Senate Counsel, Research
and Fiscal Analysis
Minnesota Senate Bldg.
95 University Avenue W. Suite 3300
St. Paul, MN 55155
(651) 296-4791
Tom Bottern
Director
   Senate   
State of Minnesota
 
 
 
 
 
S.F. No. 908 - Workforce Housing Challenge Grants
 
Author: Senator Torrey N. Westrom
 
Prepared By: Greg Knopff, Senate Analyst (651/296-9399)
 
Date: March 6, 2017



 

Section 1 [Workforce housing challenge grants]

               Subd. 1 [Definitions] defines “city,” “eligible project area,” “Greater Minnesota,” “joint county-city economic development authority,” “market rate residential rental properties,” “program,” “QCEW” (Quarterly Census of Employment and Wages), “qualified investment,” “qualified workforce housing project,” and “workforce housing undersupply ratio” for the purposes of the workforce housing challenge grant program being created in the bill.

               Subd. 2 [Project investor grants] establishes a project investor grant program for workforce housing that is equal to 40 percent of the qualified investment by a project investor in a qualified workforce housing project meeting the definition in subdivision 1.  The requirements of the existing housing challenge grant program do not apply to the program created in this section.  This section also provides:

               (1) that money appropriated for this program does not cancel;

               (2) the Commissioner of the Minnesota Housing Finance Authority (MHFA) must not allocate more that 40 percent of money available to a single project investor;

               (3) applications for the grants must be available by November 1 of each year;

               (4) preference must be given to projects with the highest workforce housing undersupply ratio;

               (5) grant applications must be approved or denied within 15 days of receipt; and

               (6) the Commissioner of MHFA may revoke a grant if an investment is not made within one year.

               Subd. 3 [Reporting] requires an annual report on the grant program to legislative committees with jurisdiction over housing and economic development and provides for specific information to be included in the report.

Section 2 [Appropriation] reallocates $6.6 million each year from the MFHA appropriation for the existing housing challenge grants to the new program created in Section 1 of the bill.

GK:dv

 
Check on the status of this bill
 
Back to Senate Counsel and Research Bill Summaries page
 

 
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
 
Last review or update: 03/06/2017
 
If you see any errors on this page, please e-mail us at webmaster@senate.mn