MN SF4678

Adds a new subdivision to Minnesota Statutes allowing authorities to provide financial assistance (grants, loans, forgivable loans, bond issuance) for capital repairs or replacements of assets with lifespans exceeding 25 years in multi-family housing buildings costing over $5,000,000.

Requires that at least 25 percent of units in assisted housing be rented or sold to low-income households meeting United States Department of Housing and Urban Development standards, and that more than 25 years have elapsed since the asset was last repaired or replaced.

Allows assistance to be provided to common interest communities or individual unit owners in such communities regardless of who owns the assets being repaired.

Reduces the Housing Infrastructure appropriation from $100,000,000 to $96,750,000 for fiscal year 2025 under Minnesota Statutes section 462A.37, subdivision 2.

Appropriates $3,250,000 from the general fund in fiscal year 2025 to the Housing Finance Agency for a grant to the Wilder Park Association for a major capital repair project for an owner-occupied senior high-rise facility.