Bill Text: MN SF2638 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Housing Opportunities Made Equitable (HOME) pilot project establishment and appropriation
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2014-03-13 - Referred to Health, Human Services and Housing [SF2638 Detail]
Download: Minnesota-2013-SF2638-Introduced.html
1.2relating to housing; creating the Housing Opportunities Made Equitable (HOME)
1.3pilot project; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. HOUSING OPPORTUNITIES MADE EQUITABLE (HOME) PILOT
1.6PROJECT.
1.7(a) The Minnesota Housing Finance Agency shall establish the Housing
1.8Opportunities Made Equitable (HOME) pilot project to support closing the disparity
1.9gap in affordable homeownership and rental housing for all communities of color and
1.10American Indians in Minnesota.
1.11(b) $50,000,000 is appropriated in fiscal year 2015 from the general fund to the
1.12Minnesota Housing Finance Agency for the HOME pilot project under this section. Funds
1.13appropriated shall be used to support the capacity of several local community nonprofit
1.14housing and service providers to administer the project. The Minnesota Housing Finance
1.15Agency shall choose providers that have proven track records of assisting culturally
1.16diverse groups of people with long-term education services and wraparound services that
1.17have historically resulted in sustainable affordable housing opportunities for culturally
1.18diverse groups. The pilot project must:
1.19(1) increase housing opportunities for specific groups while closing the disparity gap
1.20that exists in Minnesota;
1.21(2) redevelop and rebuild challenged neighborhoods affected by foreclosure crisis;
1.22(3) bring long-term cost benefits by rejuvenating a property tax base of more than
1.23$2,500,000 over four years; and
2.1(4) create a revenue stream of at least $....... each year to be redistributed to providers
2.2to expand capacity to help more families.
2.3(c) Of the appropriation, $....... must be used to assist families to attain sustainable
2.4affordable homeownership and rental units. Assistance may include long-term financial
2.5education, training, case management, credit mending, homebuyer education, foreclosure
2.6prevention mitigation services, jobs and employment readiness training resources, and
2.7supporting wraparound services.
2.8(d) Of the appropriation, $....... must be used to develop and administer a revolving
2.9loan pool for lending to assist families with culturally sensitive credit affordability
2.10financing that will be administered by the providers. Proceeds from the origination,
2.11processing, administrative fees, and servicing of the loans must go into a pool that will
2.12be redistributed back to the providers to expand capacity to assist more families with
2.13purchasing a home or providing rental subsidies.
1.3pilot project; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. HOUSING OPPORTUNITIES MADE EQUITABLE (HOME) PILOT
1.6PROJECT.
1.7(a) The Minnesota Housing Finance Agency shall establish the Housing
1.8Opportunities Made Equitable (HOME) pilot project to support closing the disparity
1.9gap in affordable homeownership and rental housing for all communities of color and
1.10American Indians in Minnesota.
1.11(b) $50,000,000 is appropriated in fiscal year 2015 from the general fund to the
1.12Minnesota Housing Finance Agency for the HOME pilot project under this section. Funds
1.13appropriated shall be used to support the capacity of several local community nonprofit
1.14housing and service providers to administer the project. The Minnesota Housing Finance
1.15Agency shall choose providers that have proven track records of assisting culturally
1.16diverse groups of people with long-term education services and wraparound services that
1.17have historically resulted in sustainable affordable housing opportunities for culturally
1.18diverse groups. The pilot project must:
1.19(1) increase housing opportunities for specific groups while closing the disparity gap
1.20that exists in Minnesota;
1.21(2) redevelop and rebuild challenged neighborhoods affected by foreclosure crisis;
1.22(3) bring long-term cost benefits by rejuvenating a property tax base of more than
1.23$2,500,000 over four years; and
2.1(4) create a revenue stream of at least $....... each year to be redistributed to providers
2.2to expand capacity to help more families.
2.3(c) Of the appropriation, $....... must be used to assist families to attain sustainable
2.4affordable homeownership and rental units. Assistance may include long-term financial
2.5education, training, case management, credit mending, homebuyer education, foreclosure
2.6prevention mitigation services, jobs and employment readiness training resources, and
2.7supporting wraparound services.
2.8(d) Of the appropriation, $....... must be used to develop and administer a revolving
2.9loan pool for lending to assist families with culturally sensitive credit affordability
2.10financing that will be administered by the providers. Proceeds from the origination,
2.11processing, administrative fees, and servicing of the loans must go into a pool that will
2.12be redistributed back to the providers to expand capacity to assist more families with
2.13purchasing a home or providing rental subsidies.
