MN HF3725

Appropriates annually from the general fund to the Minnesota Housing Finance Agency in fiscal years 2012 to 2021 for creation of affordable housing units under Minnesota Statutes, section 462A.33.

Dedicated funds must supplement traditional funding sources and cannot be used as a substitute; funds may be used to pay debt service on bonds.

Commissioner of Revenue determines by September 1, 2012 and annually through 2021 the total proceeds from mortgage registry tax (Minnesota Statutes, section 287.035) and deed tax (Minnesota Statutes, section 287.21) collected during each fiscal year.

Appropriates only the amount by which collected proceeds exceed the amount collected in fiscal year 2011.

Minnesota Housing Finance Agency must report annually by December 15 to legislative committees with jurisdiction over housing on progress toward creating 1,000 additional affordable housing units annually.