16.40 - HOUSING ASSISTANCE FUND.
16.40 HOUSING ASSISTANCE FUND.
1. A housing assistance fund is created within the authority.
The moneys in the fund shall be used by the authority to protect,
preserve, create, and improve access to safe and affordable housing.
The authority shall establish programs utilizing the fund by
administrative rules adopted pursuant to chapter 17A and provide the
requirements for the proper administration of the programs.
2. Moneys in the fund, including moneys which are annually
appropriated to the authority, may be allocated for any use
authorized by this chapter unless otherwise specified.
3. The authority may use moneys in the fund to provide financial
assistance to a housing sponsor or an individual in the form of a
loan, loan guarantee, grant, or interest subsidy, or by other means
under the general powers of the authority.
4. Moneys in the fund may be used for but are not limited to the
following purposes:
a. Home ownership programs including all of the following:
(1) Authority bond issues and loans to facilitate and ensure
equal access across the state to funds for first-time homebuyers
programs.
(2) Home ownership incentive programs not restricted to
first-time homebuyers, including down payment and closing costs
assistance.
(3) Programs for home maintenance and repair, new construction,
acquisition, and rehabilitation.
(4) Support for home ownership education and counseling programs.
b. Rental programs, including rental subsidy, rehabilitation,
preservation, new construction, and acquisition.
c. Programs that provide a continuum of housing services,
including construction, operation, and maintenance of homeless
shelters, domestic violence shelters, and transitional housing and
supportive services to lower income and very low-income families.
d. Technical assistance programs that increase the capacity
of for-profit and nonprofit housing entities.
5. Notwithstanding section 8.33, moneys in the housing assistance
fund at the end of each fiscal year shall not revert to the general
fund or any other fund but shall remain in the housing assistance
fund for expenditure for subsequent fiscal years.
6. The authority may establish, by rule adopted pursuant to
chapter 17A, an annual administration fee to be charged to the
housing assistance fund. The annual fee shall not exceed four
percent of the moneys, loans, or other assets held in the fund.
7. During each regular session of the general assembly, the
authority shall present to the appropriate joint 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
created pursuant to this section. Section History: Recent Form
85 Acts, ch 252, §29
CS85, § 220.40
88 Acts, ch 1145, § 1
C93, § 16.40
97 Acts, ch 201, §18; 2007 Acts, ch 54, §24
Referred to in § 16.91, 16.201 Footnotes
Assets of Iowa finance authority in housing program fund to be
transferred to housing assistance fund; 2007 Acts, ch 54, §44