Bill Text: IA HSB661 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the duties of the Iowa finance authority.(See HF 2536.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-02-15 - Committee report approving bill, renumbered as HF 2536. [HSB661 Detail]
Download: Iowa-2023-HSB661-Introduced.html
House
Study
Bill
661
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
IOWA
FINANCE
AUTHORITY
BILL)
A
BILL
FOR
An
Act
relating
to
the
duties
of
the
Iowa
finance
authority.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
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Section
1.
NEW
SECTION
.
16.5E
Application
or
award
——
1
prohibition.
2
1.
The
authority
may
prohibit
a
person
from
receiving
an
3
award
of
financial
assistance,
or
from
being
selected
as
a
4
vendor
to
provide
goods
or
services
to
the
authority
in
any
of
5
the
following
circumstances:
6
a.
An
act
or
omission
by
the
person
seriously
affects
or
7
threatens
public
health,
public
safety,
or
the
environment.
8
b.
The
person
is
charged
with
or
convicted
of
a
crime
9
involving
dishonesty.
10
c.
An
act
or
omission
by
the
person
indicates
a
lack
of
11
integrity
or
honesty.
12
d.
The
person
violates
the
terms
of
an
agreement
or
13
transaction
that
detrimentally
impacts
the
integrity
of
a
14
program
administered
by
the
authority,
or
other
governmental
15
entity
as
defined
in
section
8A.101.
16
e.
A
compelling
cause
exists
that
is
relevant
to
and
affects
17
the
person’s
obligations
under
the
programs
administered
by
the
18
authority,
or
is
relevant
to
and
affects
the
provision
of
goods
19
and
services
to
the
authority
by
a
vendor.
20
2.
Upon
a
determination
by
the
authority,
a
person
shall
21
be
prohibited
from
receiving
an
award
of
financial
assistance,
22
or
from
being
selected
as
a
vendor
pursuant
to
subsection
1.
23
The
authority
shall
provide
written
notice
to
the
prohibited
24
person
stating
the
reason
for
the
prohibition.
The
authority
25
may
immediately
disqualify
a
prohibited
person
from
receiving
26
financial
assistance,
or
from
being
selected
as
a
vendor.
27
3.
The
authority
shall
adopt
rules
as
necessary
pursuant
to
28
chapter
17A
to
administer
this
section.
29
Sec.
2.
Section
16.35,
subsection
2,
Code
2024,
is
amended
30
by
striking
the
subsection
and
inserting
in
lieu
thereof
the
31
following:
32
2.
The
authority
shall
adopt
a
qualified
allocation
33
plan
that
satisfies
the
requirements
of
section
42
of
34
the
Internal
Revenue
Code.
The
authority
may
revise
the
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qualified
allocation
plan
provided
the
revision
satisfies
the
1
requirements
of
section
42
of
the
Internal
Revenue
Code.
When
2
adopting
the
qualified
allocation
plan,
the
authority
shall
3
specify
the
selection
criteria,
the
application
procedure,
and
4
the
allocation
of
low-income
housing
credits
under
the
state
5
housing
credit
ceiling.
The
selection
criteria
described
6
in
the
qualified
allocation
plan
shall
include
all
of
the
7
following:
8
a.
The
selection
criteria
described
in
section
42
of
the
9
Internal
Revenue
Code.
10
b.
The
statutory
preferences
described
in
section
42
of
the
11
Internal
Revenue
Code.
12
c.
The
economic
feasibility
of
the
proposed
project.
13
d.
The
ability
of
the
applicant
to
complete
the
project
in
a
14
timely
manner.
15
Sec.
3.
Section
16.35,
subsection
3,
Code
2024,
is
amended
16
by
striking
the
subsection.
17
Sec.
4.
Section
16.154,
subsection
1,
Code
2024,
is
amended
18
to
read
as
follows:
19
1.
An
eligible
entity
may
apply
to
the
authority
for
20
financial
assistance
under
the
program
by
submitting
a
plan
21
that
meets
on
an
application
form
as
required
by
the
authority.
