MN HF10

Commissioner of employment and economic development establishes a grant program for eligible organizations (community development financial institutions, cities, Minneapolis Community Development Agency, and St. Paul Housing and Redevelopment Authority) to provide economic relief to areas affected by civil unrest during Governor's Executive Order No. 20-64.

Eligible organizations may award grants up to $250,000 per entity and loans up to $500,000 per entity (with or without interest, deferred, or forgivable), with recipients required to remain in the community for a minimum of three years and submit continued operation plans.

Loan deferral periods cannot exceed three years, and all loan repayment funds must be returned to the commissioner for deposit in the general fund.

Participating organizations must establish performance measures tracking loans approved, grants awarded, loan default rates, jobs created or retained, and changes in business revenues, with annual reporting to the legislature by January 15.

$167,570,000 is appropriated for fiscal year 2021, including at least $12.5 million each to Minneapolis and St. Paul, $5 million each to the Minneapolis Community Development Agency and St. Paul Housing and Redevelopment Authority for property acquisition, $1 million for community re-imagining grants, and $750,000 to the Office of the Legislative Auditor.