Purpose of the Bill

This bill aims to enhance transparency and oversight in the allocation of first-generation homebuyer down payment assistance in Minnesota. The intention is to ensure that funds meant to assist new homebuyers are effectively distributed and used across the state.

Main Provisions

• Annual Reporting Requirement: The bill requires an agency to produce an annual report detailing the down payment assistance given to homebuyers. This report must be submitted by January 15 each year.
• Information to be Included in the Report: The report must include:
  1. The total number of down payment assistance awards given.
  2. The total amount of funds awarded for down payment assistance.
  3. The types of housing purchased with assistance, such as single-family houses, townhouses, condominiums, and manufactured housing.

Significant Changes to Existing Law

• Amendment to Minnesota Statutes 2024 section 462A.41: The bill adds a new requirement for systematic reporting on down payment assistance funds, which was not previously mandated. This change aims to provide detailed insights into the distribution and impact of financial assistance for first-generation homebuyers.

Relevant Terms

down payment assistance, first-generation homebuyers, housing finance, single-family houses, townhouses, condominiums, manufactured housing, Minnesota Statutes 2024 section 462A.41, annual report