SF2678 (Legislative Session 94 (2025-2026))
Housing affordability fund modification in fiscal years 2026 and 2027 authorization
AI Generated Summary
Purpose of the Bill
The bill aims to modify the allocation of funds from Minnesota's Housing Affordability Fund for fiscal years 2026 and 2027. It focuses on directing a portion of these funds specifically toward affordable homeownership and workforce housing development.
Main Provisions
Allocation Requirement: At least 25% of the funds from the Housing Affordability Fund, also known as Pool 3, must be allocated to support the workforce and affordable homeownership development program as per Minnesota Statutes section 462A.38.
Restrictions on Use: The allocated funds cannot be used for loans or any other financing programs, nor for the administration of the program itself.
Reporting Requirements: By June 30 of each respective year (2026 and 2027), the Housing Finance Agency commissioner must report to the legislature detailing:
- The number and amount of grants awarded for the development of single-family homes, townhomes, and manufactured homes.
- Grants issued categorized by income levels.
- Distribution of grants by county.
Significant Changes
The bill mandates a specific allocation of funds from the Housing Finance Agency's Pool 3 to support affordable homeownership, prioritizing transparency and ensuring funds are directed towards providing grants, rather than loans or administrative costs.
Relevant Terms
housing affordability fund, workforce housing, affordable homeownership, housing finance agency, grants, Pool 3, fiscal years 2026 and 2027, Minnesota Statutes section 462A.38.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 16, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 16, 2025 | Senate | Floor | Action | Referred to | Housing and Homelessness Prevention |
Citations
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"summary": "This bill modifies the allocation of housing affordability funds under section 462A.38.",
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"citation": "462A.38",
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