the assets in the 3 22 housing trust fund shall be allocated to the local housing 3 23 trust fund account. The bill provides that any assets 3 24 remaining in the local housing trust fund account on April 1 3 25 of each fiscal year which have not been awarded to a local 3 26 housing trust fund may be transferred to the project=based 3 27 housing account at any time prior to the end of the fiscal 3 28 year. The bill provides that, in order to be eligible to 3 29 apply for funding from the local housing trust fund account, a 3 30 local housing trust fund must be approved by the authority and 3 31 have a local governing board, a housing assistance plan 3 32 approved by the authority, sufficient administrative capacity 3 33 in regard to housing programs, and a local match requirement 3 34 approved by the authority. The bill provides that an award 3 35 from the local housing trust fund account shall be limited to 4 1 the lesser of 10 percent of the total amount of moneys 4 2 deposited in the account for the fiscal year or a per capita 4 3 amount, determined by the authority, of the total amount to be 4 4 distributed to eligible local housing trust funds. The bill 4 5 provides an annual reporting requirement for all local housing 4 6 trust funds receiving moneys from the local housing trust fund 4 7 account. 4 8 The bill provides that 40 percent of the assets in the 4 9 housing trust fund shall be allocated to the project=based 4 10 housing account. The bill provides that in an area where no 4 11 local housing trust fund exists, a person may apply for moneys 4 12 from the project=based housing account. 4 13 The bill requires the department of economic development to 4 14 coordinate the use of federal housing moneys with projects 4 15 under the housing trust fund. 4 16 LSB 1618HH 80 4 17 tm/pj/5.1
Text: HF212            Text: HF214 Complete Bill History