This bill mandates the Iowa Finance Authority to conduct a review of the firsthome program, specifically focusing on the household income limit that determines eligibility for the program. The review aims to assess whether the current income limit adequately assists individuals in purchasing their first home and whether it serves as a sufficient incentive for out-of-state individuals to relocate to Iowa. Additionally, the bill seeks to evaluate the potential impact of increasing the household income limit on participation in the program.

The Iowa Finance Authority is required to submit a report to the General Assembly by January 11, 2027, summarizing its findings and providing recommendations regarding the household income limit for the firsthome program. This report will help inform future decisions about the program and its effectiveness in supporting homeownership in Iowa.