Section 16.181. Housing trust fund.

  1.  a.  A housing trust fund is created within the authority. The moneys in the housing trust fund are annually appropriated to the authority to be used for the development and preservation of affordable housing for low-income people in the state and for the Iowa mortgage help initiative. Payment of interest, recaptures of awards, or other repayments to the housing trust fund shall be deposited in the fund. Notwithstanding section 12C.7, interest or earnings on moneys in the housing trust fund or appropriated to the fund shall be credited to the fund. Notwithstanding section 8.33, unencumbered and unobligated moneys remaining in the fund at the close of each fiscal year shall not revert but shall remain available for expenditure for the same purposes in the succeeding fiscal year.

  b.  Assets in the housing trust fund shall consist of all of the following:

  (1)  Any moneys received by the authority from the national housing trust fund created pursuant to the federal Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.

  (2)  Any assets transferred by the authority for deposit in the housing trust fund.

  (3)  Any other moneys appropriated by the general assembly and any other moneys available to and obtained or accepted by the authority for placement in the housing trust fund.

  c.  The authority shall create the following programs within the housing trust fund:

  (1)  Local housing trust fund program. At least sixty percent of available moneys in the housing trust fund shall be allocated for the local housing trust fund program.

  (2)  Project-based housing program. Moneys remaining in the housing trust fund after the allocation in subparagraph (1) shall be used to make awards to project-based housing programs located in areas where a local housing trust fund does not exist or for a project-based housing program that is not eligible for funding through a local housing trust fund.

  2.  a.  In order to be eligible to apply for funding from the local housing trust fund program, a local housing trust fund must be approved by the authority and have all of the following:

  (1)  A local governing board recognized by the city, county, council of governments, or regional officials as the board responsible for coordinating local housing programs.

  (2)  A housing assistance plan approved by the authority.

  (3)  Sufficient administrative capacity in regard to housing programs.

  (4)  A local match requirement approved by the authority.

  b.  An award from the local housing trust fund program shall not exceed ten percent of the balance in the program at the beginning of the fiscal year plus ten percent of any deposits made during the fiscal year.

  c.  By December 31 of each year, a local housing trust fund receiving moneys from the local housing trust fund program shall submit a report to the authority itemizing expenditures of the awarded moneys.

  3.  The authority shall adopt rules pursuant to chapter 17A necessary to administer this section.

2003 Acts, ch 179, §101

; 2008 Acts, ch 1032, §6

; 2009 Acts, ch 43, §6 – 8

; 2010 Acts, ch 1193, §104