The agency shall establish a manufactured home park redevelopment program for the purpose of making manufactured home park redevelopment grants or loans for the purposes specified in this section.
Eligible recipients may use individual assistance grants and loans under this program to:
(1) provide current residents of manufactured home parks with buy-out assistance not to exceed $4,000 per home with preference given to older manufactured homes; and
(2) provide down-payment assistance for the purchase of new and preowned manufactured homes that comply with the current version of the State Building Code in effect at the time of the sale, not to exceed $10,000 per home.
Eligible recipients may use manufactured home park infrastructure grants under this program for:
(1) improvements in manufactured home parks; and
(2) infrastructure, including storm shelters and community facilities.
For individual assistance grants under subdivision 1a, households assisted must have an annual household income at or below 80 percent of the area median household income. Cities, counties, or community action programs receiving funds under the program must give preference to households at or below 50 percent of the area median household income. Participation in the program is voluntary and no park resident shall be required to participate.
The agency shall attempt to make grants and loans in approximately equal amounts to applicants outside and within the metropolitan area. Grants and loans under this section shall be provided in a manner consistent with the agency's policies and purposes in section 462A.02.
Each recipient receiving a grant under subdivision 1b shall provide from year to year, on a cumulative basis, for adequate reserve funds to cover the repair and replacement of the private infrastructure systems serving the community.