Bill Text: IA SF2345 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act concerning manufactured homes by creating a manufactured housing program fund and providing eligibility under the home ownership assistance program for military members for the purchase of manufactured homes. (Formerly SSB 3019.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2018-03-14 - Subcommittee: Hinson, Landon and Taylor, T.. H.J. 589. [SF2345 Detail]
Download: Iowa-2017-SF2345-Introduced.html
Senate File 2345 - Introduced SENATE FILE BY COMMITTEE ON STATE GOVERNMENT (SUCCESSOR TO SSB 3019) A BILL FOR 1 An Act concerning manufactured homes by creating a manufactured 2 housing program fund and providing eligibility under the 3 home ownership assistance program for military members for 4 the purchase of manufactured homes. 5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5392SV (2) 87 ec/rj PAG LIN 1 1 Section 1. NEW SECTION. 16.45 Manufactured housing program 1 2 fund. 1 3 1. A manufactured housing program fund is created within 1 4 the authority to further the goal of providing affordable 1 5 housing to Iowans. The moneys in the fund are to be used for 1 6 the purpose of providing funding to financial institutions or 1 7 other lenders to finance the purchase by an individual of a 1 8 manufactured home that is in compliance with all laws, rules, 1 9 and standards that are applicable to manufactured homes and 1 10 manufactured housing. The manufactured housing program fund 1 11 is designed exclusively for manufactured homes sited on leased 1 12 land. 1 13 2. a. Moneys received by the authority for the manufactured 1 14 housing program fund, transferred by the authority for deposit 1 15 in the fund, appropriated to the fund, and any other moneys 1 16 available to and obtained or accepted by the authority for 1 17 placement in the fund shall be deposited in the fund and are 1 18 appropriated to the authority to be used as set forth in this 1 19 section. 1 20 b. Notwithstanding any provision of section 16.46, 1 21 16.47, 16.48, or 16.49 to the contrary, the authority shall 1 22 be authorized to transfer for deposit in the manufactured 1 23 housing program fund for any fiscal year any unobligated and 1 24 unencumbered moneys in the funds created in sections 16.46, 1 25 16.47, 16.48, and 16.49 from the prior fiscal year. However, 1 26 the maximum amount of moneys that may be so transferred for any 1 27 fiscal year shall not exceed the lesser of one million dollars 1 28 or an amount equal to the total amount of any unobligated and 1 29 unencumbered moneys in the funds available for transfer from 1 30 the previous fiscal year reduced by one million dollars. 1 31 c. Additionally, recapture of awards and other repayments to 1 32 the fund shall be deposited in the fund and are appropriated 1 33 to the authority to be used as set forth in this section. 1 34 Notwithstanding section 8.33, unencumbered or unobligated 1 35 moneys remaining in the fund on June 30 of any fiscal year 2 1 shall not revert to any other fund but shall be available for 2 2 expenditure in subsequent years. However, any unencumbered 2 3 or unobligated moneys remaining in the fund on June 30 of any 2 4 fiscal year that were transferred to the fund as provided in 2 5 paragraph "b" shall revert to the fund from which the transfer 2 6 was made. Notwithstanding section 12C.7, subsection 2, 2 7 interest or earnings on moneys in the fund or appropriated to 2 8 the fund shall be credited to the fund. 2 9 3. The authority shall allocate moneys available in the 2 10 manufactured housing program fund to financial institutions 2 11 or other lenders to be used as set forth in subsection 1. 2 12 The authority may provide funding to financial institutions 2 13 or other lenders in the form of loans, linked deposits, 2 14 guarantees, reserve funds, or any other prudent financial 2 15 instruments. 2 16 4. The authority shall adopt rules pursuant to chapter 17A 2 17 necessary to implement and administer this section, including 2 18 but not limited to eligibility requirements for financial 2 19 institutions or other lenders to receive funding through the 2 20 manufactured housing program fund. 2 21 5. For purposes of this section, "financial institutions" 2 22 means the same as defined in section 12C.1, "lender" means 2 23 a lender as defined in section 537.1301 that is licensed 2 24 by the banking division of the department of commerce, and 2 25 "manufactured home" or "manufactured housing" means the same as 2 26 the definition of manufactured home in section 435.1. 2 27 Sec. 2. Section 16.54, subsection 2, Code 2018, is amended 2 28 to read as follows: 2 29 2. The home ownership assistance program is established to 2 30 continue the program implemented pursuant to 2005 Iowa Acts, 2 31 ch. 161, {1, as amended by 2005 Iowa Acts, ch. 115, {37, and 2 32 continued in accordance with 2006 Iowa Acts, ch. 1167, {3 and 2 33 4, and other appropriations, to provide financial assistance to 2 34 eligible members of the armed forces of the United States to 2 35 be used for purchasing primary residences, including but not 3 1 limited to manufactured homes on leased land, in the state of 3 2 Iowa. 3 3 EXPLANATION 3 4 The inclusion of this explanation does not constitute agreement with 3 5 the explanation's substance by the members of the general assembly. 3 6 This bill concerns manufactured homes. 3 7 New Code section 16.45 creates the manufactured housing 3 8 program fund within the Iowa finance authority to further the 3 9 goal of providing affordable housing to Iowans. The moneys 3 10 in the fund are annually appropriated to the authority for 3 11 the purpose of providing funding to financial institutions or 3 12 other lenders to finance the purchase by an individual of a 3 13 manufactured home that is in compliance with all applicable 3 14 laws, rules, and standards that are applicable to manufactured 3 15 homes and manufactured housing. The bill further provides 3 16 that the fund is designed exclusively for manufactured homes 3 17 on leased land. 3 18 The bill authorizes the authority to transfer for deposit 3 19 in the new fund for any fiscal year any unobligated and 3 20 unencumbered moneys from the senior living revolving loan 3 21 program fund, home and community=based services revolving loan 3 22 program fund, transitional housing revolving loan program 3 23 fund, and community housing and services for persons with 3 24 disabilities revolving loan program fund from the prior fiscal 3 25 year. However, the bill provides that the maximum amount of 3 26 moneys that may be so transferred for any fiscal year shall not 3 27 exceed the lesser of $1 million or an amount equal to the total 3 28 amount of any unobligated and unencumbered moneys in the funds 3 29 available for transfer from the previous fiscal year reduced 3 30 by $1 million. 3 31 The authority is required to allocate the moneys in the fund 3 32 to financial institutions or other lenders to meet the purposes 3 33 set forth in the bill and may provide funding in the form of 3 34 loans, linked deposits, guarantees, reserve funds, or any other 3 35 prudent financial instruments. 4 1 The authority is required to adopt rules that include but 4 2 are not limited to eligibility requirements for financial 4 3 institutions or other lenders to receive funding, and any 4 4 other rules that are necessary to implement and administer the 4 5 provisions of the bill. 4 6 For purposes of the bill, "financial institution" means 4 7 as defined in Code section 12C.1, "lender" means a lender 4 8 as defined in Code section 537.1301 that is licensed by 4 9 the banking division of the department of commerce, and 4 10 "manufactured home" or "manufactured housing" means a 4 11 factory=built structure constructed under authority of 42 4 12 U.S.C. {5403, that is required by federal law to display a 4 13 seal from the United States department of housing and urban 4 14 development, and was constructed on or after June 15, 1976. 4 15 Code section 16.54, establishing the home ownership 4 16 assistance program for military members, is amended to provide 4 17 that primary residences, for purposes of this program, includes 4 18 manufactured homes on leased land. LSB 5392SV (2) 87 ec/rj
