16.100 - HOUSING IMPROVEMENT FUND PROGRAM.
16.100 HOUSING IMPROVEMENT FUND PROGRAM.
1. A housing improvement fund is created within the authority.
The moneys in the housing improvement fund are annually appropriated
to the authority which shall allocate the available funds among and
within the programs authorized by this section. Notwithstanding
section 8.33, unencumbered or unobligated moneys remaining in the
fund on June 30 of any fiscal year shall not revert to any other fund
but shall be available for expenditure for subsequent fiscal years.
Notwithstanding section 12C.7, interest or earnings on moneys in the
fund or appropriated to the fund shall be credited to the fund. The
authority may expend up to four percent of the moneys appropriated
for the programs in this section for administrative costs of the
authority for those programs. The authority may provide financial
assistance to a housing sponsor or an individual in the form of
loans, guarantees, grants, interest subsidies, or by other means for
the programs authorized by this section.
2. By rule, the authority shall establish the following financial
assistance programs and provide the requirements for their proper
administration:
a. A home maintenance and repair program providing repair
services to families which include persons who are elderly or persons
with disabilities and which qualify as lower income or very low
income families.
b. A rental rehabilitation program for the construction or
rehabilitation of single or multifamily rental properties leased to
lower income or very low income families.
c. (1) A home ownership incentive program to help lower
income and very low income families achieve single family home
ownership. Funds provided under this program shall not be restricted
to first-time home buyers but shall be limited to mortgages under
fifty-five thousand dollars, except in those areas of the state where
the median price of homes exceeds the state average. The assistance
provided shall include at least one of the following kinds of
assistance:
(a) Closing costs assistance.
(b) Down payment assistance.
(c) Home maintenance and repair assistance.
(d) Loan processing assistance through a loan endorser review
contractor who acts on behalf of the authority in assisting lenders
in processing loans that will qualify for government insurance or
guarantee or for financing under the authority's mortgage revenue
bond program.
(e) Mortgage insurance program.
(2) Five percent of the moneys expended under this program shall
be used to finance the purchase or acquisition, in communities with a
population of less than ten thousand, of manufactured homes as
defined in 42 U.S.C. § 5403. Moneys available for this purpose which
are unencumbered or unobligated at the end of the fiscal year shall
revert to the housing improvement fund for reallocation for the next
fiscal year.
(3) Not more than fifty percent of the assistance provided under
this program shall be provided under subparagraph (1), subparagraph
divisions (d) and (e). So long as at least one of the kinds of
assistance described in subparagraph (1), subparagraph divisions (a)
through (e) is provided, additional assistance not described in
subparagraph (1), subparagraph divisions (a) through (e) may also be
provided.
3. The authority shall coordinate the programs authorized by this
section with the other programs under the jurisdiction of the
authority.
4. Each application for financial assistance shall be rated based
on local, housing sponsor, and recipient financial commitment,
proposals for leveraging other financial assistance, experience with
the recipient group involved, consideration for the housing project
in the context of overall community needs, including vacancy rate of
rental property and ratio of subsidized rental housing to
nonsubsidized housing, ability to provide a counseling support system
to the recipients, and a demonstrated capability by the housing
sponsor to provide follow-up monitoring of recipients to determine if
identifiable results have been achieved.
5. For the purposes of this section, "housing sponsor" is a
for-profit entity, nonprofit corporation, local government, or a
joint venture involving a for-profit entity, nonprofit corporation or
local government.
6. None of the funds provided to a housing sponsor under this
section shall be used for the costs of administration.
7. During each regular session of the general assembly, the
authority shall present, to the appropriate appropriations
subcommittee, a report concerning the total estimated resources to be
available for expenditure under this section for the next fiscal year
and the amount the authority proposes to allocate to each program
under this section.
8. A homelessness advisory committee is created consisting of the
executive director or the executive director's designee, the
directors or their designees from the departments of economic
development, human services, and human rights, the director of the
department on aging or the director's designee, and at least three
individuals from the private sector to be selected by the executive
director. The advisory committee shall advise the authority in
coordinating programs that provide for the homeless.
9. Notwithstanding any provision to the contrary, all assets held
in the housing improvement fund shall be transferred to the housing
trust fund created in section 16.181. On and after July 1, 2006, any
moneys or assets received for deposit in the housing improvement fund
shall be transferred to the housing trust fund. Section History: Recent Form
87 Acts, ch 220, § 1
CS87, § 220.100
88 Acts, ch 1217, § 19; 90 Acts, ch 1262, § 38, 39; 91 Acts, ch
267, §316
C93, § 16.100
96 Acts, ch 1129, §11; 97 Acts, ch 201, §19; 2001 Acts, ch 61,
§11; 2006 Acts, ch 1185, §45; 2008 Acts, ch 1032, §133; 2009 Acts, ch
23, §3; 2009 Acts, ch 41, §263
Additional housing programs funding, see §16.40