Purpose of the Bill

This bill is designed to enhance housing opportunities in Minnesota by providing financial assistance specifically for manufactured homes. It aims to support individuals looking to buy manufactured homes and encourages the cooperative ownership model for manufactured home parks.

Main Provisions

• Transfer to Housing Development Fund: $10 million will be transferred from the general fund to the housing development fund in the fiscal year 2026. This is a one-time transfer to bolster housing initiatives.

• Manufactured Home Down Payment Assistance Program: $5 million is appropriated to assist individuals with down payments for manufactured homes. NeighborWorks Home Partners will manage these funds, which will help buyers become eligible for manufactured home loans and can be combined with other financial aid the buyer qualifies for.

• Manufactured Home Park Cooperative Purchase Program: Another $5 million is allocated to support the conversion of manufactured home parks to cooperative ownership managed by Northcountry Cooperative Foundation. This involves financial assistance in the form of various types of loans, including direct loans, interest rate subsidies, and possibly forgivable loans. A key condition is that any park converted under this program must remain a manufactured home park for at least 30 years.

Significant Changes to Existing Law

The bill introduces new funding sources and structures aimed specifically at manufactured homes and manufactured home parks, emphasizing cooperative ownership as an option for residents. This approach is intended to ensure long-term affordability and community ownership of these properties.

Relevant Terms

manufactured home, down payment assistance, cooperative ownership, housing development fund, loan guarantees, NeighborWorks Home Partners, Northcountry Cooperative Foundation, financial assistance, general fund transfer.