Bill Text: IA HF646 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act concerning manufactured homes by creating a manufactured housing program fund. (Formerly HF 536 & HSB 39.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2018-01-08 - Rereferred to Appropriations. H.J. 20. [HF646 Detail]
Download: Iowa-2017-HF646-Introduced.html
House File 646 - Introduced HOUSE FILE BY COMMITTEE ON APPROPRIATIONS (SUCCESSOR TO HF 536) (SUCCESSOR TO HSB 39) A BILL FOR 1 An Act concerning manufactured homes by creating a manufactured 2 housing program fund. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1695HZ (2) 87 ec/sc/rj 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 1 4 the authority to further the goal of providing affordable 1 5 housing to Iowans. The moneys in the fund are to be used for 1 6 the purpose of providing funding to financial institutions to 1 7 finance the purchase by an individual of a manufactured home 1 8 that is in compliance with all laws, rules, and standards that 1 9 are applicable to manufactured homes and manufactured housing. 1 10 2. a. Moneys received by the authority for the manufactured 1 11 housing program fund, transferred by the authority for deposit 1 12 in the fund, appropriated to the fund, and any other moneys 1 13 available to and obtained or accepted by the authority for 1 14 placement in the fund shall be deposited in the fund and are 1 15 appropriated to the authority to be used as set forth in this 1 16 section. 1 17 b. Notwithstanding any provision of section 16.46, 1 18 16.47, 16.48, or 16.49 to the contrary, the authority shall 1 19 be authorized to transfer for deposit in the manufactured 1 20 housing program fund for any fiscal year any unobligated and 1 21 unencumbered moneys in the funds created in sections 16.46, 1 22 16.47, 16.48, and 16.49 from the prior fiscal year. However, 1 23 the maximum amount of moneys that may be so transferred for any 1 24 fiscal year shall not exceed the lesser of one million dollars 1 25 or an amount equal to the total amount of any unobligated and 1 26 unencumbered moneys in the funds available for transfer from 1 27 the previous fiscal year reduced by one million dollars. 1 28 c. Additionally, recapture of awards and other repayments to 1 29 the fund shall be deposited in the fund and are appropriated 1 30 to the authority to be used as set forth in this section. 1 31 Notwithstanding section 8.33, unencumbered or unobligated 1 32 moneys remaining in the fund on June 30 of any fiscal year 1 33 shall not revert to any other fund but shall be available for 1 34 expenditure in subsequent years. However, any unencumbered 1 35 or unobligated moneys remaining in the fund on June 30 of any 2 1 fiscal year that were transferred to the fund as provided in 2 2 paragraph "b" shall revert to the fund from which the transfer 2 3 was made. Notwithstanding section 12C.7, subsection 2, 2 4 interest or earnings on moneys in the fund or appropriated to 2 5 the fund shall be credited to the fund. 2 6 3. The authority shall allocate moneys available in the 2 7 manufactured housing program fund to financial institutions 2 8 to be used as set forth in subsection 1. The authority may 2 9 provide funding to financial institutions in the form of loans, 2 10 linked deposits, guarantees, reserve funds, or any other 2 11 prudent financial instruments. 2 12 4. The authority shall adopt rules pursuant to chapter 17A 2 13 necessary to implement and administer this section, including 2 14 but not limited to eligibility requirements for financial 2 15 institutions to receive funding through the manufactured 2 16 housing program fund. 2 17 5. For purposes of this section, "manufactured home" or 2 18 "manufactured housing" means the same as the definition of 2 19 manufactured home in section 435.1. 2 20 EXPLANATION 2 21 The inclusion of this explanation does not constitute agreement with 2 22 the explanation's substance by the members of the general assembly. 2 23 This bill concerns manufactured homes. 2 24 New Code section 16.45 creates the manufactured housing 2 25 program fund within the Iowa finance authority to further the 2 26 goal of providing affordable housing to Iowans. The moneys 2 27 in the fund are annually appropriated to the authority for 2 28 the purpose of providing funding to financial institutions 2 29 to finance the purchase by an individual of a manufactured 2 30 home that is in compliance with all applicable laws, rules, 2 31 and standards that are applicable to manufactured homes and 2 32 manufactured housing. 2 33 The bill authorizes the authority to transfer for deposit 2 34 in the new fund for any fiscal year any unobligated and 2 35 unencumbered moneys from the senior living revolving loan 3 1 program fund, home and community=based services revolving loan 3 2 program fund, transitional housing revolving loan program 3 3 fund, and community housing and services for persons with 3 4 disabilities revolving loan program fund from the prior fiscal 3 5 year. However, the bill provides that the maximum amount of 3 6 moneys that may be so transferred for any fiscal year shall not 3 7 exceed the lesser of $1 million or an amount equal to the total 3 8 amount of any unobligated and unencumbered moneys in the funds 3 9 available for transfer from the previous fiscal year reduced 3 10 by $1 million. 3 11 The authority is required to allocate the moneys in the fund 3 12 to financial institutions to meet the purposes set forth in 3 13 the bill and may provide funding in the form of loans, linked 3 14 deposits, guarantees, reserve funds, or any other prudent 3 15 financial instruments. 3 16 The authority is required to adopt rules that include but 3 17 are not limited to eligibility requirements for financial 3 18 institutions to receive funding, and any other rules that are 3 19 necessary to implement and administer the provisions of the 3 20 bill. 3 21 For purposes of the bill, "manufactured home" or 3 22 "manufactured housing" means a factory=built structure 3 23 constructed under authority of 42 U.S.C. {5403, that is 3 24 required by federal law to display a seal from the United 3 25 States department of housing and urban development, and was 3 26 constructed on or after June 15, 1976. LSB 1695HZ (2) 87 ec/sc/rj
