SF 3427

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/25/2022 10:20am

A bill for an act
relating to housing; providing a grant to Build Wealth MN to establish the 9,000
Equities Fund to increase homeownership opportunities in underserved communities
of color; appropriating money; amending Laws 2021, First Special Session chapter
8, article 1, section 3, subdivision 16.

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

Section 1.

Laws 2021, First Special Session chapter 8, article 1, section 3, subdivision 16,
is amended to read:

Subd. 16. Build Wealth MN

500,000

deleted text begin 500,000 deleted text end new text begin 2,000,000 new text end

This appropriation is for a grant to Build
Wealth Minnesota to provide a family
stabilization plan program including program
outreach, financial literacy education, and
budget and debt counseling.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2. new text begin APPROPRIATION; 9,000 EQUITIES FUND.
new text end

new text begin $10,000,000 in fiscal year 2023 is appropriated from the general fund to the Minnesota
Housing Finance Agency for a grant to Build Wealth Minnesota to establish the 9,000
Equities Fund, a targeted loan pool, to provide affordable first mortgages or equivalent
financing opportunities to households struggling to access mortgages in underserved
communities of color. The goal of the 9,000 Equities Fund is to close the homeownership
disparity gap by 15 percent in the Twin Cities metropolitan area over five to seven years.
By ......., Build Wealth MN shall report to the Minnesota Housing Finance Agency on
activities, expenditures, and outcomes of the 9,000 Equities Fund and its homeownership
strategy. This is a onetime appropriation. This appropriation is available until expended.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end