MN HF3966

Appropriates $120 million from federal American Rescue Plan funds for homeownership investment grants to Treasury-certified community development financial institutions serving populations disproportionately affected by COVID-19, with no more than 5% for acquisition/rehabilitation/resale and 5% for counseling services

Appropriates $45 million for the existing workforce homeownership program and $25 million for a new first-time home buyers down payment assistance pilot program administered by Midwest Minnesota Community Development Corporation

First-time home buyer assistance provides forgivable loans up to $15,000 (10% of purchase price) to buyers earning at or below 80% of area median income, with loans forgiven at 20% annually over five years if the buyer remains in the home

Allocates $10 million from Housing Finance Agency's Pool 3 funds for a revolving loan fund offering 2% interest loans to manufactured home park residents seeking to convert their parks to cooperative ownership

Requires reports to the legislature by January 15, 2023 on homeownership grant fund usage, and annual reports on the down payment assistance program and manufactured home revolving fund; all federal funds must be obligated by November 15, 2024