Minnesota 2023-2024 Regular Session

Minnesota House Bill HF1685

Introduced
2/13/23  

Caption

First-generation homebuyers down payment assistance fund established under the administration of a central community development financial institution, report required, and money appropriated.

Impact

The implication of HF1685 on state laws includes the creation of new financial structures that would work in conjunction with existing efforts focused on enhancing access to homeownership. By establishing this fund, the bill seeks to streamline the assistance process for first-generation homebuyers, signaling an intent to support low-to-moderate income families as they navigate the complexities of purchasing a home. Such regulation could also influence relationships between community development financial institutions and state financing programs.

Summary

House File 1685 establishes a down payment assistance fund specifically aimed at first-generation homebuyers. This fund will be administered through a central community development financial institution, reflecting a targeted effort to enhance housing affordability for individuals and families who may struggle to secure adequate financing for their first home. The bill underscores the importance of facilitating homeownership opportunities for demographics that have historically faced barriers in the housing market.

Contention

While HF1685 presents potential benefits for first-time homebuyers, discussions around the bill may reveal contention regarding the allocation of state resources and the effectiveness of existing programs. Some stakeholders might question whether this new fund addresses the root issues of housing affordability or merely acts as a stopgap measure. There could also be debates surrounding the criteria for eligibility and the mechanisms used to disburse funds, with different groups advocating for varying definitions of who qualifies as a first-generation homebuyer.

Companion Bills

MN SF2871

Similar To First-generation homebuyers down payment assistance fund establishment under the authorization of a central community development financial institution

Previously Filed As

MN HF12

First-generation homebuyers down payment assistance fund established under the administration of a central community development financial institution, report required, and money appropriated.

MN SF2871

First-generation homebuyers down payment assistance fund establishment under the authorization of a central community development financial institution

MN SF22

First-generation homebuyers downpayment assistance fund establishment and appropriation

MN HF999

Community-based first-generation homebuyers assistance program modified, and money appropriated.

MN SF1610

Community-based first-generation homebuyers assistance program modification

MN HF4253

First-time homebuyer down payment assistance program established, and money appropriated.

MN S1446

Modifies down payment assistance program for benefit of first-generation and first-time homebuyers; makes an appropriation.

MN S4200

Modifies down payment assistance program for benefit of first-generation and first-time homebuyers.

MN A2824

Modifies down payment assistance program for benefit of first-generation and first-time homebuyers.

MN A5848

Modifies down payment assistance program for benefit of first-generation and first-time homebuyers.

Similar Bills

No similar bills found.