Minnesota Legislature
SF 1256
as introduced - 88th Legislature (2013 - 2014) Posted on 03/15/2013 09:59am
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A bill for an act
relating to housing; appropriating a portion of the proceeds of the mortgage
registry tax and deed tax to the Minnesota Housing Finance Agency to be used
for creation of affordable housing units.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1. new text begin MINNESOTA HOUSING FINANCE AGENCY; AFFORDABLE
HOUSING PROJECTS.
new text end
new text begin Subdivision 1. new text end
new text begin Appropriation. new text end
new text begin
In fiscal years 2014 to 2023, the amount determined
under subdivision 2 is annually appropriated from the general fund to the Minnesota
Housing Finance Agency for the creation of additional affordable housing units, under
Minnesota Statutes, section 462A.33. The dedicated money under this section must
supplement traditional sources of funding for this purpose and may not be used as a
substitute. The dedicated money may be used to pay for debt service on bonds.
new text end
new text begin Subd. 2. new text end
new text begin Determination of funding amount. new text end
new text begin
By September 1 of 2014 and each
year thereafter through 2023, the commissioner of revenue shall determine the total
amount of the proceeds of the mortgage registry tax imposed under Minnesota Statutes,
section 287.035, and the deed tax imposed under Minnesota Statutes, section 287.21,
that was collected during the fiscal year ending in that calendar year and deposited in
the general fund, and shall determine the amount by which that exceeds the amount so
collected in fiscal year 2014.
new text end
new text begin Subd. 3. new text end
new text begin Minnesota Housing Finance Agency report. new text end
new text begin
The Minnesota Housing
Finance Agency shall report annually by December 15 to the chairs of the house of
representatives and senate committees with jurisdiction over the Minnesota Housing
Finance Agency on the progress under subdivision 1, related to creating 1,000 additional
affordable housing units annually.
new text end