Bills › 90th General Assembly
Establishing a neighborhood housing renovation grant program and fund, and making appropriations
Where it is now
- Done: IntroducedApril 10, 2023
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Iowa will create a new program that gives grants of up to $20,000 to homeowners for fixing or improving the outside of their houses. To qualify, people must live in the home they are fixing and their household income cannot be more than $109,000. The Iowa finance authority will manage the $50 million fund used to pay for these projects.1
Read the official explanation
This bill establishes a neighborhood housing renovation grant program (program) and fund (neighborhood fund) to be administered by the Iowa finance authority (authority) for purposes of awarding grants to eligible homeowners for qualifying exterior home improvements, repairs, or renovations (exterior work). There is appropriated to the authority for deposit in the neighborhood fund for the fiscal year beginning July 1, 2023, from the moneys available to the state pursuant to the federal American Rescue Plan Act of 2021, the sum of $50 million. 7(2), interest or earnings on moneys in the neighborhood fund shall accrue to the authority and shall be used for purposes of the program.33, moneys in the neighborhood fund at the end of each fiscal year shall not revert to any other fund but shall remain in the neighborhood fund for expenditure for subsequent fiscal years. All repayments or recaptures of the grants awarded under the program shall accrue to the authority and shall be used for purposes of the program. The authority shall not use more than percent of the moneys in the neighborhood fund at the beginning of the fiscal year for purposes of administrative costs, marketing, and other program support. To qualify for the program, a homeowner’s household income shall not exceed $109,000 and the homeowner must occupy the property at which the exterior work will occur. A grant awarded under the program shall not exceed $20,000. Exterior work that qualifies for the program is detailed in the bill. The authority shall adopt rules to administer the bill.