Bill > HF999

This bill modifies the community-based first-generation homebuyers assistance program by making several key changes to eligibility, funding, and administration. The program, administered by Midwest Minnesota Community Development Corporation (MMCDC), will provide down payment assistance to eligible homebuyers who meet specific criteria, including having an income at or below statewide median income, being a first-time homebuyer or having lost a previous home to foreclosure, and having a parent or legal guardian who never owned a home or lost a home to foreclosure. The assistance is structured as a no-interest loan forgiven over five years, providing up to 10% of the home's purchase price (not exceeding $32,000, with potential increases in future years). Homebuyers must complete a homebuyer education course and occupy the home as their primary residence. The bill appropriates $25,000,000 in fiscal year 2026 and $50,000,000 in fiscal year 2027 to support the program, with administrative costs limited to 10% of the annual appropriation. MMCDC is required to submit an annual report to the legislature detailing loan information, including the number of loans, median loan amount, and loans issued by race or ethnic categories. The program is available statewide and can work in conjunction with other homebuyer assistance programs.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0999&ssn=0&y=2025