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HF2865 (Legislative Session 94 (2025-2026))

Minnesota Housing Finance Agency funding provided for the economic development and housing challenge program, and money appropriated.

Related bill: SF982

AI Generated Summary

Purpose of the Bill

The bill aims to allocate funds to the Minnesota Housing Finance Agency to support housing initiatives. It specifically focuses on economic development and housing challenge programs, as well as low and moderate-income housing projects.

Main Provisions

  • Funding Allocation: The bill proposes an appropriation of $22,925,000 for the fiscal year 2026 and $12,925,000 for the fiscal year 2027. These funds will be drawn from the state's general fund.
  • Program Beneficiaries: The funds are designated for the economic development and housing challenge program and for programs that assist low and moderate-income households, as per existing Minnesota statutes.
  • Priority Projects: Part of the allocated funds, specifically $1,208,000 annually, is reserved for housing projects that benefit American Indians during the first 11 months of each fiscal year.

Significant Changes

  • The bill introduces a new funding allocation specifically earmarked for American Indian housing projects, which were not previously specified to this extent. If these funds are not utilized within the designated timeframe, they become available for broader housing activities.

Relevant Terms

  • Housing Finance Agency
  • Economic Development
  • Housing Challenge Program
  • Low and Moderate-Income Housing
  • American Indian Housing Projects
  • Fiscal Year Appropriation

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 25, 2025HouseFloorActionIntroduction and first reading, referred toHousing Finance and Policy
April 06, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "Additional funding for economic development and housing challenge program."
      ],
      "removed": [
        ""
      ],
      "summary": "Appropriating money for the economic development and housing challenge program under section 462A.33.",
      "modified": [
        ""
      ]
    },
    "citation": "462A.33",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        "Funding provision for Native American housing projects."
      ],
      "removed": [
        ""
      ],
      "summary": "Appropriating money for low and moderate-income housing programs.",
      "modified": [
        ""
      ]
    },
    "citation": "462A.07",
    "subdivision": "subdivision 14"
  }
]

Sponsors