Bill Text: IA SF2242 | 2013-2014 | 85th General Assembly | Amended
Bill Title: A bill for an act relating to the home ownership assistance program for military members. (Formerly SSB 3178.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2014-03-24 - Subcommittee, Windschitl, Kearns, and Sands. H.J. 567. [SF2242 Detail]
Download: Iowa-2013-SF2242-Amended.html
Senate
File
2242
-
Reprinted
SENATE
FILE
2242
BY
COMMITTEE
ON
VETERANS
AFFAIRS
(SUCCESSOR
TO
SSB
3178)
(As
Amended
and
Passed
by
the
Senate
March
3,
2014
)
A
BILL
FOR
An
Act
relating
to
the
home
ownership
assistance
program
for
1
military
members.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
SF
2242
(2)
85
aw/sc/jh
S.F.
2242
Section
1.
Section
16.54,
subsections
1
and
3,
Code
2014,
1
are
amended
to
read
as
follows:
2
1.
For
the
purposes
of
this
section
,
“eligible
member
of
the
3
armed
forces
of
the
United
States”
or
“eligible
service
member”
4
means
a
person
who
is
or
was
,
if
discharged
under
honorable
5
conditions,
a
member
of
the
national
guard,
or
a
reserve
,
or
6
regular
component
of
the
armed
forces
of
the
United
States
,
7
who
has
served
at
least
ninety
days
of
active
duty
service
8
beginning
on
or
after
September
11,
2001
,
or
during
the
period
9
of
the
Persian
Gulf
Conflict,
beginning
August
2,
1990,
and
10
ending
April
6,
1991
.
“Eligible
member
of
the
armed
forces
of
11
the
United
States”
or
“eligible
service
member”
also
means
a
12
former
member
of
the
national
guard,
or
a
reserve
,
or
regular
13
component
of
the
armed
forces
of
the
United
States
,
who
was
14
honorably
discharged
due
to
injuries
incurred
while
on
federal
15
active
duty
beginning
on
or
after
September
11,
2001
,
or
during
16
the
period
of
the
Persian
Gulf
Conflict,
beginning
August
2,
17
1990,
and
ending
April
6,
1991
,
that
precluded
completion
of
a
18
minimum
aggregate
of
ninety
days
of
federal
active
duty.
19
3.
The
program
shall
be
administered
by
the
authority
and
20
shall
provide
loans,
grants,
or
other
assistance
to
persons
21
who
are
or
were
eligible
service
members
of
the
armed
forces
22
of
the
United
States
.
In
the
event
an
eligible
service
member
23
is
deceased,
the
surviving
spouse
of
the
eligible
member
shall
24
be
eligible
for
assistance
under
the
program,
subject
to
the
25
surviving
spouse
meeting
the
program’s
eligibility
requirements
26
other
than
the
military
service
requirement.
In
addition,
27
a
person
eligible
for
the
program
under
this
section
may
28
participate
in
other
loan
and
grant
programs
of
the
authority,
29
provided
the
person
meets
the
requirements
of
those
programs.
30
Sec.
2.
Section
16.54,
subsection
4,
paragraphs
a
and
b,
31
Code
2014,
are
amended
to
read
as
follows:
32
a.
The
person
eligible
for
the
program
shall,
for
financed
33
home
purchases
that
close
on
or
after
July
1,
2008,
use
a
34
lender
that
participates
in
the
authority’s
applicable
first
35
-1-
SF
2242
(2)
85
aw/sc/jh
1/
2
S.F.
2242
mortgage
financing
programs
for
homebuyers
or
a
lender
approved
1
by
the
authority
under
subsection
5
.
2
b.
(1)
For
financed
home
purchases
that
close
on
or
3
after
July
1,
2008,
the
eligible
person
shall
participate,
4
if
eligible
to
participate,
in
one
of
the
authority’s
other
5
applicable
first
mortgage
financing
programs
for
homebuyers.
6
However
7
(2)
Notwithstanding
subparagraph
(1),
a
person
an
eligible
8
service
member
who
qualifies
for
one
of
the
authority’s
other
9
applicable
first
mortgage
financing
programs
for
homebuyers
10
may
use
a
lender
that
does
not
participate
in
the
authority’s
11
first
mortgage
financing
programs
for
homebuyers
if
such
lender
12
is
approved
by
the
authority
under
subsection
5
.
For
financed
13
home
purchases
that
close
on
or
after
July
1,
2014,
an
eligible
14
service
member
who
qualifies
for
one
of
the
authority’s
first
15
mortgage
financing
programs
may
accept
financing
other
than
16
that
available
under
the
authority’s
first
mortgage
financing
17
programs
for
homebuyers
if
all
of
the
following
apply:
18
(a)
The
financing
is
offered
by
a
lender
that
participates
19
in
one
of
the
authority’s
first
mortgage
financing
programs
for
20
homebuyers
or
by
a
lender
approved
pursuant
to
subsection
5.
21
(b)
The
authority
determines
that
the
offered
financing
22
would
be
economically
feasible
and
financially
advantageous
for
23
the
eligible
service
member.
24
-2-
SF
2242
(2)
85
aw/sc/jh
2/
2