HF 2480 — A bill for an act concerning manufactured homes by creating a manufactured housing program fund and providing eligibility under the home ownership assistance program for military members for the purchase of manufactured homes. (Formerly HSB 682.) Effective 7-1-18.

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TLSBSection 5392HV1. (1) 87 ec/rj H.F.

2480 Section 1.

b.House File 2480, p.

2 b.

Notwithstanding section 8.33, unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year LSBshall 5392HVnot (1)revert 87to -1-any ec/rjother 1/4fund H.F.but shall be available for expenditure in subsequent years.

2480 shall not revert to any other fund but shall be available for expenditure in subsequent years.

For purposes of this section, “financial institutions” means the same as defined in section 12C.1, “lender” means a lender as defined in section 537.1301 that is licensed byHouse theFile banking2480, divisionp. of the department of commerce, and “manufactured home” or “manufactured housing” means the same as the definition of manufactured home in section 435.1.

3 by the banking division of the department of commerce, and “manufactured home” or “manufactured housing” means the same as the definition of manufactured home in section 435.1.

1167, §3 and 4, and other appropriations, to provide financial assistance to eligible members of the armed forces of the United States to be used for purchasing primary residences, including but not LSBlimited 5392HVto (1)manufactured 87homes -2-on ec/rjleased 2/4land, H.F.in the state of Iowa.

2480______________________________ limited______________________________ toLINDA manufacturedUPMEYER homesCHARLES onSCHNEIDER leasedSpeaker land,of the House President of the Senate I hereby certify that this bill originated in the stateHouse ofand Iowa.is known as House File 2480, Eighty-seventh General Assembly.

EXPLANATION______________________________ TheCARMINE inclusionBOAL ofChief thisClerk explanationof does not constitute agreement with the explanation’sHouse substanceApproved by_______________, the2018 members______________________________ ofKIM theREYNOLDS generalGovernor assembly.

This bill concerns manufactured homes.

New Code section 16.45 creates the manufactured housing program fund within the Iowa finance authority to further the goal of providing affordable housing to Iowans.

The moneys in the fund are annually appropriated to the authority for the purpose of providing funding to financial institutions or other lenders to finance the purchase by an individual of a manufactured home that is in compliance with all applicable laws, rules, and standards that are applicable to manufactured homes and manufactured housing.

The bill further provides that the fund is designed exclusively for manufactured homes on leased land.

The bill authorizes the authority to transfer for deposit in the new fund for any fiscal year any unobligated and unencumbered moneys from the senior living revolving loan program fund, home and community-based services revolving loan program fund, transitional housing revolving loan program fund, and community housing and services for persons with disabilities revolving loan program fund from the prior fiscal year.

However, the bill provides that the maximum amount of moneys that may be so transferred for any fiscal year shall not exceed the lesser of $1 million or an amount equal to the total amount of any unobligated and unencumbered moneys in the funds available for transfer from the previous fiscal year reduced by $1 million.

The authority is required to allocate the moneys in the fund to financial institutions or other lenders to meet the purposes set forth in the bill and may provide funding in the form of loans, linked deposits, guarantees, reserve funds, or any other prudent financial instruments.

LSB 5392HV (1) 87 -3- ec/rj 3/4 H.F.

2480 The authority is required to adopt rules that include but are not limited to eligibility requirements for financial institutions or other lenders to receive funding, and any other rules that are necessary to implement and administer the provisions of the bill.

For purposes of the bill, “financial institution” means as defined in Code section 12C.1, “lender” means a lender as defined in Code section 537.1301 that is licensed by the banking division of the department of commerce, and “manufactured home” or “manufactured housing” means a factory-built structure constructed under authority of 42 U.S.C.

§5403, that is required by federal law to display a seal from the United States department of housing and urban development, and was constructed on or after June 15, 1976.

Code section 16.54, establishing the home ownership assistance program for military members, is amended to provide that primary residences, for purposes of this program, includes manufactured homes on leased land.

LSB 5392HV (1) 87 -4- ec/rj 4/4