Bill > HF2740

This bill introduces several provisions aimed at supporting and stabilizing affordable housing in Minnesota. It requires the commissioner of the Minnesota Housing Finance Agency to submit an annual report by January 5th detailing the financial stability of the affordable housing industry, including operating expense-to-revenue ratios and rent collection percentages across four distinct regions of the state. The bill mandates an annual meeting with the Interagency Council to End Homelessness and local housing aid recipients to discuss housing aid impacts, regional needs, and collaborative strategies for addressing housing insecurity. It also limits the commitment terms for low-income tax credit projects to the compliance period specified in federal tax code. Additionally, the commissioner must develop a policy framework for stabilizing affordable rental housing, identifying potential regulatory relief strategies, and exploring funding mechanisms for recapitalizing distressed properties. The bill includes provisions for transferring funds to the housing development fund and provides a one-time appropriation to support the development of this stabilization policy framework. By January 5, 2026, the commissioner is required to report to legislative committees on the progress and potential legislative needs for supporting affordable housing stabilization.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2740&ssn=0&y=2025