HF 1472

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/08/2023 10:24am

A bill for an act
relating to housing; establishing a homeownership investment grants program;
requiring reports; appropriating money.

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

Section 1. new text begin BUILD WEALTH MINNESOTA; APPROPRIATION.
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new text begin $2,000,000 in fiscal year 2024 and $2,000,000 in fiscal year 2025 are appropriated from
the general fund to the commissioner of the Minnesota Housing Finance Agency for a grant
to Build Wealth Minnesota to provide a family stabilization plan program, including program
outreach, financial literacy education, and budget and debt counseling.
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Sec. 2. new text begin HOMEOWNERSHIP INVESTMENT GRANTS PROGRAM;
APPROPRIATION.
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new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For the purposes of this section, the following terms have
the meanings given:
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new text begin (1) "commissioner" means the commissioner of the Minnesota Housing Finance Agency;
and
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new text begin (2) "eligible organization" means a nonprofit organization the commissioner determines
to be eligible under subdivision 2.
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new text begin Subd. 2. new text end

new text begin Eligible organization. new text end

new text begin To be eligible for a grant under this subdivision, a
nonprofit organization must:
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new text begin (1) be an organization defined under section 501(c)(3) of the Internal Revenue Code or
an equivalent organization;
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new text begin (2) have primary operations located in Minnesota; and
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new text begin (3) be certified as a community development financial institution by the United States
Department of the Treasury and must provide affordable housing lending or financing
programs.
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new text begin Subd. 3. new text end

new text begin Eligible services. new text end

new text begin Eligible organizations may apply for housing investment
grants for affordable owner-occupied housing projects for:
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new text begin (1) housing development to increase the supply of affordable owner-occupied homes;
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new text begin (2) financing programs for affordable owner-occupied new home construction;
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new text begin (3) acquisition, rehabilitation, and resale of affordable owner-occupied homes or homes
to be converted to owner-occupied homes;
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new text begin (4) financing programs for affordable owner-occupied manufactured housing; and
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new text begin (5) services to increase access to stable, affordable, owner-occupied housing in
low-income communities, Indigenous American Indian communities, and communities of
color.
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new text begin Subd. 4. new text end

new text begin Commissioner duties. new text end

new text begin (a) The commissioner shall consult with eligible
organizations and develop forms, applications, and reporting requirements for use by eligible
organizations. All organizations applying for a grant must include as part of their application
a plan to create new affordable home ownership and home preservation opportunities for
targeted areas. The commissioner shall develop a grant award scoring system that ensures
a distribution of awards throughout the state based on population and eligible households
and communities.
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new text begin (b) The commissioner shall complete the requirements under paragraph (a) within 90
days of enactment of this section.
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new text begin (c) By January 15, 2024, the commissioner must submit a report to the chairs and ranking
minority members of the legislative committees with jurisdiction over housing finance and
policy detailing the use of funds under this section.
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new text begin Subd. 5. new text end

new text begin Appropriation. new text end

new text begin $100,000,000 in fiscal year 2023 is appropriated from the
general fund to the commissioner of the Minnesota Housing Finance Agency for grants to
eligible organizations.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin WORKFORCE HOMEOWNERSHIP PROGRAM; APPROPRIATION.
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new text begin $25,250,000 in fiscal year 2024 and $25,250,000 in fiscal year 2025 are appropriated
from the general fund to the commissioner of the Minnesota Housing Finance Agency for
the workforce homeownership program under Minnesota Statutes, section 462A.38.
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