Bill > HF2693

This bill establishes a new Locally Controlled Housing Program to provide funding for housing development by eligible recipients like cities, counties, and federally recognized American Indian Tribes. The program creates two accounts - one in the housing development fund and one in the bond proceeds fund - to award grants and loans for housing acquisition, construction, and development. Eligible recipients must use the funds to create housing and maintain ownership for at least 50 years, with specific requirements for income levels of occupants. For multifamily properties, at least 30 percent of units must be reserved for households at or below 50 percent of area median income, and another 30 percent for households at or below 100 percent of area median income. Single-family properties must be occupied by households at or below 50 percent of area median income. The bill modifies existing housing infrastructure bond provisions to allow these bonds to be awarded through the new locally controlled housing program and expands the potential uses of such bonds. The Housing Finance Agency is required to submit annual reports about funded projects, balance funding between metropolitan and non-metropolitan areas, and provide technical assistance to applicants. The bill also includes appropriations and authorizes the sale of state bonds to fund the program, with an effective date following final enactment.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2693&ssn=0&y=2025