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HF 2112

2nd Engrossment - 88th Legislature (2013 - 2014) Posted on 04/04/2014 03:31pm

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

Current Version - 2nd Engrossment

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

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

Section 1. new text beginHOUSING OPPORTUNITIES MADE EQUITABLE (HOME) PILOT
PROJECT.
new text end

new text begin (a) The Housing Opportunities Made Equitable (HOME) pilot project is established to
support closing the disparity gap in affordable homeownership for all communities of color
and American Indians in Minnesota and increase housing opportunities for specific groups
while closing the disparity gap that exists in Minnesota. The pilot project may also support
the redevelopment and rebuilding of challenged neighborhoods affected by the foreclosure
crisis. The Minnesota Housing Finance Agency shall collaborate with the Chicano Latino
Affairs Council, Council on Asian-Pacific Minnesotans, Council on Black Minnesotans,
and Minnesota Indian Affairs Council in designing the implementation of the pilot project.
new text end

new text begin (b) If funds are available to the Minnesota Housing Finance Agency, the
commissioner may use the available funds to: support the capacity of several local
community nonprofit housing and service providers to administer the HOME pilot project
under this section, support providers that assist families to attain sustainable, affordable
homeownership as described in paragraph (c), and make first mortgage loans as described
in paragraph (d).
new text end

new text begin (c) Assistance to attain sustainable affordable homeownership may include
long-term financial education, training, case management, credit mending, homebuyer
education, and foreclosure prevention mitigation services. The Minnesota Housing
Finance Agency shall choose providers of the assistance described in this paragraph that
have proven track records of assisting culturally diverse groups of people with long-term
education services and that have historically resulted in sustainable affordable housing
opportunities for culturally diverse groups.
new text end

new text begin (d) Funds may be used to make first mortgage financing to homebuyers who have the
financial resources to pay a mortgage but are unable to access a mortgage that meets their
needs. The mortgage loans will be originated by qualified providers. A qualified provider is
a provider that has a proven track record of assisting culturally diverse groups of people in
attaining sustainable affordable homeownership and that, at a minimum, is in good standing
with the Minnesota Department of Commerce, is licensed to originate mortgage loans, and
has demonstrated an ability to underwrite to FHA or conventional underwriting guidelines.
Qualified providers may be paid an origination fee, a service release premium, and a
standard fee set in order to expand capacity to assist more families with purchasing a home.
new text end