Bill > SF2678

This bill modifies the Housing Finance Agency's housing affordability fund (referred to as Pool 3) for fiscal years 2026 and 2027, requiring that at least 25% of the fund's allocations be dedicated to the workforce and affordable homeownership development program. These funds must be distributed as grants for single-family homes, townhomes, and manufactured homes, and cannot be used for loans, financing programs, or administrative costs. The bill mandates that the Housing Finance Agency commissioner provide detailed reports to the legislature by June 30, 2026, and June 30, 2027, which must include the number and amount of grants issued, broken down by housing type, income categories, and counties. The bill explicitly preserves the agency's ability to use Pool 3 funds to meet its bond obligations, ensuring that the new allocation requirements do not interfere with existing financial commitments. This legislation aims to increase transparency and support affordable homeownership by directing a significant portion of housing funds toward specific development and grant programs.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2678&ssn=0&y=2025