HF 4618

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/04/2024 09:37pm

A bill for an act
relating to housing; modifying an appropriation for the housing infrastructure
program; providing for assistance to preserve naturally-occuring affordable housing;
amending Minnesota Statutes 2022, section 469.012, by adding a subdivision;
Laws 2023, chapter 37, article 1, section 2, subdivision 17.

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

Section 1.

Minnesota Statutes 2022, section 469.012, is amended by adding a subdivision
to read:

new text begin Subd. 14. new text end

new text begin Assistance to preserve naturally-occurring affordable housing. new text end

new text begin An authority
may provide financial assistance of any kind, including but not limited to grants, loans,
forgivable loans, payment of interest, interest rate reduction, issuance of bonds and the
spending of the proceeds of the bonds, to assist with the capital repair or replacement of an
asset or category of assets with a regular life span in excess of 25 years and with a project
cost in excess of $5,000,000, where: (1) the capital repair project is in a multi-family housing
building, whether owner-occupied or rental; (2) at least 25 percent of the units were sold
or are rented to households meeting low-income requirements set by the United States
Department of Housing and Urban Development; and (3) more than 25 years has elapsed
since the asset or category of assets has been repaired or replaced. In the case of a common
interest community, the assistance authorized herein may be provided whether or not the
assets being repaired or replaced are owned by the individual unit owners or by the common
interest community of which the individual unit owners are part of the membership, and
may be provided to the common interest community or to individual unit owners, or both.
new text end

Sec. 2.

Laws 2023, chapter 37, article 1, section 2, subdivision 17, is amended to read:

Subd. 17. Housing Infrastructure

100,000,000

100,000,000

new text begin (a) new text end This appropriation is for the housing
infrastructure program for the eligible
purposes under Minnesota Statutes, section
462A.37, subdivision 2. This is a onetime
appropriation.

new text begin (b) Of the amount in the second year,
$3,250,000 is for a grant to the Wilder Park
Association to assist with the cost of a major
capital repair project for the rehabilitation of
portions of the owner-occupied senior
high-rise facility.
new text end

new text begin EFFECTIVE DATE. new text end

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