Bill > SF3503

This bill establishes a new locally controlled housing program designed to help cities, counties, and federally recognized American Indian Tribes develop and acquire affordable housing. The program creates two funding accounts - one in the housing development fund and another in the bond proceeds fund - to provide grants and loans for housing development. Eligible recipients must use the funds to acquire, design, construct, and maintain housing, with strict requirements around affordability and long-term ownership. For multifamily properties, at least 30% of units must be occupied by households earning 50% or less of the area median income, and another 30% by households earning up to 100% of the area median income. Single-family properties must be occupied by households earning 50% or less of the area median income. Recipients must maintain ownership of the housing for at least 50 years and include tenant protections similar to public housing lease agreements. The Housing Finance Agency is required to balance funding between metropolitan and non-metropolitan areas, prioritize accessible units, and provide technical assistance to applicants. Starting in January 2026, the agency must submit annual reports detailing the projects funded through this program. The bill also modifies existing housing infrastructure bond provisions to allow these bonds to be awarded through the new locally controlled housing program.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3503&ssn=0&y=2025