Bills › 88th General Assembly
Where it is now
- Done: IntroducedJanuary 29, 2020
- Done: SubcommitteeJanuary 29, 2020
- Done: House committeeFebruary 4, 2020
- Stopped: Passes the HouseDied when the General Assembly ended
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill relates to matters under the purview of the Iowa finance authority, including the purchase of single-family or multifamily residences by a first-time homebuyer, the creation of the first-time homebuyer grant fund, and making an appropriation. The bill defines “first-time homebuyer” as an individual who is a resident of this state and who does not own, and who has not owned for the last years, either individually or jointly, a single-family or multifamily residence. The bill defines “household income” as all income received by the first-time homebuyer and all individuals years of age or older who reside with the first-time homebuyer.
Read the full explanation
The bill establishes a first-time homebuyer grant fund within the authority. The bill authorizes the authority to provide grants from the fund to first-time homebuyers with a household income that does not exceed percent of the national average to assist them in paying down payment and closing costs for a single-family or multifamily residence. The bill appropriates $250,000 to the fund beginning July 1, 2020, and each fiscal year thereafter. The bill requires a first-time homebuyer seeking an award from the fund to submit an application to the authority. The bill provides that the authority is to establish criteria for the review and approval of applications by rule and that the authority may determine and collect a reasonable application fee. In addition, the bill directs that such application fees be used exclusively for costs associated with the review and approval of the applications. _____ must serve as the first-time homebuyer’s primary residence; the first-time homebuyer must complete a financial literacy program; and the maximum purchase price for the residence to be purchased must not exceed the amount determined by the authority. The bill limits the amount the authority may award to a first-time homebuyer from the fund to $2,500. The bill directs the authority, to the extent possible, to track when a first-time homebuyer sells a residence that was purchased using moneys from the fund. The bill also requires first-time homebuyers to notify the authority of the sale of the residence purchased and repay moneys to the fund in certain circumstances.67 multiplied by the difference between less the number of months the first-time homebuyer owned the residence. The bill provides that these payments are to be deposited in the fund. The bill requires the authority to adopt rules as necessary for implementation and administration of the grant fund.
House subcommittee
Named January 29, 2020. On February 4, 2020 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part