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SF 1002

as introduced - 92nd Legislature (2021 - 2022) Posted on 08/18/2021 02:43pm

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

Current Version - as introduced

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A bill for an act
relating to housing; increasing the maximum loan amount under the rehabilitation
loan program; amending Minnesota Statutes 2020, section 462A.05, subdivision


Section 1.

Minnesota Statutes 2020, section 462A.05, subdivision 14a, is amended to read:

Subd. 14a.

Rehabilitation loans; existing owner-occupied residential housing.

It may
make loans to persons and families of low and moderate income to rehabilitate or to assist
in rehabilitating existing residential housing owned and occupied by those persons or
families. No loan shall be made unless the agency determines that the loan will be used
primarily for rehabilitation work necessary for health or safety, essential accessibility
improvements, or to improve the energy efficiency of the dwelling. No loan for rehabilitation
of owner-occupied residential housing shall be denied solely because the loan will not be
used for placing the residential housing in full compliance with all state, county or municipal
building, housing maintenance, fire, health or similar codes and standards applicable to
housing. The amount of any loan shall not exceed the lesser of (a) a maximum loan amount
determined under rules adopted by the agency not to exceed deleted text begin$27,000deleted text endnew text begin $40,000new text end, or (b) the
actual cost of the work performed, or (c) that portion of the cost of rehabilitation which the
agency determines cannot otherwise be paid by the person or family without the expenditure
of an unreasonable portion of the income of the person or family. Loans made in whole or
in part with federal funds may exceed the maximum loan amount to the extent necessary
to comply with federal lead abatement requirements prescribed by the funding source. In
making loans, the agency shall determine the circumstances under which and the terms and
conditions under which all or any portion of the loan will be repaid and shall determine the
appropriate security for the repayment of the loan. Loans pursuant to this subdivision may
be made with or without interest or periodic payments.

new text begin EFFECTIVE DATE. new text end

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