Iowa creates neighborhood housing revitalization assistance program and loan fund

Original title: A bill for an act establishing a neighborhood housing revitalization assistance program within the Iowa finance authority.

Last action · February 20, 2025: Subcommittee: Driscoll, Webster, and Weiner. S.J. 328 .Sponsors: Janet Petersen and 10 others

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What This Bill Would Do

Iowa establishes a neighborhood housing revitalization assistance program within the Iowa finance authority to provide loans, grants, and s for home repairs in designated urban and rural areas.

Why it matters

Homeowners in designated areas gain access to s for structural and system repairs, funded by a dedicated state treasury account that retains unexpended balances across fiscal years.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

homeowners in designated urban and rural areas

Eligible owner-occupied homeowners can access forgivable loans for qualifying home improvements and repairs.

Directly affected

Iowa Finance Authority

The authority is required to establish and administer the neighborhood housing revitalization assistance program, adopt rules, and manage the program fund.

Key Facts

The Iowa finance authority shall establish a neighborhood housing revitalization assistance program to foster lending programs and public-private partnerships in designated urban and rural areas.
The program includes forgivable loans for qualifying owner-occupied home improvements, repairs, and renovations.
Eligible repairs include heating or air conditioning systems, electrical and plumbing systems, roof repair, foundation repair, siding, paint, windows, doors, garage construction, energy efficiency upgrades, accessibility modifications, sidewalks, and driveways.
Landscape improvements or repairs are explicitly ineligible for the forgivable loan program.

Show all 8 facts

The authority shall establish rules for maximum loan amounts, allowable improvements, and methods for determining loan forgiveness based on household income.
A neighborhood housing revitalization assistance program fund is created in the state treasury under the control of the authority.
The fund consists of transferred unobligated funds, gifts, donations, federal or other grants, and appropriations.
Moneys remaining unexpended or unobligated at the close of a fiscal year shall not revert to the general fund but remain available for subsequent fiscal years.

Frequently Asked Questions

Who is eligible for the forgivable loan program?

Owners of owner-occupied homes located in designated urban and rural areas who meet criteria established by rule by the Iowa finance authority, including household income guidelines.

What types of home repairs are covered by the forgivable loans?

Eligible repairs include updating heating, cooling, electrical, plumbing, roofs, foundations, siding, windows, doors, driveways, sidewalks, energy efficiency upgrades, accessibility barrier removal, and interior updates.

What happens to unspent money in the program fund at the end of the fiscal year?

Unexpended or unobligated moneys in the fund do not to the state general fund and remain available for expenditure in subsequent fiscal years.

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Procedural history

2 actions

Feb 20, 2025Senate
Subcommittee: Driscoll, Webster, and Weiner. S.J. 328 .
Feb 18, 2025SenateIntroduced
Introduced, referred to Local Government. S.J. 296 .

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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