SF 613: Creating a downtown loan guarantee program under the purview of the economic development authority

What it does

This bill creates a downtown loan guarantee program to be administered by the economic development authority and the Iowa finance authority. The purpose of the program is to encourage downtown businesses and banks to reinvest and reopen following the COVID-19 pandemic. In order for a loan to be guaranteed under the program, numerous conditions apply, including the following: the loan finances an eligible downtown resources center community catalyst building remediation grant project or main street Iowa challenge grant within a designated district; the loan finances a rehabilitation project or acquisition or refinancing costs associated with the project; percent of the project cost is used for construction on the project or renovation; the financed project includes a housing component; the loan is used for the construction or permanent financing of a project; a federally insured financial lending institution issued the loan; the loan does not reimburse the borrower for working capital or operations; and the project meets certain design reviews.

Senate subcommittee · named April 21, 2021

• Sen. Mark S. Lofgren (R) · mark.lofgren@legis.iowa.gov
• Sen. William A. Dotzler Jr. (D) · bill.dotzler@legis.iowa.gov
• Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Hubbell Realty Company; Metropolitan Coalition

In plain words

1. April 21, 2021Filed in the Senate and sent to the Appropriations committee · as SSB 1271
2. April 21, 2021Senate subcommittee named: Lofgren, Dotzler and Koelker · as SSB 1271
3. April 22, 2021Subcommittee recommended passing it · as SSB 1271
4. April 27, 2021Approved by the Senate committee, and given a new number: SF 613 · as SSB 1271
5. April 28, 2021Filed in the Senate
6. April 28, 2021Approved by the Senate committee
7. June 22, 2021Sent to the Senate Appropriations committee