1. A municipality shall do the following:

 a. Rent or lease the dwelling accommodations in a housing project only to persons or families of low income and at rentals within their financial reach.
 b. Rent or lease to a tenant such dwelling accommodations consisting of the number of rooms which it deems necessary to provide safe and sanitary accommodations to the proposed occupants without overcrowding.
 c. (1) Fix income limits for occupancy and rents after taking into consideration the following:

 (a) The family size, composition, age, disabilities, and other factors which might affect the rent-paying ability of the person or family.
 (b) The economic factors which affect the financial stability and solvency of the project.
 (2) However, such determination of eligibility shall be within the limits of the income limits hereinbefore set out.

Terms Used In Iowa Code 403A.7

  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Person: means an individual, firm, partnership, domestic or foreign corporation, company, association or joint stock association, trust, or other legal entity, and includes a trustee, receiver, assignee, or similar representative thereof, but does not include a governmental body. See Iowa Code 362.2
 2. Nothing contained in this section or section 403A.6 shall be construed as limiting the power of a municipality with respect to a housing project, to vest in an obligee the right, in the event of a default by the municipality, to take possession or cause the appointment of a receiver for the housing project, free from all the restrictions imposed by this section or section 403A.6.
  Previous section
Next section  
 Chapter 403A Contents