Bill Text: IA SSB3178 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act relating to the home ownership assistance program for military members.
Spectrum: Unknown
Status: (N/A - Dead) 2014-02-13 - In Veterans Affairs [SSB3178 Detail]
Download: Iowa-2013-SSB3178-Introduced.html
Senate
Study
Bill
3178
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
VETERANS
AFFAIRS
BILL
BY
CHAIRPERSON
BEALL)
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
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Section
1.
Section
16.54,
subsection
1,
Code
2014,
is
1
amended
to
read
as
follows:
2
1.
For
the
purposes
of
this
section
,
“eligible
member
of
3
the
armed
forces
of
the
United
States”
means
a
person
who
is
or
4
was
a
member
of
the
national
guard,
or
a
reserve
,
or
regular
5
component
of
the
armed
forces
of
the
United
States
,
who
has
6
served
at
least
ninety
days
of
active
duty
service
beginning
7
on
or
after
September
11,
2001
,
or
during
the
period
of
the
8
Persian
Gulf
Conflict,
beginning
August
2,
1990,
and
ending
9
April
6,
1991
.
“Eligible
member
of
the
armed
forces
of
the
10
United
States”
also
means
a
former
member
of
the
national
guard,
11
or
a
reserve
,
or
regular
component
of
the
armed
forces
of
the
12
United
States
,
who
was
honorably
discharged
due
to
injuries
13
incurred
while
on
federal
active
duty
beginning
on
or
after
14
September
11,
2001
,
or
during
the
period
of
the
Persian
Gulf
15
Conflict,
beginning
August
2,
1990,
and
ending
April
6,
1991
,
16
that
precluded
completion
of
a
minimum
aggregate
of
ninety
days
17
of
federal
active
duty.
18
Sec.
2.
Section
16.54,
subsection
4,
paragraph
b,
Code
2014,
19
is
amended
to
read
as
follows:
20
b.
(1)
For
financed
home
purchases
that
close
on
or
21
after
July
1,
2008,
the
eligible
person
shall
participate,
22
if
eligible
to
participate,
in
one
of
the
authority’s
other
23
applicable
programs
for
homebuyers.
However
24
(2)
Notwithstanding
subparagraph
(1)
,
a
person
eligible
for
25
one
of
the
authority’s
other
applicable
programs
for
homebuyers
26
may
use
a
lender
that
does
not
participate
in
the
authority’s
27
programs
for
homebuyers
if
such
lender
is
approved
by
the
28
authority
under
subsection
5
.
For
financed
home
purchases
that
29
close
on
or
after
July
1,
2014,
an
eligible
person
may
accept
30
financing
other
than
that
available
under
the
authority’s
31
applicable
programs
for
homebuyers
if
the
financing
is
offered
32
by
a
lender
that
participates
in
an
authority
program
for
33
homebuyers
or
by
a
lender
approved
pursuant
to
subsection
5,
34
and
if
the
authority
determines
that
the
offered
financing
35
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would
be
economically
feasible
and
financially
advantageous
for
1
the
eligible
person.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
This
bill
relates
to
the
home
ownership
assistance
program
6
for
military
members.
7
Current
law
limits
eligibility
to
persons
who
are
or
8
were
members
of
the
national
guard,
or
a
reserve
or
regular
9
component
of
the
armed
forces
of
the
United
States,
who
have
10
served
at
least
90
days
of
active
duty
service
beginning
on
11
or
after
September
11,
2001,
and
to
certain
members
who
were
12
precluded
from
completing
the
minimum
aggregate
of
90
days
13
of
active
duty
service
due
to
injury.
The
bill
modifies
the
14
military
service
criteria
to
include
members
of
the
national
15
guard,
or
a
reserve
or
regular
component
of
the
armed
forces
of
16
the
United
States,
who
served
during
the
period
of
the
Persian
17
Gulf
Conflict,
beginning
August
2,
1990,
and
ending
April
6,
18
1991.
19
The
bill
also
allows
an
eligible
person
to
utilize
20
financing
other
than
that
available
under
the
IFA’s
current
21
homebuyer
programs
if
the
offered
financing
is
by
a
lender
22
who
participates
in
IFA’s
homebuyer
programs
or
is
a
lender
23
approved
by
IFA,
and
if
the
authority
determines
that
24
the
offered
financing
would
be
economically
feasible
and
25
financially
advantageous
for
the
eligible
person.
This
26
provision
applies
to
financed
home
purchases
that
close
on
or
27
after
July
1,
2014.
28
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