Purpose of the Bill

The purpose of this bill is to ensure that detailed reporting is conducted on the First-Generation Homebuyers Down Payment Assistance Fund. The bill aims to provide transparency and insight into how this assistance fund is being used across different counties in Minnesota.

Main Provisions

• Annual Reporting: The bill mandates that a report be submitted each year by January 15. This report must be delivered to the chairs and ranking minority members of the legislative committees responsible for overseeing housing finance and policy.
• Report Contents: The report is required to include:
  1. The total number of down payment assistance awards given out in each county.
  2. The total financial amount awarded as down payment assistance.
  3. The types of housing purchased with this assistance, which include single-family houses, townhouses, condominiums, and manufactured housing.

Significant Changes

• The bill amends Minnesota Statutes 2024, section 462A.41, by adding a new subdivision that focuses on detailed requirements for reporting on the down payment assistance fund. This addition aims to enhance accountability and oversight of how the funds are distributed and used in the state.

Relevant Terms

• Down payment assistance
• First-generation homebuyers
• Single-family houses
• Townhouses
• Condominiums
• Manufactured housing
• Housing finance and policy