SF 2976

Introduction - 94th Legislature (2025 - 2026)

Posted on 03/25/2025 10:33 a.m.

A bill for an act
relating to housing; expanding allowable uses of funds in the Minnesota housing
tax credit contribution account to include funding supportive services in supportive
housing; amending Minnesota Statutes 2024, section 462A.40, subdivision 2.

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

Section 1.

Minnesota Statutes 2024, section 462A.40, subdivision 2, is amended to read:

Subd. 2.

Use of funds; grant and loan program.

(a) The agency may award grants and
loans to be used for multifamily and single family developments for persons and families
of low and moderate income. Allowable use of the funds include: gap financing, as defined
in section 462A.33, subdivision 1; new construction; acquisition; rehabilitation; demolition
or removal of existing structures; construction financing; permanent financing; interest rate
reduction; new text begin services enumerated in section 462A.37, subdivision 1, paragraph (k), in existing
supportive housing as defined in that paragraph; new text end and refinancing.

(b) The agency may give preference for grants and loans to comparable proposals that
include regulatory changes or waivers that result in identifiable cost avoidance or cost
reductions, including but not limited to increased density, flexibility in site development
standards, or zoning code requirements.