Bill Text: IA HF400 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act creating the manufactured housing program fund. (Formerly HSB 111) (See Cmte. Bill HF 595)

Sponsorship: Committee Bill

Status: (Introduced - Dead) 2015-03-24 - Withdrawn. H.J. 685. [HF400 Detail]

Download: Iowa-2015-HF400-Introduced.html

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House File 400 - Introduced




                                 HOUSE FILE       
                                 BY  COMMITTEE ON ECONOMIC
                                     GROWTH

                                 (SUCCESSOR TO HSB 111)

                                      A BILL FOR

  1 An Act creating the manufactured housing program fund.
  2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  NEW SECTION.  16.45  Manufactured housing program
  1  2 fund.
  1  3    1.  A manufactured housing program fund is created within the
  1  4 authority to further the goal of providing affordable housing
  1  5 to Iowans.  The moneys in the fund are to be used for the
  1  6 purpose of providing funding to financing agents or financial
  1  7 institutions to finance the purchase by an individual of a
  1  8 manufactured home that is in compliance with all laws, rules,
  1  9 and standards that are applicable to manufactured homes and
  1 10 manufactured housing.
  1 11    2.  Moneys received by the authority for the manufactured
  1 12 housing program fund, transferred by the authority for deposit
  1 13 in the fund, appropriated to the fund, and any other moneys
  1 14 available to and obtained or accepted by the authority for
  1 15 placement in the fund shall be deposited in the fund and are
  1 16 appropriated to the authority to be used as set forth in
  1 17 this section.  Additionally, recapture of awards and other
  1 18 repayments to the fund shall be deposited in the fund and
  1 19 are appropriated to the authority to be used as set forth in
  1 20 this section.  Notwithstanding section 8.33, unencumbered or
  1 21 unobligated moneys remaining in the fund on June 30 of any
  1 22 fiscal year shall not revert to any other fund but shall be
  1 23 available for expenditure in subsequent years.  Notwithstanding
  1 24 section 12C.7, interest or earnings on moneys in the fund or
  1 25 appropriated to the fund shall be credited to the fund.
  1 26    3.  The authority shall allocate moneys available in the
  1 27 manufactured housing program fund to financing agents or
  1 28 financial institutions to be used as set forth in subsection
  1 29 1.  The authority may provide funding to a financing agent or
  1 30 financial institutions in the form of loans, linked deposits,
  1 31 guarantees, reserve funds, or any other prudent financial
  1 32 instruments.
  1 33    4.  The authority shall adopt rules pursuant to chapter 17A
  1 34 necessary to implement and administer this section, including
  1 35 but not limited to eligibility requirements for financing
  2  1 agents or financial institutions to receive funding through the
  2  2 manufactured housing program fund.
  2  3    5.  For purposes of this section, "manufactured home" or
  2  4 "manufactured housing" means the same as the definition of
  2  5 manufactured home in section 435.1.
  2  6                           EXPLANATION
  2  7 The inclusion of this explanation does not constitute agreement with
  2  8 the explanation's substance by the members of the general assembly.
  2  9    This bill creates the manufactured housing program fund
  2 10 within the Iowa finance authority to further the goal of
  2 11 providing affordable housing to Iowans.  The moneys in the fund
  2 12 are annually appropriated to the authority for the purpose of
  2 13 providing funding to financing agents or financial institutions
  2 14 to finance the purchase by an individual of a manufactured
  2 15 home  that is in compliance with all applicable laws, rules,
  2 16 and standards that are applicable to manufactured homes and
  2 17 manufactured housing.
  2 18    The authority is required to allocate the moneys in the fund
  2 19 to financing agents and financial institutions to meet the
  2 20 purposes set forth in the bill and may provide funding in the
  2 21 form of loans, linked deposits, guarantees, reserve funds, or
  2 22 any other prudent financial instruments.
  2 23    The authority is required to adopt rules that include but
  2 24 are not limited to eligibility requirements for financing
  2 25 agents and financial institutions to receive funding, and any
  2 26 other rules that are necessary to implement and administer the
  2 27 provisions of the bill.
  2 28    For purposes of the bill, "manufactured home" or
  2 29 "manufactured housing" means a factory=built structure
  2 30 constructed under authority of 42 U.S.C. {5403, that is
  2 31 required by federal law to display a seal from the United
  2 32 States department of housing and urban development, and was
  2 33 constructed on or after June 15, 1976.
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