SF 4361

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/30/2022 09:47am

A bill for an act
relating to housing; transferring money from the general fund to the housing trust
fund for grants to low-income persons for purchase of shares in limited equity
cooperative housing units.

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

Section 1. new text begin TRANSFER; LIMITED EQUITY COOPERATIVE HOUSING UNITS.
new text end

new text begin (a) $25,000,000 is transferred from the general fund to the housing trust fund account
created under Minnesota Statutes, section 462A.201, for the purposes set forth in this section.
new text end

new text begin (b) The commissioner of the Housing Finance Agency must make grants to low-income
persons eligible under Minnesota Statutes, section 462A.201, subdivision 2, to purchase
shares in limited equity cooperative housing units when buildings in which low-income
persons are tenants convert to that status. Grants are limited to $20,000 or 25 percent of the
cost of a share, whichever is less.
new text end

new text begin (c) This section expires June 30, 2026. Any money remaining on June 30, 2026, shall
cancel to the general fund.
new text end