MN HF1535

Expands the workforce and affordable homeownership development program to award grants and loans to cities, tribal governments, nonprofit organizations, cooperatives, and community land trusts for workforce and affordable housing projects.

Permits grant and loan funds to be used for development costs, rehabilitation, land development, and residential housing including storm shelters and related community facilities.

Creates a workforce and affordable homeownership development account in the housing development fund with money appropriated to the Housing Finance Agency for program purposes.

Requires the commissioner of revenue to annually deposit amounts equal to the increment of mortgage registry tax and deed tax collections (fiscal years 2019-2027) into the development account, with loan repayments also deposited to the account.

Mandates the Housing Finance Agency to establish semiannual application deadlines, give preference to proposals with nonstate funding contributions, and attempt to distribute grants and loans equally between metropolitan and non-metropolitan areas.