MN SF3427

Increases appropriation to Build Wealth MN from $500,000 to $2,000,000 for fiscal year 2023 for family stabilization plan program including outreach, financial literacy education, and budget and debt counseling.

Appropriates $10,000,000 from the general fund to the Minnesota Housing Finance Agency for a grant to Build Wealth Minnesota to establish the 9,000 Equities Fund, a targeted loan pool providing affordable first mortgages to households struggling to access mortgages in underserved communities of color.

Sets goal for the 9,000 Equities Fund to close the homeownership disparity gap by 15 percent in the Twin Cities metropolitan area over five to seven years.

Requires Build Wealth MN to report to the Minnesota Housing Finance Agency on activities, expenditures, and outcomes of the 9,000 Equities Fund and its homeownership strategy.

Makes the $10,000,000 appropriation a onetime grant available until expended.