Bill > SF1913

This bill establishes a new Locally Controlled Housing Fund to support affordable housing development across Minnesota. The fund will be managed by the state Housing Finance Agency and can provide financial assistance to eligible recipients like cities, counties, Tribal governments, community land trusts, and local housing authorities for acquiring, rehabilitating, demolishing, or constructing housing. Eligible projects must meet specific affordability requirements, including ensuring that in multifamily properties, at least 30% of units are occupied by households earning 50% or less of the area median income, and another 30% by households earning between 50-100% of area median income. The fund prioritizes creating integrated, accessible housing that does not segregate residents by income. Recipients can use the funds for various housing financing needs and can retain and reinvest proceeds after repaying the initial award. The bill requires the agency to hire a dedicated staff member to manage the fund and mandates annual reporting to legislative committees about funded projects. An appropriation will be made from the general fund to create and administer the program, though the specific dollar amount is not specified in the provided text.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1913&ssn=0&y=2025