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 financing for supportive housing, affordable rental and home ownership, 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 includes specific requirements for accessibility in new construction.

The bill also creates a framework for the locally controlled housing program, which includes the establishment of two accounts for funding and outlines eligibility criteria for cities, counties, and federally recognized American Indian Tribes to apply for grants. It stipulates that at least 30% of units in multifamily properties must be occupied by households earning below 50% of the area median income, and single-family properties must be occupied by households earning below this threshold as well. Furthermore, the bill requires annual reporting on funded projects to ensure transparency and accountability in the use of the appropriated funds.

Statutes affected:
Introduction: 462A.37