SF 2007

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/15/2023 03:16pm

A bill for an act
relating to housing; appropriating money for a manufactured home park revolving
loan fund; requiring a report.

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

Section 1. new text begin APPROPRIATION; MANUFACTURED HOME PARK REVOLVING
LOAN FUND.
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new text begin (a) $25,000,000 in fiscal year 2024 is appropriated from the general fund to the
commissioner of the housing finance agency for a revolving loan fund under Minnesota
Statutes, section 462A.05, subdivision 35, to provide loans without interest to residents of
a manufactured home park to purchase the manufactured home park in which they reside
for the purpose of converting the manufactured home park to cooperative ownership. Interest
earned and repayments of principal from loans issued under this section must be used for
the purposes of this section. The commissioner must make a determination regarding the
issuance of a loan under this section and disburse the funds within 90 days of receiving a
completed application.
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new text begin (b) By January 15 each year, the commissioner must report to the chairs and ranking
minority members of the legislative committees having jurisdiction over housing the
following information:
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new text begin (1) the number and amount of loans issued;
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new text begin (2) the amount of loans that have been repaid;
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new text begin (3) the amount of interest earned within the fund and the remaining balance of the
revolving loan fund;
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new text begin (4) the number of residents included in each project; and
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new text begin (5) the location of each project.
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