16.181 - HOUSING TRUST FUND.
16.181 HOUSING TRUST FUND.
1. a. A housing trust fund is created within the authority.
The moneys in the housing trust fund are annually appropriated to the
authority to be used for the development and preservation of
affordable housing for low-income people in the state. Payment of
interest, recaptures of awards, or other repayments to the housing
trust fund shall be deposited in the fund. Notwithstanding section
12C.7, interest or earnings on moneys in the housing trust fund or
appropriated to the fund shall be credited to the fund.
Notwithstanding section 8.33, unencumbered and unobligated moneys
remaining in the fund at the close of each fiscal year shall not
revert but shall remain available for expenditure for the same
purposes in the succeeding fiscal year.
b. Assets in the housing trust fund shall consist of all of
the following:
(1) Any moneys received by the authority from the national
housing trust fund created pursuant to the federal Housing and
Economic Recovery Act of 2008, Pub. L. No. 110-289.
(2) Any assets transferred by the authority for deposit in the
housing trust fund.
(3) Any other moneys appropriated by the general assembly and any
other moneys available to and obtained or accepted by the authority
for placement in the housing trust fund.
c. The authority shall create the following programs within
the housing trust fund:
(1) Local housing trust fund program. At least sixty percent of
available moneys in the housing trust fund shall be allocated for the
local housing trust fund program.
(2) Project-based housing program. Moneys remaining in the
housing trust fund after the allocation in subparagraph (1) shall be
used to make awards to project-based housing programs located in
areas where a local housing trust fund does not exist or for a
project-based housing program that is not eligible for funding
through a local housing trust fund.
2. a. In order to be eligible to apply for funding from the
local housing trust fund program, a local housing trust fund must be
approved by the authority and have all of the following:
(1) A local governing board recognized by the city, county,
council of governments, or regional officials as the board
responsible for coordinating local housing programs.
(2) A housing assistance plan approved by the authority.
(3) Sufficient administrative capacity in regard to housing
programs.
(4) A local match requirement approved by the authority.
b. An award from the local housing trust fund program shall
not exceed ten percent of the balance in the program at the beginning
of the fiscal year plus ten percent of any deposits made during the
fiscal year.
c. By December 31 of each year, a local housing trust fund
receiving moneys from the local housing trust fund program shall
submit a report to the authority itemizing expenditures of the
awarded moneys.
3. The authority shall adopt rules pursuant to chapter 17A
necessary to administer this section. Section History: Recent Form
2003 Acts, ch 179, §101; 2008 Acts, ch 1032, §6; 2009 Acts, ch 43,
§6--8
Referred to in § 16.91, 16.100, 16.181A, 428A.8, 543B.46, 543D.21
Footnotes
Transfer to housing trust fund of unobligated funds in or received
for deposit in the local housing assistance program fund created in §
15.354, Code 2007; 2008 Acts, ch 1097, § 5