SF 3710

as introduced - 90th Legislature (2017 - 2018) Posted on 03/22/2018 10:08am

A bill for an act
relating to housing; appropriating money for grants to local housing trust funds.

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

Section 1. new text begin LOCAL HOUSING TRUST FUND GRANTS; APPROPRIATION.
new text end

new text begin (a) $2,000,000 in fiscal year 2019 is appropriated from the general fund to the
commissioner of the Housing Finance Agency for grants to housing trust funds established
under Minnesota Statutes, section 462C.16, to incentivize local funding. This is a onetime
appropriation. Grants shall provide matching funds of 100 percent of the amount not
exceeding $150,000 and 50 percent of the amount over $150,000 and not exceeding $300,000
that a housing trust fund receives in fiscal years 2018 and 2019 from (1) a housing and
redevelopment authority levy or special tax pursuant to Minnesota Statutes, sections 469.001
to 469.047, or section 469.033, subdivision 6, or (2) an appropriation by the local government
of a municipality located outside the 11-county metropolitan area, as defined in Minnesota
Statutes, section 200.02, subdivision 24, and with a total population under 40,000.
new text end

new text begin (b) If the amount appropriated to the commissioner under paragraph (a) is insufficient
to fully fund matching grants at this level, the commissioner must proportionately reduce
the amount transferred to each housing trust fund.
new text end

new text begin (c) Recipients must use grant funds under paragraph (a) within eight years of receipt for
purposes (1) authorized under Minnesota Statutes, section 462C.16, subdivision 3, and (2)
benefiting households with incomes at or below 115 percent of the state median income.
Recipients must return any grant funds not used for these purposes within eight years of
receipt to the commissioner of the Housing Finance Agency.
new text end