22
To
be
approved
for
an
award
of
financial
assistance,
the
plan
23
must
meet
all
of
the
following
requirements:
24
a.
The
plan
includes
proposes
one
or
more
projects
that
25
improve
water
quality
in
the
local
area
or
watershed.
Projects
26
shall
may
use
practices
identified
in
the
Iowa
nutrient
27
reduction
strategy.
28
b.
The
plan
describes
in
detail
describes
the
manner
in
29
which
the
projects
will
be
financed
and
undertaken,
including,
30
as
applicable,
the
sources
of
revenue
directed
to
financing
31
the
improvements
as
well
as
the
eligible
entities
that
will
be
32
receiving
the
revenues
and
how
such
revenues
will
be
spent
on
33
the
projects.
34
EXPLANATION
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The
inclusion
of
this
explanation
does
not
constitute
agreement
with
1
the
explanation’s
substance
by
the
members
of
the
general
assembly.
2
This
bill
relates
to
the
duties
of
the
Iowa
finance
authority
3
(authority).
4
The
bill
specifies
the
circumstances
in
which
the
authority
5
may
prohibit
a
person
from
receiving
an
award
or
financial
6
assistance,
or
from
being
selected
as
a
vendor
to
provide
goods
7
or
services
to
the
authority.
The
circumstances
include:
8
an
act
or
omission
by
the
person
that
seriously
affects
or
9
threatens
public
health,
public
safety,
or
the
environment;
10
the
person
is
charged
with
or
convicted
of
a
crime
involving
11
dishonesty;
an
act
or
omission
by
the
person
that
indicates
a
12
lack
of
integrity
or
honesty;
the
person
violates
the
terms
13
of
an
agreement
or
transaction;
or
a
compelling
cause
exists
14
that
is
relevant
to
and
affects
the
obligations
of
the
person
15
or
vendor
under
programs
administered
by
the
authority.
The
16
authority
is
required
to
provide
written
notification
to
the
17
person
of
the
reason
for
the
prohibition,
and
may
immediately
18
disqualify
such
a
person
from
receiving
financial
assistance
19
or
being
selected
as
a
vendor.
20
The
authority
is
the
designated
housing
credit
agency
21
for
the
allowance
of
low-income
housing
credits
under
22
the
state
housing
credit
ceiling.
The
bill
requires
the
23
authority
to
adopt
a
qualified
allocation
plan
that
satisfies
24
the
requirements
of
section
42
of
the
Internal
Revenue
25
Code
(IRC).
The
bill
allows
the
authority
to
revise
the
26
qualified
allocation
plan
provided
the
revision
satisfies
the
27
requirements
of
section
42
of
the
IRC.
When
adopting
the
28
qualified
allocation
plan
under
the
bill,
the
authority
is
29
required
to
specify
the
selection
criteria,
the
application
30
procedure,
and
the
allocation
of
low-income
housing
credits
31
under
the
state
housing
credit
ceiling.
32
Under
the
bill,
the
selection
criteria
shall
include
all
of
33
the
following:
the
selection
criteria
described
in
section
42
34
of
the
IRC,
the
statutory
preferences
described
in
section
42
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of
the
IRC,
the
economic
feasibility
of
the
proposed
project,
1
and
the
ability
of
the
applicant
to
complete
the
project
in
a
2
timely
manner.
3
The
bill
strikes
a
provision
allowing
the
authority
to
adopt
4
rules
specifying
the
application
procedure
and
the
allowance
5
of
low-income
housing
credits
under
the
state
housing
credit
6
ceiling.
7
The
bill
amends
Code
section
16.154
relating
to
entities
8
applying
for
financial
assistance
under
the
water
quality
9
financing
program.
The
bill
requires
an
applicant
to
submit
10
the
plan
project
to
the
authority
on
a
form
required
by
the
11
authority.
The
bill
strikes
the
requirement
the
plan
project
12
use
practices
identified
in
the
Iowa
nutrient
reduction
13
strategy.
The
bill
provides
the
plan
project
describe
14
the
manner
in
which
the
plan
project
will
be
financed
and
15
undertaken,
and
strikes
the
requirement
the
description
be
16
detailed.
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