Chapter 462A — Minnesota Housing Finance Agency Law of 1971

462A.001 Reserved section number for the Housing Finance Agency chapter. 462A.01 Citation This chapter is officially called the Minnesota Housing Finance Agency Law of 1971. 462A.02 Policy Minnesota declares a housing shortage for low- and moderate-income families and creates a state program to address it. 462A.03 Definitions Defines key terms used throughout the Housing Finance Agency chapter, including residential housing, eligible loans, and … 462A.04 Housing Finance Agency Creates the Minnesota Housing Finance Agency with seven members, including the state auditor and six governor-appointed … 462A.041 Meetings by Telephone or Other Electronic Means Allows Housing Finance Agency board members to participate in meetings by phone or electronic means under certain … 462A.05 Specific Powers of the Agency Lists the specific powers of the Housing Finance Agency, including making loans, grants, and programs for affordable … 462A.051 Wage Theft Prevention and Use of Responsible Contractors Requires contractors on MHFA-funded housing projects to meet responsible contractor standards and prevent wage theft. 462A.057 Minnesota Urban and Rural Homesteading Program Authorizes a homesteading program for grants or loans to acquire, fix up, or rebuild single-family homes in … 462A.06 General Powers of the Agency Gives the Housing Finance Agency general powers like suing, making rules, buying and selling property, and borrowing … 462A.065 Financial Information Financial information the agency collects about loan and grant applicants is classified as private data. 462A.07 Additional Powers and Duties of the Agency Gives the agency additional duties including housing studies, reports to the legislature, and coordination with federal … 462A.071 This section has been repealed. 462A.072 This section has been repealed. 462A.073 Single-family Mortgage Bonds; Limitations Sets limits and definitions for single-family mortgage bonds issued by the Housing Finance Agency. 462A.08 Bonds and Notes; Purposes, Terms, Approval Authorizes the Housing Finance Agency to issue bonds and notes to fund housing programs, with terms set by the agency. 462A.09 Bonds and Notes; Resolutions Authorizing, Additional Terms, Sale Sets rules for how the agency's bonds and notes are authorized, structured, and sold. 462A.10 Bonds and Notes; Optional Resolution and Contract Provisions Allows the agency to include various protective terms in bond resolutions and contracts with bondholders. 462A.105 Interest Rate Exchanges Lets the agency enter interest rate swap agreements to manage borrowing costs on its bonds and notes. 462A.11 Pledges Any pledge of money or property made by the agency takes effect immediately and is binding against all parties. 462A.12 Bonds and Notes; Nonliability of Individuals Agency members and bond signers are not personally liable for agency bonds or notes. 462A.13 Bonds and Notes; Purchase by Agency The agency can buy back its own bonds and notes for cancellation or as an investment. 462A.14 Bonds and Notes; Nonliability of State The state of Minnesota is not liable for Housing Finance Agency bonds or notes, and bonds must say so on their face. 462A.15 State Pledge Against Impairment of Contracts The state pledges not to change laws in ways that would hurt bondholders' rights until bonds are fully paid. 462A.16 Default in Payments; Appointment of Trustee If the agency defaults on bond payments for 30 days, bondholders owning 25% of the bonds can appoint a trustee. 462A.17 Powers and Duties of Trustee Lists the powers and duties of a trustee appointed when the agency defaults on bond payments. 462A.18 Moneys of Agency Sets rules for how the agency handles its money, including deposits, investments, and financial oversight. 462A.19 Exemption From Taxes The property of the agency, along with its income and operation, is exempt from all taxation by the state and its … 462A.20 Housing Development Fund; Creation, Sources Creates the Housing Development Fund as a revolving fund to support affordable housing projects. 462A.201 Housing Trust Fund Account Creates the housing trust fund account as a separate account within the housing development fund, funded by state … 462A.202 Local Government Unit Housing Account Creates an account for local governments to receive housing funds from the state housing agency. 462A.203 This section has been repealed. 462A.2035 Manufactured Home Park Redevelopment Program Creates a program to help redevelop manufactured home parks, including infrastructure and relocation assistance. 462A.2036 Cooperative Manufactured Housing Infrastructure Grant Program Establishes grants for infrastructure improvements in cooperative-owned manufactured home parks. 462A.204 Family Homeless Prevention and Assistance Program Creates a program to prevent family homelessness through short-term financial help and support services. 462A.205 This section has been repealed. 462A.206 This section has been repealed or has no current substantive content. 462A.2065 Report on Loss of Housing Each year, the commissioner must report to the chair of the House of Representatives Housing and Housing Finance … 462A.207 This section has been repealed. 462A.208 This section has been repealed. 