MN HF4428

Reduces the deed transfer tax rate from 0.33% to 0.11% on property transfers exceeding $3,000 in consideration, effective for deeds recorded on or after July 1, 2020.

Establishes grants to all Minnesota counties beginning in fiscal year 2022, funded by revenue from the deed transfer tax and divided equally among counties.

Requires counties to use grant funds exclusively for housing initiatives that meet community needs as stated in the county's adopted housing plan, including grants or gap-financing loans to local development authorities.

Limits counties to accumulating a maximum of $5,000,000 in grant fund reserves; counties exceeding this limit become ineligible to receive additional grants until they schedule obligations for future projects or their reserves drop below the threshold.

Appropriates an amount equal to previous fiscal year deed transfer tax revenue annually to the commissioner of revenue to issue county grants.