This bill establishes a locally controlled housing fund in Minnesota, allowing for the issuance of up to $30 million in housing infrastructure bonds to support various housing initiatives. The bill modifies the allowable uses of these bonds to include funding for supportive housing, affordable rental housing, senior housing, and cooperatively owned housing, among others. Notably, it introduces a new provision that allows bonds issued for housing acquisition and construction to be awarded through the locally controlled housing program. Additionally, the bill mandates that the Housing Finance Agency prioritize projects that provide affordable housing for low- and moderate-income households and ensures that a portion of the units in funded projects are accessible to individuals with disabilities.

The bill also creates a framework for the locally controlled housing program, which includes the establishment of two accounts for funding purposes and outlines eligibility criteria for cities, counties, and federally recognized American Indian Tribes to apply for grants. It specifies that at least 30% of units in multifamily properties must be occupied by households earning below 50% of the area median income, and it requires that housing funded under this program be maintained for at least 50 years. Furthermore, the bill mandates annual reporting to legislative committees on the projects funded, ensuring transparency and accountability in the use of the appropriated funds.

Statutes affected:
Introduction: 462A.37