This bill amends Minnesota Statutes 2024, section 462A.41, to enhance the verification process for first-generation homebuyers seeking down payment assistance. It introduces a new subdivision that requires the agency to develop specific forms and procedures for application solicitation and review. The agency, or any partnered community organization, must verify the eligibility of each applicant using these forms. Additionally, applicants are required to submit an affidavit affirming compliance with eligibility requirements, which includes warnings about the consequences of providing false information. The burden of proof for eligibility lies with the applicant, although the agency may assist in obtaining necessary documentation.

Furthermore, the bill establishes an annual reporting requirement for the agency regarding the first-generation homebuyers down payment assistance fund. A new subdivision mandates that by January 15 of each year, the agency must provide a report detailing the disbursements made from the fund, along with a financial audit conducted by an independent party. This aims to ensure transparency and accountability in the management of the assistance program. The provisions of this bill will take effect the day following its final enactment.

Statutes affected:
Introduction: 462A.41