This bill amends Section 414.1 of the Iowa Code to allow cities to impose a requirement on the first purchaser of a single-family residential home in a new housing development to physically occupy the home for one year following the purchase. If the purchaser fails to comply with this requirement, the city may impose a fine not exceeding one-fourth of the home's fair market value. Additionally, the bill stipulates that any city ordinance enacted under this provision must include an exemption for good-faith sales, allowing the owner to sell or transfer the property within the one-year occupancy period.

The bill also provides definitions for key terms, specifying that "new housing development" refers to any housing sold for the first time on the market, including newly constructed homes as part of a development agreement between the city and a developer. The term "occupy" is defined as physically residing in and using the property as a home, residence, or sleeping space. This legislation aims to ensure that new homeowners contribute to the community by residing in their homes for a specified period.

Statutes affected:
Introduced: 414.1