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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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1.1A bill for an act
1.2relating to housing; creating the Housing Opportunity Made Equitable (HOME)
1.3pilot project; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5    Section 1. HOUSING OPPORTUNITY MADE EQUITABLE (HOME) PILOT
1.6PROJECT.
1.7(a) The Minnesota Housing Finance Agency shall establish the Housing Opportunity
1.8Made Equitable (HOME) pilot project to support closing the disparity gap in affordable
1.9homeownership and rental housing for African-American families in Minnesota.
1.10(b) $3,000,000 is appropriated in fiscal year 2015 from the general fund to the
1.11Minnesota Housing Finance Agency for the HOME pilot project under this section. Funds
1.12appropriated shall be used to support the capacity of several local community nonprofit
1.13housing and service providers to administer the project. The Minnesota Housing Finance
1.14Agency shall choose providers that have proven track records of assisting culturally
1.15diverse groups of people with long-term education services and wraparound services that
1.16have historically resulted in sustainable affordable housing opportunities for culturally
1.17diverse groups. The pilot project must:
1.18(1) increase housing opportunities for specific groups while closing the disparity gap
1.19that exists in Minnesota;
1.20(2) redevelop and rebuild challenged neighborhoods affected by foreclosure crisis;
1.21(3) bring long-term cost benefits by rejuvenating a property tax base of more than
1.22$2,429,000 over four years; and
1.23(4) create a revenue stream of at least $150,000 each year to be redistributed to
1.24providers to expand capacity to help more families.
2.1(c) Of the appropriation, $1,000,000 must be used to assist families to attain
2.2sustainable affordable homeownership and rental units. Assistance may include long-term
2.3financial education, training, case management, credit mending, homebuyer education,
2.4foreclosure prevention mitigation services, jobs and employment readiness training
2.5resources, and supporting wraparound services.
2.6(d) Of the appropriation, $2,000,000 must be used to develop and administer
2.7a revolving loan pool for lending to assist families with culturally sensitive credit
2.8affordability financing that will be administered by the providers. Proceeds from the
2.9origination, processing, administrative fees, and servicing of the loans must go into a pool
2.10that will be redistributed back to the providers to expand capacity to assist more families
2.11with purchasing a home or providing rental subsidies.

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