HF 997

as introduced - 89th Legislature (2015 - 2016) Posted on 02/18/2015 11:15am

A bill for an act
relating to housing; appropriating money for the housing opportunities made
equitable (HOME) pilot project.

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

Section 1. new text begin HOUSING OPPORTUNITIES MADE EQUITABLE (HOME) PILOT
PROJECT FUNDING.
new text end

new text begin (a) $30,000,000 in fiscal year 2016 and $30,000,000 in fiscal year 2017 are
appropriated from the general fund to the commissioner of housing finance for the HOME
pilot project under Laws 2014, chapter 188, section 4, for projects to:
new text end

new text begin (1) develop, redevelop, build, and rebuild in and around challenged neighborhoods
affected by the foreclosure crisis;
new text end

new text begin (2) increase homeownership opportunities; and
new text end

new text begin (3) work to close the disparity gap in homeownership rates in Minnesota.
new text end

new text begin (b) $8,000,000 in fiscal year 2016 and $8,000,000 in fiscal year 2017 are
appropriated from the general fund to the commissioner of housing finance for the HOME
pilot project for competitive grants to community organizations to provide long-term
financial education training, case management, credit mending, homebuyer education,
and foreclosure prevention mitigation services according to Laws 2014, chapter 188,
section 4, paragraph (c).
new text end

new text begin (c) $12,000,000 in fiscal year 2016 and $12,000,000 in fiscal year 2017 are
appropriated from the general fund to the commissioner of housing finance for the HOME
pilot project for first mortgage financing to homebuyers in accordance with Laws 2014,
chapter 188, section 4, paragraph (d).
new text end