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" and establishes that for projects in cities with populations over 15,000, at least 20% 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. Additionally, the bill extends the duration for the division of revenue from tax collections for these projects from 10 years to 20 years.

Furthermore, the bill 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 deemed of immediate importance, taking effect upon enactment, and applies to revenues divided for projects approved on or after the effective date. Overall, the legislation aims to enhance support for low and moderate income housing in urban renewal areas, ensuring a more significant commitment to affordable housing initiatives.

Statutes affected:
Introduced: 403.17, 403.22