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IA SF357
A bill for an act establishing a neighborhood housing revitalization assistance program within the Iowa finance authority.
summary
Introduced
02/18/2025
02/18/2025
In Committee
02/18/2025
02/18/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill requires the Iowa finance authority to establish a neighborhood housing revitalization assistance program for the purpose of providing and fostering lending programs and other services to facilitate targeted neighborhood revitalization in designated urban and rural areas in this state. The bill provides that the program shall include a forgivable loan program for qualifying home improvements, repairs, and renovations for an owner-occupied home. The bill requires the authority to adopt rules governing the loan program. The rules must specify the types of improvements, repairs, and renovation authorized for the program, and the method for determining, if applicable, the portion of a loan that is to be forgiven based on household income. The bill also establishes a neighborhood housing revitalization assistance program fund under the control of the authority. The bill provides that the fund shall consist of any unobligated funds transferred to the fund from a fund described in Code section 15.106A(1)(o), and any other gift, donation, federal or other grant, or appropriation intended to be used for purposes of the fund. The bill provides that all moneys in the fund which remain unexpended or unobligated at the close of a fiscal year shall not revert but shall remain available in subsequent fiscal years.
AI Summary
This bill requires the Iowa Finance Authority to establish a neighborhood housing revitalization assistance program designed to support housing improvements in both urban and rural areas across Iowa. The program will offer a forgivable loan initiative for homeowners to make qualifying home improvements, with loan forgiveness potentially based on household income. Eligible home improvements include critical repairs and upgrades such as updating heating and cooling systems, repairing electrical and plumbing systems, fixing roofs and foundations, replacing siding and windows, constructing or repairing garages, making energy efficiency upgrades, removing architectural barriers for accessibility, and repairing driveways and sidewalks. Landscape improvements are explicitly excluded from the program. The bill creates a dedicated fund within the state treasury to support these efforts, which will be comprised of transferred funds, donations, grants, and other appropriations. Importantly, any unused funds in this account will not revert to the general fund at the end of the fiscal year but will remain available for future program use, ensuring continued support for neighborhood housing revitalization.
Committee Categories
Government Affairs
Sponsors (11)
Liz Bennett (D)*,
Matt Blake (D)*,
Claire Celsi (D)*,
Molly Donahue (D)*,
Bill Dotzler (D)*,
Janet Petersen (D)*,
Art Staed (D)*,
Thomas Townsend (D)*,
Sarah Trone Garriott (D)*,
Cindy Winckler (D)*,
Mike Zimmer (D)*,
Last Action
Subcommittee: Driscoll, Webster, and Weiner. S.J. 328. (on 02/20/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF357 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF357.html |
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