AI Generated Summary
Purpose
The bill moves money to support a homeownership education and financial counseling program run by CAPI USA. It uses a two-step process: first, it transfers funds from Minnesota’s General Fund to the Housing Development Fund; then it provides a one-time grant from the Housing Development Fund to the Housing Finance Agency to pay CAPI USA for administering the homeownership education and financial counseling program.
Main Provisions
- Transfer of funds: In fiscal years 2026 and 2027, $200,000 each year is transferred from the General Fund to the Housing Development Fund. This is a one-time transfer.
- Grant for CAPI USA program: In fiscal years 2026 and 2027, $200,000 each year is appropriated from the Housing Development Fund to the Commissioner of the Housing Finance Agency to provide a grant to CAPI USA. The grant is to administer the CAPI USA homeownership education and financial counseling programming. This is a one-time appropriation.
Significance and Potential Impact
- Provides targeted funding to support homeownership readiness, education, and financial counseling for individuals seeking to buy homes.
- Uses the Housing Development Fund as the source of funding and designates CAPI USA as the administrator of the program.
Notable Changes to Existing Law
- Introduces a one-time transition of funds from the General Fund to the Housing Development Fund for this purpose.
- Establishes a one-time appropriation from the Housing Development Fund to fund a grant to CAPI USA for homeownership education and financial counseling.
Implementation/Administration (Summary)
- The Housing Finance Agency would administer the grant to CAPI USA for the specified program.
- The funding is explicitly labeled as a one-time transfer and a one-time appropriation.
Relevant Terms - General Fund - Housing Development Fund - Housing Finance Agency - CAPI USA - homeownership education - financial counseling - grant - one-time transfer - one-time appropriation
Past committee meetings
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Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 17, 2025 | Senate | Action | Introduction and first reading | ||
| March 17, 2025 | Senate | Action | Referred to | Housing and Homelessness Prevention | |
| April 22, 2025 | Senate | Action | Author added |
Bill information comes from public records published by the Office of the Revisor of Statutes, the Minnesota House and the Minnesota Senate. AI summaries are written by MinneSlate and are not official. MinneSlate is independent and is not affiliated with the State of Minnesota or the Minnesota Legislature.