MN HF2112

Establishes the Housing Opportunities Made Equitable (HOME) pilot project to close affordable homeownership disparities for communities of color and American Indians in Minnesota, and may support redevelopment of neighborhoods affected by foreclosure crisis

Minnesota Housing Finance Agency must collaborate with the Chicano Latino Affairs Council, Council on Asian-Pacific Minnesotans, Council on Black Minnesotans, and Minnesota Indian Affairs Council in designing and implementing the pilot project

Allows use of available funds to support capacity of local nonprofit housing providers to administer the program and provide financial education, credit mending, homebuyer education, and foreclosure prevention services to families

Permits funds to make first mortgage loans to homebuyers with financial capacity but unable to access suitable mortgages, originated by qualified providers licensed by Minnesota Department of Commerce and experienced with culturally diverse groups

Qualified mortgage providers may be paid origination fees, service release premiums, and standard fees to expand capacity to assist more families with home purchases