16.182 - SENIOR LIVING REVOLVING LOAN PROGRAM FUND.
16.182 SENIOR LIVING REVOLVING LOAN PROGRAM FUND.
1. A senior living revolving loan program fund is created within
the authority to further the goal of the senior living program as
specified in section 249H.2. The moneys in the senior living
revolving loan program fund shall be used by the authority for the
development and operation of a revolving loan program to provide
financing to construct affordable assisted living and
service-enriched affordable housing for seniors and persons with
disabilities, including through new construction or acquisition and
rehabilitation.
2. Moneys received by the authority from the senior living trust
fund, transferred by the authority for deposit in the senior living
revolving loan program fund, moneys appropriated to the senior living
revolving loan program, and any other moneys available to and
obtained or accepted by the authority for placement in the senior
living revolving loan program fund shall be deposited in the fund.
Additionally, payment of interest, recaptures of awards, and other
repayments to the senior living revolving loan program fund shall be
deposited in the fund. Notwithstanding section 12C.7, subsection 2,
interest or earnings on moneys in the senior living revolving loan
program fund shall be credited to the fund. Notwithstanding section
8.33, moneys that remain unencumbered or unobligated at the end of
the fiscal year shall not revert but shall remain available for the
same purpose in the succeeding fiscal year.
3. The authority shall annually allocate moneys available in the
senior living revolving loan program fund for the development of
affordable assisted living and service-enriched affordable housing
for seniors and persons with disabilities. The authority shall
develop a joint application process for the allocation of federal
low-income housing tax credits and funds available under this
section. Moneys allocated to such developments may be in the form of
loans, grants, or a combination of loans and grants.
4. The authority shall adopt rules pursuant to chapter 17A to
administer this section. Section History: Recent Form
2004 Acts, ch 1175, §170