SF3994 Summary

• Appropriates $50 million to Minnesota Housing Finance Agency for fiscal years 2022-2023, including $10 million for workforce homeownership program, $35 million for homeownership investment grants, and $5 million for targeted loan pool to Build Wealth Minnesota.

• Allocates $10 million from housing affordability fund for revolving loans at 2% interest to manufactured home park residents for cooperative conversions, and $5 million for sprinkler system grants in affordable residential buildings.

• Creates homeownership investment grants program for nonprofit community development financial institutions to fund affordable owner-occupied housing development, financing programs, acquisition/rehabilitation/resale projects, and homeownership counseling.

• Expands workforce housing development program and manufactured home financing programs; increases rehabilitation loan maximum from $37,500 to $40,000; requires multiple reporting requirements for agency programs by January 15 annually.

• Prohibits municipalities from requiring planned unit development agreements for compliant residential projects and conditioning permits on specific aesthetic requirements outside State Building Code; limits eviction order delays to 30 days without legislative approval.