462A.209 Homeownership Education, Counseling, and Training Program Creates a program for homeownership education, counseling, and training to help people buy and keep homes. 462A.2091 Contract for Deed Guarantee Account Creates the contract for deed guarantee account as a separate account in the housing development fund. The money is used … 462A.2092 This section has been repealed. 462A.2093 Innovative and Inclusionary Housing Program Creates a program to fund innovative housing designs and inclusionary housing that mixes income levels. 462A.2095 Rent Assistance Program Establishes a state rent assistance program, funded through an account in the housing development fund, that makes … 462A.2096 Annual Projection of Emergency Rental Assistance Needs Requires the agency to project emergency rental assistance needs each year and report to the legislature. 462A.2097 Rental Housing Authorizes rental housing assistance for low-income people and those with mental illness. 462A.21 Housing Development Fund; Advances, Use Repayment Describes how the Housing Development Fund can be used, including loans, grants, and program funding. 462A.22 Bond Fund Creates and governs the bond fund used to manage proceeds from agency bonds and protect bondholders. It caps the total … 462A.221 Definitions Defines terms used in the low-income housing tax credit sections of this chapter. 462A.222 Low-income Housing Credits Sets rules for how Minnesota allocates federal low-income housing tax credits to affordable housing projects. 462A.223 Minnesota Housing Finance Agency; Designated Agency Designates MHFA as the state agency for allocating low-income housing tax credits to nonprofit organizations. 462A.225 State Register Notice Requires the agency to publish certain housing credit notices in the State Register. 462A.23 This section has been repealed or renumbered. 462A.235 Commissioner of Commerce; Duties This section directs the commissioner of commerce to strongly encourage all financial institutions organized under … 462A.236 Rules This section allows the Minnesota Housing Finance Agency to adopt rules for the efficient administration of section … 462A.24 Construction; Grants and Loans; Priorities This section directs that chapter 462A be liberally construed to carry out its purpose. When awarding grant and loan … 462A.26 This section has been repealed or renumbered. 462A.27 This section has been repealed or renumbered. The stub cross-references section 462A.236, which now contains the related … 462A.28 This section has been repealed or renumbered. 462A.29 Interagency Coordination on Homelessness The agency must coordinate the services and activities of all state agencies relating to homelessness. It also … 462A.30 Definitions This section defines the terms used in Minnesota's community land trust provisions, including "first option to … 462A.31 Community Land Trusts Authorizes community land trusts, which keep housing affordable long-term by separating land and building ownership. 462A.32 This section has been repealed or renumbered. 462A.33 Economic Development and Housing Challenge Program Creates the Economic Development and Housing Challenge Program for affordable housing across Minnesota. 462A.34 Visitability Requirement Requires certain publicly funded housing to be visitable by people with disabilities. 462A.35 Minnesota Manufactured Home Relocation Trust Fund Creates a trust fund to help manufactured home owners pay for relocation when a park closes. 462A.355 Advances to Minnesota Manufactured Home Relocation Trust Fund Allows the Minnesota Housing Finance Agency or the Department of Management and Budget to advance up to $400,000 to the … 462A.36 Nonprofit Housing Bonds; Authorization; Standing Appropriation Authorizes the agency to issue up to $36,000,000 of nonprofit housing bonds to finance permanent supportive housing for … 462A.37 Housing Infrastructure Bonds; Authorization; Standing Appropriation Authorizes housing infrastructure bonds with a standing state appropriation to pay debt service. 462A.375 Additional Purposes, Housing Infrastructure Bonds This section adds another permitted use for housing infrastructure bond proceeds. The Minnesota Housing Finance Agency … 462A.38 Workforce and Affordable Homeownership Development Program Creates a program to help develop workforce and affordable homeownership housing. 462A.39 Workforce Housing Development Program Creates a workforce housing development program for communities with job growth but not enough housing. 462A.395 Greater Minnesota Housing Infrastructure Grant Program Creates grants for housing infrastructure in greater Minnesota communities outside the metro area. 462A.40 Minnesota Housing Tax Credit Contribution Account Creates a tax credit contribution account where businesses can donate to affordable housing and get tax credits. 462A.41 First-generation Homebuyers Down Payment Assistance Fund Creates a down payment assistance fund for first-generation homebuyers who have not inherited housing wealth. 462A.42 Supportive Housing Program Creates a supportive housing program combining affordable housing with services for people with complex needs. 462A.43 This section has been repealed or renumbered. 462A.44 Local Public Housing Program Creates a local public housing program in which the housing agency awards funding to let eligible recipients develop or …