House File 2160      



                                    HOUSE FILE       
                                    BY  RUNNING-MARQUARDT

                                         A BILL FOR

     1 An Act relating to loan forgiveness under the residential
     2    landlord business support program and including effective
     3    date and applicability provisions.
     4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
       TLSB 5855HH (5) 83
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PAG LIN



  1  1    Section 1.  RESIDENTIAL LANDLORD BUSINESS SUPPORT
  1  2 PROGRAM.  Under the residential landlord business support
  1  3 program administered by the department of economic development,
  1  4 forgivable loans made pursuant to the program shall be
  1  5 forgivable over a five=year period.  One=fifth of the total
  1  6 principal amount loaned shall be forgiven following each full
  1  7 year the recipient owns the property for which the loan was
  1  8 made, beginning on the date of the final disbursement of the
  1  9 forgivable loan proceeds.  To each financial award recipient
  1 10 receiving assistance prior to the effective date of this Act,
  1 11 the department shall offer to renegotiate the terms of the
  1 12 financial assistance award contract in accordance with this
  1 13 Act.
  1 14    Sec. 2.  EFFECTIVE UPON ENACTMENT AND APPLICABILITY.  This
  1 15 Act, being deemed of immediate importance, takes effect upon
  1 16 enactment and applies to contracts entered into before and
  1 17 after the effective date of this Act.
  1 18                           EXPLANATION
  1 19    This bill relates to loan forgiveness under the residential
  1 20 landlord business support program.
  1 21    The bill provides that under the residential landlord
  1 22 business support program administered by the department
  1 23 of economic development, forgivable loans made pursuant to
  1 24 the program shall be forgivable over a five=year period.
  1 25 The bill provides that, to each financial award recipient
  1 26 receiving assistance prior to the effective date of the bill,
  1 27 the department shall offer to renegotiate the terms of the
  1 28 financial assistance award contract in accordance with the
  1 29 bill.
  1 30    The bill takes effect upon enactment and applies to
  1 31 contracts entered into before and after the effective date of
  1 32 this bill.
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