Minnesota SF 609: Minnesota Housing Finance Agency appropriation for grants to local housing trust funds authorization

Bill Text

1.1A bill for an act​
1.2relating to housing; appropriating money to the Minnesota Housing Finance Agency​
1.3for grants to local housing trust funds.​
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.5Section 1. LOCAL HOUSING TRUST FUND GRANTS.​
1.6(a) $10,000,000 in fiscal year 2024 is appropriated from the general fund to the​
1.7commissioner of the Minnesota Housing Finance Agency for deposit in the housing​
1.8development fund for grants to local housing trust funds established under Minnesota​
1.9Statutes, section 462C.16, to incentivize local funding. This is a onetime appropriation.​
1.10(b) A grantee is eligible to receive a grant amount equal to 100 percent of the public​
1.11revenue committed to the local housing trust fund from any source other than the state or​
1.12federal government, up to $150,000, and in addition, an amount equal to 50 percent of the​
1.13public revenue committed to the local housing trust fund from any source other than the​
1.14state or federal government that is more than $150,000 but not more than $300,000.​
1.15(c) $100,000 of the amount appropriated in paragraph (a) is for technical assistance​
1.16grants to local and regional housing trust funds. A housing trust fund may apply for a​
1.17technical assistance grant at the time and in the manner and form required by the agency.​
1.18The agency shall make grants on a first-come, first-served basis. A technical assistance​
1.19grant must not exceed $5,000.​
1.20(d) A grantee must use grant funds within eight years of receipt for purposes (1)​
1.21authorized under Minnesota Statutes, section 462C.16, subdivision 3, and (2) benefiting​
1.22households with incomes at or below 115 percent of the state median income. A grantee​
1​Section 1.​
23-01804as introduced​01/05/23 REVISOR MS/CH​
SENATE​
STATE OF MINNESOTA​
S.F. No. 609​
NINETY-THIRD SESSION​
(SENATE AUTHORS: BOLDON)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​346​01/23/2023​
Referred to Housing and Homelessness Prevention​
See HF2335​

2.1must return any grant funds not used for these purposes within eight years of receipt to the​
2.2commissioner of the Minnesota Housing Finance Agency for deposit into the housing​
2.3development fund.​
2.4EFFECTIVE DATE.This section is effective July 1, 2023.​
2​Section 1.​
23-01804as introduced​01/05/23 REVISOR MS/CH​