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IA HF2559
Bill
Status
2/16/2026
Primary Sponsor
Shannon Latham
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AI Summary
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Amends the housing renewal pilot program to allow nonprofit Iowa affiliates to retain interest payments, income from ownership unit sales, recaptured financial assistance awards, and other repayments for awarding financial assistance to eligible participants
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Changes the disposition of returned financial assistance awards from inactive participants (no project activity within 12 months) to be retained by the nonprofit Iowa affiliate rather than deposited in the housing renewal program fund
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Modifies homebuyer income eligibility requirements from "under" to "equal to or less than" 120% of area median income for purchasing completed ownership units
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Maintains the 5-year restrictive resale requirement prohibiting sale to persons with income above 120% area median income
Legislative Description
A bill for an act relating to the housing renewal pilot program, including repayments of interest and income, and recaptures or returns of financial assistance awards.
Last Action
Subcommittee recommends passage.
3/3/2026