Jan
31
House File 2160
ByHouse File 2160 - Introduced HOUSE FILE BY RUNNING-MARQUARDT A BILL FOR 1 An Act relating to loan forgiveness under the residential 2 landlord business support program and including effective 3 date and applicability provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5855HH (5) 83 tm/sc PAG LIN 1 1 Section 1. RESIDENTIAL LANDLORD BUSINESS SUPPORT 1 2 PROGRAM. Under the residential landlord business support 1 3 program administered by the department of economic development, 1 4 forgivable loans made pursuant to the program shall be 1 5 forgivable over a five=year period. One=fifth of the total 1 6 principal amount loaned shall be forgiven following each full 1 7 year the recipient owns the property for which the loan was 1 8 made, beginning on the date of the final disbursement of the 1 9 forgivable loan proceeds. To each financial award recipient 1 10 receiving assistance prior to the effective date of this Act, 1 11 the department shall offer to renegotiate the terms of the 1 12 financial assistance award contract in accordance with this 1 13 Act. 1 14 Sec. 2. EFFECTIVE UPON ENACTMENT AND APPLICABILITY. This 1 15 Act, being deemed of immediate importance, takes effect upon 1 16 enactment and applies to contracts entered into before and 1 17 after the effective date of this Act. 1 18 EXPLANATION 1 19 This bill relates to loan forgiveness under the residential 1 20 landlord business support program. 1 21 The bill provides that under the residential landlord 1 22 business support program administered by the department 1 23 of economic development, forgivable loans made pursuant to 1 24 the program shall be forgivable over a five=year period. 1 25 The bill provides that, to each financial award recipient 1 26 receiving assistance prior to the effective date of the bill, 1 27 the department shall offer to renegotiate the terms of the 1 28 financial assistance award contract in accordance with the 1 29 bill. 1 30 The bill takes effect upon enactment and applies to 1 31 contracts entered into before and after the effective date of 1 32 this bill. LSB 5855HH (5) 83 tm/sc
