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S.F. No. 942 - Workforce and affordable housing development account and funding
Author: Senator David H. Senjem
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
Date: April 1, 2019


This bill modifies the workforce and affordable homeownership development program to include loans, extends the program to cities and tribal governments, and modifies the date of the first report due to the legislature to include projects that received loans as well as grants.

The bill also establishes a workforce and affordable housing development account within the Housing Finance Agency, funded from mortgage registry tax and deed transfer tax revenues. The mortgage registry tax is .23 percent of principal debt secured by a mortgage of real property in the state. The deed transfer tax is .33 percent of consideration paid for a transfer of real estate by deed or other instrument if the consideration is more than $500, and $1.65 for consideration of $500 or less.

The funds deposited to the account equal the amount collected during the fiscal year ending in that calendar year over that amount from the previous fiscal year. The increment must not be less than zero. Loans repaid must be deposited to the workforce and affordable housing development account within the housing development fund that exists under current law.

Effective July 1, 2019.

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