MN HF3791

Increases Build Wealth Minnesota grant funding from $500,000 to $2,000,000 for the family stabilization plan program including financial literacy education, budget and debt counseling, and program outreach.

Appropriates $10,000,000 in fiscal year 2023 from the general fund to the Minnesota Housing Finance Agency for a grant to Build Wealth Minnesota to establish the 9,000 Equities Fund.

9,000 Equities Fund operates as a targeted loan pool providing affordable first mortgages or equivalent financing to households struggling to access mortgages in underserved communities of color.

Sets goal of closing the homeownership disparity gap by 15 percent in the Twin Cities metropolitan area over five to seven years.

Requires Build Wealth Minnesota to report to the Minnesota Housing Finance Agency on fund activities, expenditures, and outcomes; appropriation is available until expended.