MN SF2638

Establishes the Housing Opportunities Made Equitable (HOME) pilot project administered by the Minnesota Housing Finance Agency to address affordable housing disparities for communities of color and American Indians in Minnesota

Appropriates $50,000,000 in fiscal year 2015 from the general fund to support local community nonprofit housing and service providers with proven track records serving culturally diverse populations

Requires the pilot project to increase housing opportunities, redevelop foreclosure-affected neighborhoods, generate over $2,500,000 in property tax base improvements over four years, and create annual revenue streams for provider capacity expansion

Funds designated for family assistance including financial education, credit counseling, homebuyer education, foreclosure prevention services, and employment training to support sustainable homeownership and rental opportunities

Establishes a revolving loan pool with culturally sensitive credit financing for home purchases and rental subsidies, with loan fees and proceeds redistributed to expand provider capacity