This bill modifies existing laws regarding public improvements related to housing and residential development in urban renewal areas in Iowa. It specifically amends the definition of "low or moderate income families" to "low and moderate income families" in Code chapter 403, ensuring consistency in terminology. Additionally, it establishes that for urban renewal projects in cities with populations over 15,000, at least 20 percent of the original project cost must be allocated for low and moderate income family housing. This is a change from the previous law, which did not specify a minimum percentage.

Furthermore, the bill extends the duration for which tax increment financing can be applied to these projects from a maximum of 10 years to 20 fiscal years. It also clarifies that low and moderate income family housing includes housing that meets the requirements of Code section 15.353, which pertains to workforce housing. The bill is effective immediately upon enactment and applies to revenues divided for projects approved after its effective date.

Statutes affected:
Introduced: 403.17, 403.22