MN SF3304

Appropriates funds annually from fiscal years 2012 to 2021 to the Minnesota Housing Finance Agency for creation of affordable housing units, with funding based on mortgage registry tax and deed tax proceeds exceeding fiscal year 2011 collections.

Requires the commissioner of revenue to determine by September 1 each year the total proceeds from the mortgage registry tax and deed tax collected and deposited in the general fund, then calculate the amount exceeding fiscal year 2011 levels.

Dedicates appropriated money to supplement, not substitute for, traditional funding sources and allows use of funds to pay debt service on bonds.

Mandates the Minnesota Housing Finance Agency to report annually by December 15 to relevant house and senate committees on progress toward creating 1,000 additional affordable housing units annually.