This bill amends Section 428A.8 of the Iowa Code by removing the existing maximum annual limit of $7 million on the amount of real estate transfer tax (RETT) receipts that can be transferred to the housing trust fund (HTF). The new provisions stipulate that for the fiscal year beginning July 1, 2025, and for each subsequent fiscal year, 65% of the RETT receipts will be allocated to the state general fund, 30% to the HTF, and 5% to the shelter assistance fund.

Additionally, the bill eliminates subsection 3 of Section 428A.8, which contained outdated phase-in language. This legislative change aims to enhance funding for the HTF, which supports the development and preservation of affordable housing for low-income individuals in Iowa, thereby potentially increasing the resources available for housing initiatives in the state.

Statutes affected:
Introduced: 428A.8, 16.181