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HF 1603

as introduced - 88th Legislature (2013 - 2014) Posted on 03/18/2013 01:47pm

KEY: stricken = removed, old language. underscored = added, new language.

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A bill for an act
relating to housing; creating the Housing Opportunity Made Equitable (HOME)
pilot project; appropriating money.

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

Section 1. HOUSING OPPORTUNITY MADE EQUITABLE (HOME) PILOT
PROJECT.

(a) The Minnesota Housing Finance Agency shall establish the Housing Opportunity
Made Equitable (HOME) pilot project to support closing the disparity gap in affordable
homeownership and rental housing for African-American families in Minnesota.

(b) $3,000,000 is appropriated in fiscal year 2015 from the general fund to the
Minnesota Housing Finance Agency for the HOME pilot project under this section. Funds
appropriated shall be used to support the capacity of several local community nonprofit
housing and service providers to administer the project. The Minnesota Housing Finance
Agency shall choose providers that have proven track records of assisting culturally
diverse groups of people with long-term education services and wraparound services that
have historically resulted in sustainable affordable housing opportunities for culturally
diverse groups. The pilot project must:

(1) increase housing opportunities for specific groups while closing the disparity gap
that exists in Minnesota;

(2) redevelop and rebuild challenged neighborhoods affected by foreclosure crisis;

(3) bring long-term cost benefits by rejuvenating a property tax base of more than
$2,429,000 over four years; and

(4) create a revenue stream of at least $150,000 each year to be redistributed to
providers to expand capacity to help more families.

(c) Of the appropriation, $1,000,000 must be used to assist families to attain
sustainable affordable homeownership and rental units. Assistance may include long-term
financial education, training, case management, credit mending, homebuyer education,
foreclosure prevention mitigation services, jobs and employment readiness training
resources, and supporting wraparound services.

(d) Of the appropriation, $2,000,000 must be used to develop and administer
a revolving loan pool for lending to assist families with culturally sensitive credit
affordability financing that will be administered by the providers. Proceeds from the
origination, processing, administrative fees, and servicing of the loans must go into a pool
that will be redistributed back to the providers to expand capacity to assist more families
with purchasing a home or providing rental subsidies.

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