MN HF4130

$2,000,000 one-time appropriation in fiscal year 2019 from the general fund to the Housing Finance Agency commissioner for grants to local housing trust funds.

Grants provide 100 percent matching funds up to $150,000 and 50 percent matching funds between $150,000 and $300,000 that housing trust funds receive from housing and redevelopment authority levies or local government appropriations in fiscal years 2018 and 2019.

Eligible local governments must be municipalities outside the 11-county metropolitan area with total population under 40,000.

Recipient housing trust funds must use grant funds within eight years for purposes authorized under Minnesota Statutes section 462C.16, subdivision 3, and to benefit households with incomes at or below 115 percent of state median income.

If appropriated funds are insufficient, the commissioner must proportionately reduce grants to each housing trust fund; unused funds must be returned to the Housing Finance Agency within eight years of receipt.