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Code · Iowa · Chapter 16 — Iowa Finance Authority

16.48 Transitional housing revolving loan program fund.

348 words·~2 min read·/ia/chapter-16-iowa-finance-authority/16-48·

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1. A transitional housing revolving loan program fund is created within the authority to further the availability of affordable housing for parents that are reuniting with their children while completing or participating in substance use disorder treatment. The moneys in the fund are annually appropriated to the authority to be used for the development and operation of a revolving loan program to provide financing to construct affordable transitional housing, including through new construction or acquisition and rehabilitation of existing housing.
The housing provided shall be geographically located in close proximity to licensed substance use disorder treatment programs. Preference in funding shall be given to projects that reunite mothers with the mothers’ children.
2. Moneys transferred by the authority for deposit in the transitional housing revolving loan program fund, moneys appropriated to the transitional housing revolving loan program, and any other moneys available to and obtained or accepted by the authority for placement in the fund shall be deposited in the fund. Additionally, payment of interest, recaptures of awards, and other repayments to the transitional housing revolving loan program fund shall be credited to the fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the transitional housing revolving loan program fund shall be credited to the fund.
Notwithstanding section 8.33, moneys that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for the same purpose in the succeeding fiscal year.
3. The authority shall annually allocate moneys available in the transitional housing revolving loan program fund for the development of affordable transitional housing for parents that are reuniting with the parents’ children while completing or participating in substance use disorder treatment. The authority shall develop a joint application process for the allocation of federal low-income housing tax credits and the funds available under this section. Moneys allocated to such projects may be in the form of loans, grants, or a combination of loans and grants.
Referred to in §16.45, 16.57A
For provisions relating to financial assistance to border county hospitals, see 2014 Acts, ch 1132, §42, 43
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