HF 2461

as introduced - 94th Legislature (2025 - 2026) Posted on 03/20/2025 04:17pm

A bill for an act
relating to housing; transferring money to the housing development fund;
appropriating money for the manufactured home down payment assistance program
and the manufactured home park cooperative purchase program.

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

Section 1. new text begin TRANSFER; HOUSING DEVELOPMENT FUND.
new text end

new text begin $10,000,000 in fiscal year 2026 is transferred from the general fund to the housing
development fund. This is a onetime transfer.
new text end

Sec. 2. new text begin APPROPRIATION; MANUFACTURED HOME DOWN PAYMENT
ASSISTANCE PROGRAM.
new text end

new text begin $5,000,000 in fiscal year 2026 is appropriated from the housing development fund to
the commissioner of the Housing Finance Agency for a grant to NeighborWorks Home
Partners to fund and administer a manufactured home down payment assistance program
and to fund the manufactured home financing product created under Laws 2023, chapter
37, article 1, section 2, subdivision 25, as amended by Laws 2024, chapter 127, article 14,
section 10. Money may be used in conjunction with other assistance that the eligible home
buyer may qualify for and the loan placed in any priority position.
new text end

Sec. 3. new text begin APPROPRIATION; MANUFACTURED HOME PARK COOPERATIVE
PURCHASE PROGRAM.
new text end

new text begin (a) $5,000,000 in fiscal year 2026 is appropriated from the housing development fund
to the commissioner of the Housing Finance Agency for a grant to Northcountry Cooperative
Foundation and its wholly controlled affiliated entities to leverage a loan fund to provide
financial assistance for the conversion of manufactured home parks to cooperative ownership.
new text end

new text begin (b) Financial assistance may include direct loans, interest rate subsidy loans, loan
guarantees, deferred or forgivable loans, or other loan structures that may facilitate the
conversion to cooperative ownership and that may be placed in any priority position.
new text end

new text begin (c) A deed purchased with a loan under this section must contain a covenant running
with the land requiring that the land be used as a manufactured home park for 30 years from
the date of purchase.
new text end

new text begin (d) For the purposes of this section, the term "manufactured home" has the meaning
given in Minnesota Statutes, section 327B.01, subdivision 13, and the term "manufactured
home park" has the meaning given in Minnesota Statutes, section 327.14, subdivision 3.
new text end