Bill > HF1008

This bill creates the Iowa Land Redevelopment Trust Act, establishing a new mechanism for municipalities to address abandoned, blighted, and dilapidated properties. Land redevelopment trusts (LRTs) are local entities that can acquire, rehabilitate, and sell or lease properties within their geographical boundaries to revitalize urban, suburban, and rural areas. The trusts can be created by a single municipality or through intergovernmental agreements, and they will have specific powers including borrowing money, contracting with various entities, and receiving a portion of property taxes from rehabilitated properties for up to five years. The bill provides detailed governance structures, including requirements for board membership, conflict of interest provisions, and transparency obligations. LRTs are granted special bidding rights at tax sales for properties within their jurisdiction that are abandoned or blighted, and they are exempt from certain taxation. The trusts are intended to help communities address property decay by providing a streamlined mechanism to acquire, improve, and return non-productive properties to productive use, with the ultimate goals of increasing property values, generating economic activity, creating jobs, and improving neighborhood conditions.

Budget and Finance

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https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF1008