HF2461

Purpose of the Bill

The Minnesota legislative bill is designed to support housing initiatives by funding specific programs for manufactured homes. It aims to facilitate the purchase and maintenance of manufactured homes and their parks through financial assistance programs.

Main Provisions

1. Transfer of Funds:

   • The bill mandates a one-time transfer of $10,000,000 in fiscal year 2026 from the general fund to the housing development fund.

2. Appropriation for Manufactured Home Down Payment Assistance:

   • It allocates $5,000,000 from the housing development fund to the Minnesota Housing Finance Agency.
   • The funds are intended for a grant to NeighborWorks Home Partners, which will administer a down payment assistance program and support a manufactured home financing product.
   • The assistance can be combined with other available aid and does not mandate priority order for repayment.

3. Appropriation for Manufactured Home Park Cooperative Purchase Program:

   • Another $5,000,000 is appropriated to support the conversion of manufactured home parks into cooperative ownership.
   • The grant, managed by the Northcountry Cooperative Foundation, will establish a loan fund providing various financial products such as direct loans, interest rate subsidies, and forgivable loans.
   • Any property bought with funds from this section must remain a manufactured home park for 30 years, ensuring long-term housing stability.

Significant Changes to Existing Law

• The bill introduces new financial assistance programs specifically aimed at manufactured homes and parks, emphasizing cooperative ownership and affordable housing accessibility.
• It adapts funding mechanisms to offer more flexibility, including the ability to use funds in conjunction with other assistance programs.

Relevant Terms

manufactured home, manufactured home park, housing development fund, down payment assistance, cooperative ownership, financial assistance, grant, loan guarantee, Minnesota Housing Finance Agency, NeighborWorks Home Partners, Northcountry Cooperative Foundation