MN SF3647

Establishes a locally controlled housing fund as a separate account in the housing development fund to provide financing for acquisition, rehabilitation, construction, and refinancing of locally controlled housing.

Eligible recipients include cities, counties, federally recognized American Indian tribes, tribal housing corporations, and local housing authorities that maintain at least 75 percent ownership of properties or own land while an approved partner owns the building.

Requires at least 30 percent of multifamily units be occupied by households earning up to 50 percent of area median income and 30 percent by households earning 50-100 percent of area median income; single-family homes must serve households at or below 50 percent of area median income.

Prohibits eligible recipients from selling their ownership stake in financed housing for 50 years after receipt of funding without agency approval, and requires repayment of outstanding balances upon sale.

Appropriates $500,000,000 in fiscal year 2024 from the general fund to the Housing Finance Agency to create and administer the fund.