499A.104 - SWEAT EQUITY HOUSING COOPERATIVE ASSOCIATION.

        499A.104  SWEAT EQUITY HOUSING COOPERATIVE      ASSOCIATION.         1.  The local housing authority may form one or more sweat equity      housing cooperative associations under this chapter.  A sweat equity      housing cooperative association shall operate as a multiple housing      cooperative association under subchapter I, except as specifically      provided otherwise under this subchapter.         2.  A sweat equity housing cooperative association shall meet the      following additional conditions:         a.  A sweat equity partners' committee shall be established,      with each partner entitled to one vote on the committee.         b.  The sweat equity committee shall hold twenty-five percent      of the stock of the association upon incorporation of the      association.         c.  An advisory committee shall be established, made up of      equity investors, skill contributors, and other community      representatives including, but not limited to:         (1)  Tradesperson volunteers.         (2)  Community college trade representatives and business      educators.         (3)  Financial and legal advisors to association management.         d.  The advisory committee shall hold seventy-five percent of      the stock of the association upon incorporation of the association.         3.  The association shall be controlled by the board of directors,      with representation of partners and advisors on the board      proportional to each group's equity interest at the time of the last      election of directors to the board.         4.  An association shall do all of the following:         a.  Acquire existing housing or small business building stock      in need of rehabilitation.         b.  Establish a rehabilitation plan, which shall include, but      not be limited to, all of the following elements:         (1)  Statement of purpose.         (2)  Financial plan.         (3)  Construction timetable.         (4)  Materials schedule.         (5)  Construction training program schedule for partners.  If a      contract is executed with a person to perform skilled labor or to      supervise skilled work, the person must be certified by an      organization recognized as representing a membership of persons with      common skills.         (6)  Financial and managerial training program for partners.         (7)  Bylaws of the association.         (8)  A contract between the partners and advisors including the      terms of transfer of stock from the advisory committee to the      partners' committee.         c.  Establish a program to ensure that partners are equipped      with skills necessary for full participation in society.         d.  Encourage participation by partners in the activities of      the community.  
         Section History: Recent Form
         90 Acts, ch 1120, §4; 2001 Acts, ch 61, §17         Referred to in § 499A.105