MN HF4253

Establishes a first-time homebuyer down payment assistance program administered by the Housing Finance Agency, which may partner with community organizations, credit unions, nonprofits, and federally recognized American Indian Tribes.

Limits assistance to the lower of 10 percent of home purchase price or $20,000 per eligible first-time homebuyer, available for one- to four-unit homes including manufactured homes.

Assistance may be provided as forgivable loans, deferred loans, or a combination, and can be used for interest rate buy-downs of up to four points or one percent.

Loans become repayable if the property is converted to non-owner occupancy, sold within the loan period, subjected to ineligible refinancing, or unauthorized title transfer, though repayment may be waived for financial or personal hardship.

Appropriates an unspecified amount from the general fund for fiscal year 2025 to operate the program statewide.