SF 1961

as introduced - 91st Legislature (2019 - 2020) Posted on 03/05/2019 08:58am

A bill for an act
relating to housing; appropriating money to the Housing Finance Agency for grants
to local housing trust funds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin LOCAL HOUSING TRUST FUND GRANTS.
new text end

new text begin (a) $10,000,000 in fiscal year 2020 is appropriated from the general fund to the Minnesota
Housing Finance Agency for deposit in the housing development fund for grants to local
housing trust funds established under Minnesota Statutes, section 462C.16, to incentivize
local funding. This is a onetime appropriation.
new text end

new text begin (b) A grantee is eligible to receive a grant amount equal to 100 percent of the public
revenue committed to the local housing trust fund from any source other than the state or
federal government, up to $150,000, and in addition, an amount equal to 50 percent of the
public revenue committed to the local housing trust fund from any source other than the
state or federal government that is more than $150,000 but not more than $300,000.
new text end

new text begin (c) $100,000 of this appropriation is for technical assistance grants to local and regional
housing trust funds. A housing trust fund may apply for a technical assistance grant at the
time and in the manner and form required by the agency. The agency shall make grants on
a first-come, first-served basis. A technical assistance grant must not exceed $5,000.
new text end

new text begin (d) A grantee must use grant funds within eight years of receipt for purposes (1)
authorized under Minnesota Statutes, section 462C.16, subdivision 3, and (2) benefiting
households with incomes at or below 115 percent of the state median income. A grantee
must return any grant funds not used for these purposes within eight years of receipt to the
commissioner of the Housing Finance Agency for deposit into the housing development
fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2019.
new text end