This bill establishes the firsthome program under the Iowa finance authority, aimed at providing assistance to eligible first-time homebuyers. The program will offer grants for down payment and closing costs, second loans, and other forms of assistance. It defines key terms such as "first-time homebuyer" and "second loan," and outlines specific eligibility requirements for individuals seeking assistance, including income limits, credit score criteria, and the necessity to occupy the purchased home as a primary residence. The maximum grant amount available under the program is set at $10,000, and the Iowa finance authority is tasked with adopting necessary rules for implementation.

Additionally, the bill appropriates $2.2 million from the general fund for the fiscal year 2025-2026 to support the military home ownership assistance program, which aids current and former members of the armed forces in purchasing homes. This appropriation supplements an existing allocation for the same purpose. The bill is deemed of immediate importance and takes effect upon enactment.