16.187 - AFFORDABLE HOUSING ASSISTANCE GRANT FUND.
16.187 AFFORDABLE HOUSING ASSISTANCE GRANT FUND.
1. An affordable housing assistance grant fund is created under
the authority of the Iowa finance authority. The fund shall consist
of appropriations made to the fund. The fund shall be separate from
the general fund of the state and the balance in the fund shall not
be considered part of the balance of the general fund of the state.
However, the fund shall be considered a special account for the
purposes of section 8.53, relating to generally accepted accounting
principles.
2. Notwithstanding section 12C.7, subsection 2, interest or
earnings on moneys in the fund shall be credited to the fund.
3. Moneys in the fund in a fiscal year shall be used as
appropriated by the general assembly for grants for housing for
certain elderly, disabled, and low-income persons and public servants
in professions meeting critical skill shortages in the state, to
assist communities in providing safe and affordable housing for the
general welfare and security of the citizens of the state.
4. Annually, on or before January 15 of each year, a state agency
that received an appropriation for the affordable housing assistance
grant fund shall report to the legislative services agency and the
department of management the status of all projects completed or in
progress. The report shall include a description of the project, the
progress of work completed, the total estimated cost of the project,
a list of all revenue sources being used to fund the project, the
amount of funds expended, the amount of funds obligated, and the date
the project was completed or an estimated completion date of the
project, where applicable.
5. Payment of moneys from appropriations from the fund shall be
made in a manner that does not adversely affect the tax-exempt status
of any outstanding bonds issued by the treasurer of state pursuant to
section 12.87.
6. The authority shall adopt rules pursuant to chapter 17A to
administer this section. Section History: Recent Form
2009 Acts, ch 173, §30, 36