SF 2678

Introduction - 94th Legislature (2025 - 2026)

Posted on 03/18/2025 10:20 a.m.

A bill for an act
relating to housing; modifying the housing affordability fund in fiscal years 2026
and 2027.

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

Section 1. new text begin HOUSING AFFORDABILITY FUND; FISCAL YEARS 2026 AND 2027
ALLOCATION.
new text end

new text begin (a) At least 25 percent of the allocations from the Housing Finance Agency's housing
affordability fund, or Pool 3, in fiscal years 2026 and 2027 shall be for distribution to the
workforce and affordable homeownership development program under Minnesota Statutes,
section 462A.38. This amount shall not be used for loans or other financing programs. No
money from the allocation under this paragraph may be used to administer this program.
new text end

new text begin (b) By June 30, 2026, and June 30, 2027, the commissioner of the Housing Finance
Agency shall report to the legislature the following for the allocation of housing affordability
funds under paragraph (a) for:
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new text begin (1) the number and amount of grants issued for single-family homes, townhomes, and
manufactured homes;
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new text begin (2) the number and amount of grants issued by income categories; and
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new text begin (3) the number and amount of grants issued by county.
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new text begin (c) Nothing in this section shall impair the agency from using funds in Pool 3 to satisfy
its obligations to holders of bonds secured by the general obligation pledge of the agency.
new text end