Establishing a neighborhood housing revitalization assistance program within the Iowa finance authority

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.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.