Iowa Code 16.45 – Manufactured housing program fund
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1. A manufactured housing program fund is created within the authority to further the goal of providing affordable housing to Iowans. The moneys in the fund are to be used for the purpose of providing funding to financial institutions or other lenders to finance the purchase by an individual of a manufactured home that is in compliance with all laws, rules, and standards that are applicable to manufactured homes and manufactured housing. The manufactured housing program fund is designed exclusively for manufactured homes sited on leased land.
Terms Used In Iowa Code 16.45
- Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
- Division: means the Iowa title guaranty division in the authority, the director of the division, or a designee of the director. See Iowa Code 16.92
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Housing: means single family and multifamily dwellings, and facilities incidental or appurtenant to the dwellings, and includes group homes of fifteen beds or less licensed as health care facilities or child foster care facilities and modular or mobile homes which are permanently affixed to a foundation and are assessed as realty. See Iowa Code 16.1
- Housing program: means any work or undertaking of new construction or rehabilitation of one or more housing units, or the acquisition of existing residential structures, for the provision of housing, which is financed pursuant to the provisions of this chapter for the primary purpose of providing housing for low or moderate income families. See Iowa Code 16.1
- Program: means any program administered by the authority or any program in which the authority is directed or authorized to participate pursuant to any statute, executive order, or interagency agreement, or any other program participation or administration of which the authority finds useful and convenient to further the goals and purposes of the authority. See Iowa Code 16.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. a. Moneys received by the authority for the manufactured housing program fund, transferred by the authority for deposit in the fund, appropriated to the fund, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section.
b. Notwithstanding any provision of section 16.46, 16.47, 16.48, or 16.49 to the contrary, the authority shall be authorized to transfer for deposit in the manufactured housing program fund for any fiscal year any unobligated and unencumbered moneys in the funds created in sections 16.46, 16.47, 16.48, and 16.49 from the prior fiscal year. However, the maximum amount of moneys that may be so transferred for any fiscal year shall not exceed the lesser of one million dollars or an amount equal to the total amount of any unobligated and unencumbered moneys in the funds available for transfer from the previous fiscal year reduced by one million dollars.
c. Additionally, recapture of awards and other repayments to the fund shall be deposited in the fund and are appropriated to the authority to be used as set forth in this section. Notwithstanding section 8.33, unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year shall not revert to any other fund but shall be available for expenditure in subsequent years. However, any unencumbered or unobligated moneys remaining in the fund on June 30 of any fiscal year that were transferred to the fund as provided in paragraph “b” shall revert to the fund from which the transfer was made. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the fund or appropriated to the fund shall be credited to the fund.
3. The authority shall allocate moneys available in the manufactured housing program fund to financial institutions or other lenders to be used as set forth in subsection 1. The authority may provide funding to financial institutions or other lenders in the form of loans, linked deposits, guarantees, reserve funds, or any other prudent financial instruments.
4. The authority shall adopt rules pursuant to chapter 17A necessary to implement and administer this section, including but not limited to eligibility requirements for financial institutions or other lenders to receive funding through the manufactured housing program fund.
5. For purposes of this section, “financial institutions” means the same as defined in section 12C.1, “lender” means a lender as defined in section 537.1301 that is licensed by the banking division of the department of commerce, and “manufactured home” or “manufactured housing” means the same as the definition of manufactured home in section 435.1.