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HF2865 (Legislative Session 94 (2025-2026))

Minnesota Housing Finance Agency funding provided for the economic development and housing challenge program, and money appropriated.

Related bill: SF982

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to allocate funds to the Minnesota Housing Finance Agency. The funding aims to support economic development and housing challenges, primarily through the agency's programs targeting low and moderate-income housing needs.

Main Provisions

  • The bill allocates a total of $22,925,000 for fiscal year 2026 and $12,925,000 for fiscal year 2027 from the state's general fund.
  • The funds are directed towards the economic development and housing challenge program outlined in Minnesota Statutes section 462A.33 and low and moderate-income housing programs described in Minnesota Statutes section 462A.07 subdivision 14.
  • A specific portion of the funds, $1,208,000 annually starting from fiscal year 2026, is dedicated exclusively to housing projects for American Indian communities for the first 11 months of each fiscal year.
  • If the allocated funds for American Indian housing projects are not fully utilized within the specified period, they can be redirected to any eligible activity within the statutory programs cited.

Significant Changes to Existing Law

The bill introduces dedicated funding for housing projects specifically for American Indian communities, setting a precedence for reserving a portion of the housing budget exclusively for this purpose. This earmark is a distinguished feature not typically specified within broader housing finance provisions.

Relevant Terms

economic development and housing challenge program, low and moderate-income housing, Minnesota Housing Finance Agency, American Indians, appropriations, fiscal years 2026 and 2027.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 25, 2025HouseFloorActionIntroduction and first reading, referred toHousing Finance and Policy

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill allocates funds to the economic development and housing challenge program under section 462A.33.",
      "modified": []
    },
    "citation": "462A.33",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill appropriates money for low and moderate-income housing programs under section 462A.07 subdivision 14.",
      "modified": []
    },
    "citation": "462A.07",
    "subdivision": "subdivision 14"
  }
]

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