16.54 - HOME OWNERSHIP ASSISTANCE PROGRAM FOR MILITARY MEMBERS.
16.54 HOME OWNERSHIP ASSISTANCE PROGRAM FOR MILITARY
MEMBERS.
1. For the purposes of this section, "eligible member of the
armed forces of the United States" means a person who is or was a
member of the national guard, reserve, or regular component of the
armed forces of the United States who has served at least ninety days
of active duty service beginning on or after September 11, 2001.
"Eligible member of the armed forces of the United States" also
means a former member of the national guard, reserve, or regular
component of the armed forces of the United States who was honorably
discharged due to injuries incurred while on active federal service
beginning on or after September 11, 2001, that precluded completion
of a minimum aggregate of ninety days of active federal service.
2. The home ownership assistance program is established to
continue the program implemented pursuant to 2005 Iowa Acts, ch. 161,
section 1, as amended by 2005 Iowa Acts, ch. 115, section 37, and
continued in accordance with 2006 Iowa Acts, ch. 1167, sections 3 and
4, and other appropriations, to provide financial assistance to
eligible members of the armed forces of the United States to be used
for purchasing primary residences in the state of Iowa.
3. The program shall be administered by the authority and shall
provide loans, grants, or other assistance to persons who are or were
eligible members of the armed forces of the United States. In the
event an eligible member is deceased, the surviving spouse of the
eligible member shall be eligible for assistance under the program,
subject to the surviving spouse meeting the program's eligibility
requirements other than the military service requirement. In
addition, a person eligible for the program under this section may
participate in other loan and grant programs of the authority,
provided the person meets the requirements of those programs.
4. To qualify for a loan, grant, or other assistance under the
home ownership assistance program, the following requirements, if
applicable, shall be met:
a. The person eligible for the program shall, for financed
home purchases that close on or after July 1, 2008, use a lender that
participates in the authority's applicable programs for first-time
homebuyers.
b. If the person eligible for the program is a first-time
homebuyer, then, for financed home purchases that close on or after
July 1, 2008, the eligible person shall participate, if eligible to
participate, in one of the authority's applicable programs for
first-time homebuyers.
c. A title guaranty certificate shall be issued for the
property being purchased under the program.
5. The authority shall adopt rules for administering the program.
The rules may provide for limiting the period of time for which an
award of funds under the program shall be reserved for an eligible
person pending the closing of a home purchase and compliance with all
program requirements. Implementation of the program shall be limited
to the extent of the amount appropriated or otherwise made available
for purposes of the program.
6. The department of veterans affairs shall support the program
by providing eligibility determinations and other program assistance
requested by the authority. Section History: Recent Form
2008 Acts, ch 1120, §1