SF 2242 – Military homeownership assistance program
FLOOR ACTION:
SF 2242 relates to the state’s military homeownership assistance program administered by the Iowa Finance Authority (IFA). Currently, eligibility is limited to those who are or were members of the National Guard, a Reserve or regular component of the U.S. Armed Forces who has served at least 90 days of active duty beginning on or after September 11, 2001, and to certain members who were precluded from completing the minimum aggregate of 90 days of active duty service due to injury. The bill expands the criteria to include members who served during the period of the Persian Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991. It also allows an eligible veteran to use financing other than that available under IFA’s current homebuyer programs if the financing is by a lender that participates in IFA’s first mortgage programs or is approved by IFA, and if the Authority determines that the offered financing would be economically feasible and financially advantageous for the veteran. This provision applies to financed home purchases that close on or after July 1, 2014. The bill also clarifies “honorable discharge” as an eligibility requirement, and adds a hardship clause applicable to the surviving spouse of a service member if all eligibility requirements other than military service are met for this and other IFA loan and grant programs. [3/3: 48-0 (Ernst, Feenstra absent)]
