SF 3644

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to housing finance; amending the purposes for certain flood disaster
appropriations.

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

Section 1. new text begin DISTRIBUTION OF ECONOMIC DEVELOPMENT AND HOUSING
CHALLENGE APPROPRIATION.
new text end

new text begin Notwithstanding any contrary provisions in law or rule, any balance of the
appropriation made to the Minnesota Housing Finance Agency by Laws 2007, First
Special Session chapter 2, section 9, subdivision 2, that remains unencumbered as of
the effective date of this act, together with any funds that may be transferred to the
Minnesota Housing Finance Agency by interagency agreement pursuant to Laws 2007,
First Special Session chapter 2, section 2, subdivision 1, shall be used for disaster housing
assistance grants for flood damaged owner-occupied single family homes located in the
area of southeast Minnesota designated under Presidential Declaration of Major Disaster,
DR-1717. Housing assistance grants made under this section shall be made without regard
to a homeowner's income, assets, or any other form of financial qualification. These
disaster assistance housing grants shall be made in proportion to the homeowners' relative
levels of disaster-related damage, less any Federal Emergency Management Agency
grants that a homeowner may have received. Federal Small Business Administration
(SBA) loans, private loans, or other loans obtained by a homeowner shall not affect
a homeowner's qualification for these grants. No grants under this section shall be
made to homeowners who have already received loans through the Minnesota Housing
Finance Agency's Quick-Start program. Grant payments for homeowners who hold SBA
disaster loans shall be made directly to the SBA in repayment of such loans. Any balance
remaining after such loans are paid in full will be paid to the homeowner.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end