Bill > HF2148

This bill establishes a new Locally Controlled Housing Fund as a separate account within the housing development fund, designed to help cities, counties, Tribal entities, and local housing authorities create and maintain affordable housing. The fund can be used to acquire, rehabilitate, demolish, or construct housing, with a focus on creating housing that serves households earning between 50-100% of the area median income. Eligible recipients can use the fund to finance housing projects where they either own a controlling stake in the property or own the land, working with approved nonprofit or cooperative partners. The bill requires that at least 30% of units in multifamily properties be reserved for low-income households (50% AMI or less) and another 30% for moderate-income households (50-100% AMI). Projects must meet accessibility requirements, avoid income-based segregation, and include tenant protections. The Housing Finance Agency will administer the fund, hire a dedicated director, and submit annual reports to the legislature detailing funded projects. Recipients can retain and reinvest proceeds after repaying the initial award, promoting sustainable affordable housing development. The bill also includes an appropriation to fund 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=House&f=HF2148&ssn=0&y=2025