Rebuild Iowa – Week of March 15

STAFF CONTACT:  Theresa Kehoe

HF 2294 – Disaster Aid Individual Assistance Grant Fund

HF 2487 – Recovery Zone Bond Allocation

FLOOR ACTION:

HF 2294 relates to the distribution of moneys from the disaster aid individual assistance grant fund. A recipient of grant funding will receive reimbursement for expenses upon presenting a receipt for an eligible expense or will receive a voucher through a voucher system administered by the Department of Human Services (DHS). The voucher system is required to ensure sufficient data collection to discourage and prevent fraud. DHS is required to consult with long-term disaster recovery committees and disaster recovery case management committees in developing a voucher system. The Senate adopted an amendment for DHS to develop the voucher program, but the voucher program is administered locally within the designated disaster area. [3/11: 48-0]

HF 2487 requires the Iowa Finance Authority (IFA) to provide written notice to each county and large municipality of the amount of the recovery zone bond allocation designated for each county and large municipality under the federal American Recovery and Reinvestment Act (ARRA) of 2009. Each county or large municipality that issues recovery zone bonds is required to provide a written notice of each such issuance to IFA. IFA is required to track the amount of the recovery zone bond allocation used by each county and large municipality. A county or large municipality may, at any time prior to July 1, 2010, waive all or a portion of its recovery zone bond allocation. Any portion of a county or large municipality’s recovery zone bond allocation that remains unused on July 1, 2010 is deemed waived. IFA is required to recapture those waived portions of the allocations.

On or after March 1, 2010, any eligible issuer may apply to IFA requesting an allocation from the amount of waived recovery zone bond allocations recaptured by the authority. IFA is authorized, on or after April 1, 2010, to reallocate the amount recaptured. IFA is required to promulgate rules to implement the provisions of the bill. HF 2487 takes effect upon enactment. [3/16: 49-0 (Warnstadt absent)]