H.F. No. 4317 Summary

• Creates a new affordable homeownership incentive account within the Metropolitan Livable Communities Fund to address homeownership disparities between white households and African American, African Immigrant, and other protected groups.

• Allows municipalities to elect to participate in the program by November 15 annually, with eligibility to receive grants or loans; commissioner must establish eligibility and homeownership scoring criteria in collaboration with protected groups.

• Establishes five priorities for the account: increasing affordable homeownership in high-cost single-family areas, targeting underrepresented groups, leveraging municipal deposits and insurance purchases to influence credit and insurance access, and enforcing equal opportunity laws in housing development.

• Appropriates unspecified general fund dollars to the Metropolitan Council in fiscal year 2023 for down-payment assistance, credit counseling, lending practice reviews, employment opportunities, and wealth creation programs targeting African Americans, African Immigrants, and other protected groups.

• Requires annual reporting to the legislature by February 1 on participating municipalities and by January 31 on grants distributed, services supported, and other pertinent information.